Brokers' take

Sing Investments & Finance | Accumulate July 24 close: S$1.51 Target price: S$1.67 Phillip Securities Research, July 24

EXPECT sharp increase in profit after tax and minority interests (Patmi) as net income margin (NIM) improves on rising rates and provisioning normalises. Initiate with "accumulate" rating with a target price of S$1.67, implying an upside of 18.58 per cent (including FY17e dividends).

Cache Logistics Trust | Hold July 24 close: S$0.89 Target price: S$0.95 Maybank Kim Eng, July 24

CACHE saw sequential improvements in revenue and net property income (NPI) in Q2-2017 from its sound portfolio reconstitution efforts year to date, as momentum from its Australian expansion helped mitigate weaker fundamentals at its Singapore core. Looking ahead however, the near-term supply outlook for warehouses remains challenging, while a stretched balance sheet could constrain further inorganic growth upside. We keep our forecasts, "hold" and dividend discount model or DDM-based S$0.95 target price unchanged, and prefer Areit (Areit, "buy", target price S$2.90) for its Singapore business parks exposure…