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Singapore Telecommunications (ST SP)

4QFY20: In Line, Weak 1QFY21 Outlook To Be Offset By Long-term Opportunities


4QFY20 core net profit fell 15% yoy to S$594m (+8% qoq) amid lower roaming revenue, lower handset sales, a weaker AUD and higher depreciation charges. These were offset by narrowed Airtel losses as associate earnings surged 24% yoy. FY20 core net profit of S$2,457m (-13% yoy) is in line with our expectation but we cut our FY21-22 net profit forecasts by 14%/9% to account for the weak 1QFY21 outlook. Maintain BUY but cut DCF-based target price to S$2.80, in tandem with the earnings forecast downgrade.


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Keppel Corporation

The next lap for long-term growth


■ In its Vision 2030 plan, KEP keeps its long-term 15% ROE target, focusing on sustainability, asset-light businesses that are scalable, moving away from oil.

■ Segments are reshuffled into 1) Energy & Environment, 2) Urban Development, 3) Connectivity, and 4) Asset Management.

■ Maintain Add call and target price of S$7.48. Catalyst: successful partial offer by Temasek. Risk: protracted global recession.


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City Developments (CIT SP)

Trading At Attractive Valuations; U/G To BUY


U/G BUY from Neutral with new SGD9.50 TP from SGD10.50, 24% upside. While City Developments’ portfolio faces near-term headwinds, we believe most of the negatives are fully priced in, with the stock trading closer to -2SD levels in P/BV and P/RNAV terms (Figures 2 & 3), and below Global Financial Crisis lows. The slow but steady recurring income build-up, strong balance sheet, and brand name, coupled with an experienced management team, should help CDL emerge stronger from the crisis.


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Sheng Siong (SSG SP)

As Safe As Houses; Maintain BUY


 Reiterate BUY with new TP of SGD1.72 from SGD1.63, 13% upside and c.3% yield. Moving into 2H20, we continue to favour safe haven stock Sheng Siong amid market concerns on weakening global economy, rising US and China trade tensions and COVID-19 resurgence. Earnings wise, we believe outlook still remains optimistic as grocery sales are likely to remain elevated even after the Circuit Breaker due to prevailing work from home measures.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.070-0.140
Avi-Tech Electronics0.420-0.010
Best World Int.1.360-
China Sunsine0.350-
CNMC GoldMine0.255-
CSE Global0.455-
Food Empire0.530-
Golden Energy0.165-0.003
GSS Energy0.062-0.002
ISDN Holdings0.205-
IX Biopharma0.3150.065
JB Foods0.590-
KSH Holdings0.325-0.015
Medtecs Intl0.635-0.045
Moya Asia0.0610.001
Nordic Group0.210-
Oxley Holdings0.2400.005
REX International0.169-0.004
Sing Holdings0.365-
Straco Corp.0.5100.030
Sunningdale Tech1.030-
Sunpower Group0.450-0.015
The Trendlines0.106-0.001
Tiong Seng0.165-
Uni-Asia Group0.530-
Yangzijiang Shipbldg0.935-0.005

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