| RHB |
RHB |
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Golden Agri (GGR SP) Turnaround To The Black; Keep BUY
Maintain BUY, new SOP-based TP of SGD0.25 from SGD0.27, 25% upside. Golden Agri’s core earnings turned around to profitability in 4Q19, coming in better than our expectations, but below the Street estimate. We expect GGR to remain in the black from hereon, on better CPO prices.
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Centurion Corp (CENT SP) Stay NEUTRAL Amidst COVID-19 Uncertainty
Maintain NEUTRAL, new DCF-based TP of SGD0.49 from SGD0.47, 9% upside with 4.5% FY20F yield. Centurion’s 4Q19 revenue grew 15% YoY to SGD36m, mainly on contributions from newly-added beds in both purpose-built student and worker accommodations (PBSA and PBWA respectively). Gross profit and core PATMI were higher at SGD26.7m (+16% YoY) and SGD11.3m (+41% YoY) in 4Q19. We remain NEUTRAL, amidst the ramp-up of the COVID-19 outbreak, and as the World Health Organization raises the threat assessment to its highest.
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| RHB | UOB KAYHIAN |
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HRnetGroup (HRNET SP) Headwinds Further Intensified By COVID-19
Downgrade to NEUTRAL from Buy, new TP of SGD0.61 from SGD0.81, 9% upside with 4.5% yield. In our previous report, we highlighted that we expect Singapore hiring to be weak due to the tough macroeconomic environment. However, with the impact of the COVID-19 outbreak, it should see further headwinds. We cut HRnetGroup’s FY20-21F earnings by 10%/15%, resulting in a lower TP (pegged to 12x FY20F P/E).
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Sunpower Group (SPWG SP) 4Q19: Strong Finish To 2019, Backed By Robust Growth In GI Segment
Sunpower posted strong revenue and earnings for 2019, led by robust growth in the GI segment. 2019 net profit came in at Rmb352.2m, exceeding our expectations and forming 120% of our full-year forecasts. The +38.9% yoy growth in net profit was driven by the strong performance in the GI segment. Continued ramp-up of existing projects for the GI segment will continue to drive revenue and earnings growth in 2020 and beyond. We maintain BUY with a SOTP target price of S$0.88.
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Check out our compilation of Target Prices
