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MAYBANK KIM ENG |
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CSE Global Infra bump-up!
■ CSE has announced that it secured a cumulative S$84.8m of infrastructure works in 4Q18, bumping up its FY18 infrastructure wins to S$150.5m. ■ Post the new wins, we lift FY18-20F EPS by 2.0-12% on higher infrastructure revenues and GP margins. ■ We maintain our Add call with a higher TP of S$0.56, still based on 13.5x P/E, as we roll over to FY20F valuations. CSE remains our small-cap pick.
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| PHILLIP SECURITIES | UOB KAYHIAN |
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CapitaLand Limited Another behemoth step SINGAPORE | REAL ESTATE | UPDATE
CapitaLand announced the proposed S$11bn acquisition of Ascendas-Singbridge (ASB). The transaction will increase CapitaLand exposure to Industrial and Logistics assets and emerging markets such as India. It will also further boost CapitaLand recurring income. Immediately accretive to EPS (+4%) and ROE (+9%), but slightly dilutive to NAV (-4%). Maintain ACCUMULATE with TP of S$4.00.
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Sembcorp Industries (SCI SP) 4Q18 India Core Earnings Could Come In Above Breakeven Level
SEIL and SGPL reported PLFs that were largely expected. SEIL reported weak PLFs as Unit #1 remains down, while SGPL’s PLF was comparable to 3Q18 at 83%. India’s core earnings may come in slightly over breakeven level on higher electricity prices and lower international coal prices for the period. Our 2018 earnings have been tweaked slightly to reflect this. Maintain BUY with a revised target price of S$3.20.
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Check out our compilation of Target Prices
