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Limited Impact Expected From Softer GDP


 Maintain OVERWEIGHT with BUYs on our Top Picks UOB and DBS. Market expectations of softer 2019 GDP growth for Singapore and cut in US Federal Funds Rate (FFR) in 2H19 could dampen investors’ appetite for Singapore banks. However, with economic recovery likely in 2020, we remain bullish on the sector.


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Health Management International (HMI SP)


Healthy Offer To Accept

EQT, a leading European investment firm, and HMI have jointly proposed to privatise HMI by way of a scheme of arrangement at S$0.73/share. The cash offer is a 30% premium to its 6-month VWAP and represents an implied 2020F PE of 29x, above peers’ average of 26x. We recommend shareholders accept the cash offer.


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SIA Engineering

Too fast too furious


■ We think the recent share price surge has already priced in the optimism of a possible take-over by SIA, which we think may not occur in the near term.

■ With SIA’s net gearing likely stretched to 73% by end-FY20F, from 28% now, due to aircraft delivery, we see no imminent need for SIA to take SIE private.

■ Maintain Add with an unchanged TP of S$3.11, still based on DCF valuations. SIE is a yield stock (c.4%) backed by its cash balance.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.1100.060
Avi-Tech Electronics0.405-
Best World Int.1.360-
China Sunsine0.510-0.005
CNMC GoldMine0.270-
CSE Global0.5500.005
Eagle HTrust USD0.530-0.005
Food Empire0.680-
Golden Energy0.178-
GSS Energy0.0950.007
ISDN Holdings0.225-
JB Foods0.630-
KSH Holdings0.415-0.005
Moya Asia0.0770.003
Nordic Group0.310-
Oxley Holdings0.365-0.005
REX International0.1810.007
Sing Holdings0.400-
Straco Corp.0.615-0.015
Sunningdale Tech1.290-
Sunpower Group0.5900.005
The Trendlines0.1090.002
Tiong Seng0.200-
Uni-Asia Group0.725-0.005
Yangzijiang Shipbldg1.040-0.020

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