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RHB

UOB KAYHIAN 

Singapore Exchange (SGX SP)

2QFY20 YoY Strength From FICC

 

 Maintain NEUTRAL and SGD8.80 TP pegged to 23x FY21F P/E, 0% upside. 2QFY20 net profit grew 3% YoY to SGD99m. 1HFY20 net profit of SGD213m accounted for 54% and 51% of our and consensus FY20F – which we deem as in line. 2QFY20 SADV of SGD1.06bn was unchanged from 1QFY20.

 

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Keppel Corp (KEP SP)

2019: Looking At A Bright Future

 

KEP reported a 25% yoy decline in net profit to S$707m due to the high-base effect in 2018 that was boosted by lumpy divestments and enbloc sales. Looking ahead, the outlook for the company’s business divisions appears robust  property sales should continue its growth trajectory and we expect offshore & marine to continue its new order win success from 2019. We increase our earnings estimates for 2020 and 2021 by 11% and 8% respectively. Maintain BUY with a higher target price of S$7.75.

 

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CGS CIMB RHB 

ESR-REIT

Results in line; yield remains attractive

 

■ 4Q/FY19 DPU of 1.00/4.011 Scts were in line with our FY19 forecasts, on the back of higher distribution of other gains.

■ Occupancies and reversions were in line with previous guidance and market.

■ Maintain Add call, with an unchanged TP of S$0.60.

 

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ESR REIT (EREIT SP)

Cautiously Optimistic On 2020; BUY

 

 Maintain BUY, SGD0.60 TP, 7% upside. ESR REIT’s 4Q19/FY19 results met our and Street estimates. With the industrial sector stabilising, we believe its well-diversified and Singapore-centric portfolio is well-equipped to tap into any demand uptick. Management emphasised its near-term strategy of asset recycling and extracting value via asset enhancements. One concern, however, is the sizeable SGD81m revaluation loss recorded in FY19. Valuations are reasonably attractive, at 1.3x P/BV with a 7.3% dividend yield.

 

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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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