buy sell hold 



Keppel Corporation

Looking forward to 100-day plan outcome


■ In its 3Q business update, KEP reported group revenue of S$4.818bn for 9M20, 74% of our full-year forecast. We deem this in line.

■ 3Q20 net profit was significantly lower yoy (3Q19: S$159m). All segments were profitable in 3Q20 except O&M (flattish qoq revenue, in our estimate).

■ We look forward to KEP’s 100-day transformation plan (from early-Oct) which includes an O&M strategic review update. Reiterate Add, with TP of S$6.46.


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Sheng Siong (SSG SP)

Possibilities With Huge Cash Pile; BUY


Maintain BUY, SGD1.87 TP implies 13% upside with c.4% FY20F yield. Sheng Siong announced its 3Q20 business update yesterday evening. 3Q20 revenue grew by a strong 29% YoY on higher home consumption demand, as a result of COVID-19. This, together with improved operating leverage and government grants, brought 3Q20 PATMI to SGD31.8m (+54% YoY). 9M20 PATMI of SGD107m met 85% of our full-year estimate, exceeding our and Street expectations.


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Recommendation:  BUY     

Fair Value:  SGD 0.52



  • 1QFY21 NPI fell 19.2% YoY to S$29.8m due largely to rental assistance to tenants
  • Portfolio occupancy rose 0.4 ppt QoQ to 96.6%
  • Tenant sales and footfall at Wisma Atria recovered to two-thirds and almost half of pre-Covid-19 levels, respectively


Starhill Global REIT (SGREIT) owns interests in Wisma Atria and Ngee Ann City, two trophy assets located at the heart of Orchard Road in Singapore. It also has income streams from overseas markets such as Australia, China, Malaysia, and to a smaller extent Japan. We believe there are significant uncertainties and lack of earnings visibility ahead. Although some of SGREIT’s properties are under master leases, the severe and widespread impact of Covid-19 has resulted in management extending, or having the intention to extend some form of rental rebate to its master lessees to share the pain and build a stronger longer-term relationship. However, we believe negatives are in the price with SGREIT trading at a significant discount to its book value.



ASM Pacific Technology

Better booking outlook ahead

ASMPT’s earnings have been negatively impacted by the COVID-19 supply chain disruption and Sino-US tension this year. But with a stronger semiconductor industry recovery in 2H20, we expect better YoY growth ahead into 2021. While we lower our earnings projections for 2H20 and 2021 by 29% and 14% due to near-term gross margin headwinds on unfavorable product mix, we expect better gross margin in the longer term on more advanced packaging business contribution. We maintain our Outperform rating as it is trading at 23x our 2021 EPS estimate, at the cyclical low-end of the five-year average PE of 29x. Our target price of HK$110 (from HK$123) is based on unchanged 25x average 2021- 22F EPS, in the mid-range of its historical PE band, versus the peer average of 39x.

LionelLim8.16Check out our compilation of Target Prices

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