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United Global Limited Oiling long-run performance

■ Lubricant manufacturer and trader with 17 years of track record and profitability.

■ Management expects earnings-accretive acquisition to triple capacity by 2017

■ Potential beneficiary of both macro and structural trends (increasing motor vehicles, industrialisation in Asia, fuel efficiency and wear protection).

■ UTG offers 3.4% annualised dividend yield and trades at 9.6x FY15 P/E.


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Strategy: Privatization points to undervaluation

Trading activities in Singapore were fairly lackluster in 2016 as investors stayed on the sidelines. With the removal of the recent overhang over the US President, equity markets have rallied on expectations of more fiscal measures ahead. For the Singapore market, prospects will still be affected by the continued weakness in the Oil & Gas sector, softness in the property sector and focus on impairment charges for banks. The hunt for yield is likely to continue in the local market. We expect privatizations to continue, and it is a clear reflection of the current inexpensive valuations in the mkt. The STI is trading at PB of 1.1x, PER of 13.2x and healthy dividend yield of 3.9%. Our picks for 2017 are AREIT, CapitaLand, Frasers Centrepoint Trust (FCT), Frasers Logistics & Industrial Trust (FLT), GLP, Keppel DC REIT, OUE, Raffles Medical, Sheng Siong and SingTel.


Industrial Production, Oct ‘16

Growth sustained, albeit slower

Industrial Production (IP) growth slowed in Oct 2016 to +1.2% YoY (Sep 2016: +7.7% YoY) on slower growth in most of the clusters except Electronics. Manufacturing outlooks survey for next 6 months point to broadly cautious sentiment


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Jumbo Group

On the growth path

Maintain BUY and TP of S$0.77.

We maintain our BUY recommendation and TP for Jumbo Group (Jumbo) at S$0.77. We project earnings to grow by 13 and 19% in FY17-18F to S$21m and S$24m respectively. We anticipate growth to come from outlet expansion especially in China. Successful franchise and JV negotiations will add to growth going forward as well. The stock trades at below 20x FY17F PE. We continue to like Jumbo for its rapid growth in China, close to 30% ROE in FY17- 18F, relatively higher margin than peers, cash generative business, and strong net cash balance.


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Banking – Singapore Positive News From The O&G Sector

Managements at both DBS and UOB have indicated that large and vulnerable accounts in the O&G sector have already been recognised as NPLs and further increase in NPLs would be manageable. The two new measures unveiled by the government last Friday would also bring relief to cash-strapped SMEs. The slight rebound in SIBOR and SOR would stabilise NIM. Maintain BUY for both DBS and OCBC. Maintain OVERWEIGHT. 


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LionelLim8.16Check out our compilation of Target Prices

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