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UOB KAYHIAN

China Aviation Oil (CAO SP)

Remain Positive On Long-Term Growth; BUY

 

 Stay BUY and SGD1.55 TP, 21% upside plus c.4% yield. We remain confident in China Aviation Oil’s long-term growth. This should be aided by the continuing rise in China’s aviation traffic and the group’s diversification into jet fuel supply to non-Chinese markets. While weakness in associate earnings may persist in the near term, jet fuel refuelling volume growth at the Shanghai Pudong International Airport (SPA) could offer a positive surprise. Its ex-cash 6.4x 2020F P/E and below P/BV multiple remain compelling.

 

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StarHub (STH SP)

Gearing For Next Investment Cycle Amid Relatively Stable Operating Landscape

 

Starhub will remain focused on cost optimisation efforts amid a relatively stable Singapore telco landscape. We note that GIGA has started offering bite-size services to capture market share and we believe the exit of Zero Mobile may lead to abating competition. Separately, Starhub is expected to partner with other MNOs (such as M1) to jointly bid for 5G nationwide spectrum. The stock trades at -2SD of its 5-year mean EV/EBITDA of 8.7x. Maintain HOLD with a DCF-based target price of S$1.45. Entry price: S$1.25.

 

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CGS CIMB  DBS VICKERS

Conglomerate

4Q19F preview: Better qoq showing

 

■ We expect better qoq earnings for industrials in the upcoming 4Q19F results season. SIE could beat consensus on continuous margin improvement.

■ SCI to deliver the strongest swing in quarterly profits from urban development and lower losses from SMM. KEP and STE: stronger qoq and yoy.

■ YZJ to deliver steady qoq with more deliveries in 4Q19F, offset by lower HTM income. Maintain Overweight on the sector. Key catalysts: orders and M&As.

 

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Mapletree Logistics Trust

Holding steady amid uncertainties

 

• Resilient operations driven by steady organic growth across key markets

• Strong retention rate of 97%; occupancy rates inch higher in Singapore

• Debt headroom to undertake acquisitions • Maintain BUY and S$1.90 TP

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings2.230-0.040
AusGroup0.048-0.004
Avi-Tech Electronics0.435-0.005
Best World Int.1.360-
CEI1.0200.010
China Sunsine0.445-0.010
CNMC GoldMine0.245-0.015
CSE Global0.565-
Eagle HTrust USD0.520-0.005
Food Empire0.7700.020
Golden Energy0.155-0.015
GSS Energy0.092-0.006
ISDN Holdings0.199-
ISOTeam0.215-
JB Foods0.6550.030
KSH Holdings0.400-
Miyoshi0.031-
Moya Asia0.078-0.002
Nordic Group0.295-0.005
Oxley Holdings0.345-
Procurri0.3300.005
REX International0.193-0.007
Riverstone1.0700.020
Roxy-Pacific0.3750.005
Sing Holdings0.405-0.005
SingMedical0.3400.020
Straco Corp.0.570-
Sunningdale Tech1.260-0.030
Sunpower Group0.545-0.015
The Trendlines0.125-0.006
Tiong Seng0.200-
Uni-Asia Group0.6950.005
Yangzijiang Shipbldg1.040-

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