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UOB KAYHIAN

DBS VICKERS

STRATEGY – SINGAPORE

Alpha Picks: Positive Start To The Year

Most of our alpha picks recorded gains in January. We see further upside to the target prices for our stocks.

 

WHAT’S NEW

 A good month. Most of our picks notched up gains in January, except OCBC. Our portfolio gained 5.7% mom, vs the FSSTI’s +4.0% for the month. The most notable outperformer within our picks was CSE Global which gained 13.2% mom as it secured infrastructure projects worth S$84.8m in 4Q18, bumping up its full-year order wins to S$150.5m (+43.6% yoy). Small-cap manufacturing companies in our portfolio also delivered strong gains (Fu Yu: +7.9%, Valuetronics: +6.8%).

 

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Ezion Holdings

Not out of the woods yet

 

Downgrade to HOLD; TP reduced to S$0.06, after pegging a lower target multiple of 0.3x on FY19F book value (vs 0.8x previously), given potential asset impairments and slower-thanexpected ramp up in utilisation and revenue. While it is darkest before dawn and the stock’s valuation has been greatly discounted for the slow recovery, clearer signs of a turnaround are required to re-rate the stock. Downgrade to HOLD.

 

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LionelLim8.16Check out our compilation of Target Prices



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Counter NameLastChange
AEM Holdings2.3200.010
Best World2.480-0.010
Boustead Singapore0.9400.005
Broadway Ind0.132-
China Aviation Oil (S)0.920-0.005
China Sunsine0.420-
ComfortDelGro1.4400.020
Delfi Limited0.880-0.010
Food Empire1.120-0.010
Fortress Minerals0.300-
Geo Energy Res0.295-
Hong Leong Finance2.420-0.030
Hongkong Land (USD)3.230-0.050
InnoTek0.500-0.025
ISDN Holdings0.305-
ISOTeam0.044-0.001
IX Biopharma0.043-0.005
KSH Holdings0.2650.005
Leader Env0.052-
Ley Choon0.050-0.003
Marco Polo Marine0.068-
Mermaid Maritime0.143-
Nordic Group0.3200.005
Oxley Holdings0.089-0.001
REX International0.1270.001
Riverstone0.780-
Southern Alliance Mining0.475-
Straco Corp.0.5050.005
Sunpower Group0.205-
The Trendlines0.064-0.001
Totm Technologies0.021-0.001
Uni-Asia Group0.825-
Wilmar Intl3.2100.030
Yangzijiang Shipbldg1.7100.010
 

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