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Rubber Gloves – Malaysia

Prospects Are Intact But May Be Weighed By Sentiment


Industry prospects remain intact against the backdrop of undemanding valuations and attractive dividend yields. But we acknowledge: a) unparalleled valuation surge; b) yetto-be ascertained 2022 ASPs; and c) negative sentiment may prove to be too steep of a speed bump to near-term prospects. As such, we have trimmed our target prices. Maintain OVERWEIGHT on the sector as we believe the risk-reward trade-off still remains attractive. Top pick: Top Glove.


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A Rising Tide Lifts All Boats


APAC Realty is one of the leading real estate brokerages (24% agent share) in Singapore. The stock offers an asset-light play on resilient Singapore property transaction volumes, supported by enhanced liquidity and government stimulus amid the COVID-19 pandemic. With its globally-recognised ERA brand and regional master franchise, the group is better positioned to cross-sell and grow beyond Singapore. Initiate with HOLD and S$0.41 target price. Entry price: S$0.37/share.


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Genting Plantations (GENP MK)

ESG: Paving the way for a sustainable future


On the right track GENP’s overall ESG credentials appear to be relatively good with transparent and detailed sustainability disclosures, especially on its Malaysian (MY) operations. However, its huge land concession of 242,786 ha (about ~3.3x the size of Singapore) of which 73% is located in Indonesia (ID) exposes GENP to multiple ESG risks. We maintain HOLD on GENP with unchanged TP of MYR9.87 on 35x FY21E PER peg, its 8-yr mean. We prefer KLK MK (BUY, TP: MYR27.00) for MY large cap exposure.


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V.S. Industry (VSI MK)

1QFY21: A solid start


Maintain HOLD 1QFY21 core earnings were above expectations at 30%/29% of our/street’s FY21E. A first interim DPS of 1.2sen was declared. We nudge up our FY21-23E net profit by 6-8% and our TP by 15sen to MYR2.60, pegged to an unchanged 19x CY21E PER (at +1SD). Maintain HOLD, pending larger growth catalysts (i.e. new customers, additional sizeable orders from existing customers, M&A). We prefer Inari (INRI MK, CP MYR2.63, BUY, TP MYR3.40).


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LionelLim8.16Check out our compilation of Target Prices

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