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Thai Beverage

Sabeco seemingly pricey; M&As likely underway


■ Vietnam Beverage wins bid for 53.6% of Vietnam's largest brewer Saigon Beer Alcohol Beverage Corp (Sabeco); ThaiBev now has 26.3% effective stake in Sabeco.

■ The aggregate acquisition price for the 53.6% stake is c.VND109.7tr (THB156bn) based on VND320k/share.

■ Illustrative FY9/17 net debt of 1.3x (vs. existing 0.2x) implies ThaiBev foots majority of the consideration and that the deal may be pricey at c.78.7x forward valuations.

■ We tweak our forecasts and downgrade our SOP-based TP to S$1.00.

■ Downgrade to Hold. ThaiBev may embark on prospective M&As to re-optimise its balance sheet but near-term uncertainties may cap interest in the stock.


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Singapore Strategy

Charting the journey


■ We think investors may be interested to use the technical charts to support their investment decisions in 1H18.

■ In this lull-season report, we showcase short- and medium-term technical analyses for 33 stocks, including those on the FSSTI and 10 fundamental picks for 2018.

■ Our fundamental Alpha picks remain unchanged: KEP, VMS, UOL, GENS, SMM, AEM, Memtech, mm2, Yongnam and Sunningdale.

■ Fundamental Overweight sectors: capital goods, financials, gaming, tech/manufacturing and property developers.

■ We are Underweight on transport and telcos, and Neutral on commodities, consumer/healthcare and REITS.


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CapitaLand (CAPL SP) : BUY

Deepens exposure in Shanghai’s fast growing decentralised office market


• Enters into agreement to acquire adjacent site to Innov Center in Wujiaochang district

• Total investment of RMB 1.3bn to develop a new Grade A office tower

• Estimated entry yield of 4.3% with potential total return of 15%

• Maintain BUY, TP S$4.35





LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.700-0.100
Avi-Tech Electronics0.280-
Best World1.760-0.030
Broadway Ind0.120-
China Sunsine0.395-0.010
Food Empire0.640-
Fortress Minerals0.375-
Geo Energy Res0.3550.005
Golden Energy0.7950.005
GSS Energy0.048-0.001
ISDN Holdings0.400-0.005
IX Biopharma0.125-0.002
Jiutian Chemical0.080-
KSH Holdings0.350-
Leader Env0.056-
Medtecs Intl0.136-0.002
Meta Health0.025-
Nordic Group0.465-0.010
Oxley Holdings0.151-
REX International0.225-0.010
Sinostar PEC0.185-0.010
Southern Alliance Mining0.410-0.090
Straco Corp.0.395-
Sunpower Group0.2750.005
The Trendlines0.092-0.001
Totm Technologies0.102-
UG Healthcare0.190-0.004
Uni-Asia Group0.810-
Wilmar Intl4.050-0.040
Yangzijiang Shipbldg1.380-0.020

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