buy sell hold 

 

RHB RHB

Frencken Group (FRKN SP)

One-Off Does Not Impact a Positive Outlook; Keep BUY

 

 Maintain BUY with a higher DCF-derived SGD1.37 TP from SGD1.22, 11% upside and c.3% yield. Frencken announced that it would take an impairment loss of SGD6.2m associated with the development of a product in the healthcare industry due to a strategic direction change by its customer to not launch the product. Management revealed that the incident does not impact the future outlook of its medical segment as it did not project any revenue from this product and the impairment is a non-cash item.

 

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Auto & Autoparts

Ending The Year With a Bang; Keep OVERWEIGHT

 

Keep OVERWEIGHT; Top Pick: DRB-HICOM. The Malaysian Automotive Association (MAA) reported a November TIV of 56,489 units, with almost all key brands reporting YoY stronger sales volumes despite the COVID-19 cases spike. We raise our 2020F TIV to 510,000 units, as we expect industry sales to sustain at the c.56,000 units/month level in December. No change to our 2021F TIV of 580,000 units (+16% YoY). The launch of several volume modes mark a major car replacement cycle in the industry, which should boost TIV.

 

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RHB

 

Advancecon (ADVC MK)

Overlooked Potential In Earthworks 

 

YR0.44 FV based on 11.7x 2021F P/E. We believe Advancecon is an early beneficiary of the construction sector up-cycle, being a strong advance works player. As reaffirmed by the Government, we foresee more opportunities surfacing from the roll out of infrastructure packages next year. Given its niche expertise, prominent earthworks services market share, and healthy MYR714m orderbook, ADVC could potentially trade at a higher multiple of 11.7x P/E which is at a 10% discount from the 5-year mean.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.0000.040
Avi-Tech Electronics0.275-0.005
Broadway Ind0.141-
China Sunsine0.4500.010
DISA0.003-
Food Empire0.500-0.005
Fortress Minerals0.3500.010
Geo Energy Res0.3650.010
Golden Energy0.7950.045
GSS Energy0.050-
InnoTek0.4400.005
ISDN Holdings0.430-
ISOTeam0.104-
IX Biopharma0.131-0.001
Jiutian Chemical0.0770.001
KSH Holdings0.335-
Leader Env0.050-
Medtecs Intl0.109-0.001
Meta Health0.0300.003
Moya Asia0.0890.001
Nordic Group0.490-
Oxley Holdings0.159-0.001
REX International0.225-
Riverstone0.5750.010
Sinostar PEC0.180-
Southern Alliance Mining0.630-
Straco Corp.0.410-
Sunpower Group0.260-
The Trendlines0.083-
Totm Technologies0.1230.001
UG Healthcare0.168-0.001
Uni-Asia Group0.860-0.030
Wilmar Intl3.840-0.020
Yangzijiang Shipbldg1.0300.010

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