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RHB

RHB

Keppel Corp (KEP SP)

Asset Value Waiting To Be Unlocked

 

 Maintain BUY and SOP-based SGD7.33 TP from SGD7.92, 23% upside, plus 4% yield. We like Keppel for its potential for prime landbank-value unlocking in China and Vietnam. Its O&M division would see recovery in contract flows, with FPSO conversion jobs expected to pick up in 2019, after securing SGD1.8bn of 2019 O&M orderbook YTD (exceeding SGD1.7bn for FY18).

 

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City Developments (CIT SP)

Revised Takeover Offer For M&C

 

 Remain NEUTRAL with an unchanged TP of SGD9.20, 8% upside and 2% yield. CDL’s revised takeover offer to acquire the remaining 35% stake and take full ownership of its London-listed subsidiary Millennium & Copthorne hotels (M&C) is likely to gain approval from minority shareholders. The move is a long-term positive and should help CDL to better reposition its ageing hotel assets but will also result in a significant increase in its near-term capex. We make no changes to our estimates, pending further updates.

 

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UOB KAYHIAN DBS VICKERS 

REITs – Singapore

Potential Cut In Interest Rates If Trade Conflict Escalates

 

The FED will closely monitor the implications of trade negotiations and will act appropriately to sustain economic expansion. Yield for 10Y government bonds receded by 56bp to 2.12% in the US but remained unchanged at 2.04% in Singapore during 1H19. Our sensitivity analysis indicates that target prices of S-REITs will rise 5.1% for a 25bp drop in RFR. Maintain OVERWEIGHT.

 

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Thai Beverage Public Company (THBEV SP) : BUY

Dominant regional beverage player in the making

 

• Affirmed regionalisation strategy during non-deal roadshow to Europe

• Strong cashflow support from Thai domestic spirits; growth from Myanmar and Vietnam

• Still targeting to be #1 beer brand in Thailand; NonAlcoholic Beverage to achieve EBIT breakeven by Sep 2020

• Maintain BUY and S$0.91 TP

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.130-
Alliance Mineral0.123-0.002
Anchor Resources0.013-0.001
AusGroup0.026-0.001
Avi-Tech Electronics0.285-
Best World Int.1.360-
China Sunsine1.120-0.020
CSE Global0.480-
Food Empire0.5000.005
Geo Energy0.155-0.002
Golden Energy0.200-0.005
GSS Energy0.084-
HMI0.715-
ISDN Holdings0.235-
KSH Holdings0.4250.005
Miyoshi0.043-
Moya Asia0.075-0.001
Nordic Group0.280-0.010
Oxley Holdings0.330-
REX International0.0690.001
Riverstone0.9200.005
Roxy-Pacific0.4000.010
Sing Holdings0.405-
SingMedical0.380-
Sino Grandness0.050-
Straco Corp.0.7600.005
Sunningdale Tech1.400-
Sunpower Group0.5150.035
The Trendlines0.078-
Tiong Seng0.220-0.010
Uni-Asia Group0.750-0.005
XMH Holdings0.1540.001
Yangzijiang Shipbldg1.520-

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