Excerpts from analyst reports

The Phillip Absolute 10 model portfolio was up 7.1% in 1Q19. We outperformed the STI by 2.4% points (Figure 11). Our yield and re-rating plays performed well.

tbss9.14bChina Sunsine produces chemicals that speed up the vulcanisation or curing process of rubber in the production of tyres. NextInsight file photo. With interest rate expectations nosediving, REITs rallied as investors searched for yield.

Sentiment over commercial property was also fuelled by several transactions that were above market valuations.

China Sunsine

Share price: 
$1.17

Target: 
$1.68

Despite the disappointing performance of China Sunsine, we will keep the company in our portfolio. Valuations are cheap at 5x PE and we expect earnings to be supported by a rise in production and stable margins.

Meanwhile, Sheng Siong will provide the earnings growth for the portfolio via its record store expansion. Consumer spending should also improve in view of the rise in wages and recovery in total employment in Singapore.

Full report here.


Uni-Asia Group: Placement successful; firm dividend policy until FY20

Uni-Asia Group

Share price: 
$1.15 

Target: 
$1.86

Valuation & Action: Given the better business outlook across its three segments in FY19 and firm guidance on dividends until FY20, we reiterate our BUY recommendation and fair value of S$1.86, based on the sum-of-the-parts (SOTP) valuation of its three businesses.

Our TP is an implied 0.6x 2019F BVPS and 9.5x 2019F EPS.

UAG is positioned to ride the growth in its three business segments:
1) dry bulk shipping recovery in 2019,
2) HK property business earnings visibility until 2022, and
3) an increase in hotel rooms under management ahead of two of the world’s largest sporting events to be held in Japan.

Risks: UAG’s shipping business (30% of Uni-Asia’s FY18 revenues) is cyclical in nature, which may result in impairments to its shipping assets.

Full report here.


Share Prices

Counter NameLastChange
AEM Holdings1.8000.010
AusGroup0.0300.002
Avi-Tech Electronics0.365-0.005
Best World Int.1.360-
CEI0.950-
China Sunsine1.030-0.010
CNMC GoldMine0.255-
CSE Global0.5400.005
Eagle HTrust USD0.520-0.005
Food Empire0.600-
Golden Energy0.164-
GSS Energy0.0880.006
ISDN Holdings0.220-
ISOTeam0.2450.005
JB Foods0.6500.010
KSH Holdings0.4600.010
Miyoshi0.0350.002
Moya Asia0.0680.002
Nordic Group0.270-
Oxley Holdings0.350-
Procurri0.370-
REX International0.1740.020
Riverstone0.9750.020
Roxy-Pacific0.4000.010
Sing Holdings0.395-
SingMedical0.3050.005
Straco Corp.0.7150.010
Sunningdale Tech1.250-
Sunpower Group0.5450.020
The Trendlines0.088-0.001
Tiong Seng0.2050.005
Uni-Asia Group0.7350.005
Yangzijiang Shipbldg1.0200.025

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