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ComfortDelGro Corporation (CD SP)

All Quiet On The Taxi Front


Management remarks signified that the taxi landscape continues to improve. Go-Jek is not viewed as a serious threat for now. Acquisitions will help drive growth, though constraints exist. DTL breakeven remains elusive even with the upcoming fare hike. Shares are currently priced for perfection, with upside reflecting contributions from acquisitions next year. Maintain BUY on CD and target price of S$2.59.


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NetLink NBN Trust: A shelter in times of trouble


It was announced last week that a digital platform named CODEX, would amongst other things, feature a government data architecture for common data standards and formats that would facilitate seamless data sharing between agencies. In our view, this is a concrete step in the Smart Nation and Digital Government Group fulfilling its mandate to centralise coordination between agencies in order to hasten the implementation of the Smart Nation programme. This would be beneficial for NLT NBN, as an expedited schedule would present quicker additional opportunities for NLT NBN to leverage its nationwide fibre network. Separately, in TPG’s FY18 earnings call last month, we note that the group remains on track to achieve the required outdoor service milestone of coverage by end-2018 in Singapore. TPG’s entry, while a headwind (of varying degrees) for the incumbents, is actually positive for NLT NBN, as we have outlined in our previous report. With macro concerns ratcheting up, defensive names like NLT NBN have proven to be resilient, relative to a number of benchmarks. We do acknowledge the inherent concerns with NLT NBN’s regulated business structure, but these are relatively unaffected by the ongoing trade tensions. We continue to stay constructive on NLT and retain our fair value estimate of S$0.90. Maintain BUY.


CSE Global


Solutions For a Secure Future; Initiate BUY

Initiate with BUY and SGD0.59 TP (24% upside), as CSE is poised to deliver CAGR of 16% over FY17-20F. Dividend yield of 5.8% is also attractive. CSE provides system integration solutions in control, communications and security. We believe elevated oil prices will encourage more system integration activities in the oil & gas space, which makes CSE an excellent proxy as >65% of its revenue is derived from the sector. It is trading at 12.7x FY19F P/E, a 22% discount to the industry.


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LionelLim8.16Check out our compilation of Target Prices

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