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China Aviation Oil (CAO SP)

China’s Aviation Traffic Continues To Improve


 Maintain BUY and SGD1.25 TP, 23% upside and 4.5% 2020F yield. We remain confident of China Aviation Oil’s return to earnings growth in 2021F. Amidst a gradual resumption of international flights and sustained recovery in domestic aviation traffic at Shanghai Pudong Airport, it could report decent earnings in 2020. The recent sharp rise in China’s jet fuel imports should also be positive for CAO’s cost-plus jet fuel supply business. The stock is trading below its net tangible assets per share (NTA/share) of USD0.95 (c.SGD1.30) and ex-cash 2021F P/E of just 2.7x.


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Grand Venture Technology Ltd

Delivering precision & innovative solutions


■ Grand Venture Technology Ltd (GVTL) is an established manufacturing solutions provider that was listed on 23 Jan 2019 at an IPO price of S$0.275.

■ According to its IPO prospectus, the purpose of the listing was to facilitate the company’s growth. Only new shares were offered in its IPO exercise.

■ We initiate coverage on GVTL with an Add rating and target price of S$0.262.


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United Overseas Bank

UOBM conference call takeaways


■ We had a conference call with UOB Malaysia’s CFO Chang Yeong Gung and senior economist Julia Goh to discuss business updates amid the MCO.

■ Strong collateral levels (c.80% of total loans) and strong sponsors should mitigate significant asset quality deterioration, but NIM headwinds persist.

■ Reiterate Hold on UOB Ltd, with a GGM-based TP of S$19.04.


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Banking – Singapore

Well Positioned To Reward Shareholders With Sustainable And Stable Yields


MAS stated in Apr 20 that it does not see a need to restrict banks’ dividend policies and we do not expect MAS to make a U-turn in its stance. Singapore banks intend to maintain their CET-1 CAR within their comfort range of 12.5-13.5%. We expect any trimming of DPS to be manageable at 10% or less. Maintain OVERWEIGHT. BUY DBS (Target: S$26.22) and OCBC (Target: S$12.18).


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.1900.530
Avi-Tech Electronics0.4550.010
Best World Int.1.360-
China Sunsine0.315-0.005
CNMC GoldMine0.310-0.010
CSE Global0.5300.020
Food Empire0.5200.010
Golden Energy0.155-
GSS Energy0.0620.001
ISDN Holdings0.3000.010
IX Biopharma0.2950.015
JB Foods0.595-
KSH Holdings0.330-
Medtecs Intl0.985-0.025
Moya Asia0.069-0.003
Nordic Group0.210-
Oxley Holdings0.210-
REX International0.1830.002
Sing Holdings0.370-
Straco Corp.0.470-
Sunningdale Tech1.1400.100
Sunpower Group0.5100.050
The Trendlines0.1060.001
Tiong Seng0.160-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.9100.015

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