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UOB KAYHIAN

MAYBANK KIM ENG 

SATS (SATS SP)

4QFY20: S$51m In Credit And Impairment Provisions; Guides For Lower Loss In 1QFY21

 

Notwithstanding the guidance for lower loss in 1QFY21, we now believe SATS’ earnings would be under pressure for a long while due to heavy exposure to the aviation segment. SATS has shored up its balance sheet with S$500m in new debt in 4QFY20 and 1QFY21, which we believe could be a stop-gap measure to fund working capital. Maintain HOLD. Target price: S$2.93. Suggested entry price: S$2.60.

 

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Frencken Group Ltd (FRKN SP)

Upping in quality

 

Quality growth, diversity and margins; initiate BUY

Frencken manufactures components and modules for market leaders leveraged to growth trends in 5G/ AI, health and wellness and population aging. Our FY21-22E PATMI are 14% higher vs. Bloomberg consensus, as we believe margin uplift potential from a breadth of new products with higher design content is underappreciated. Geographic and product diversity, as well as net cash-to-equity position of 23% should offer resilience amid Covid-19. Initiate BUY with ROE-g/COE-g TP of SGD1.20 (1.6x FY20E P/B).

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.1900.530
AusGroup0.0250.002
Avi-Tech Electronics0.4550.010
Best World Int.1.360-
CEI0.9100.055
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
ISOTeam0.142-
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-
Procurri0.3000.005
REX International0.1830.002
Riverstone3.990-
Roxy-Pacific0.325-
Sing Holdings0.370-
SingMedical0.255-0.005
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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