buy sell hold 

 

UOB KAYHIAN CGS CIMB

Sunpower Group (SPWG SP)

Pure Green Investments Play After Sale Of M&S Business

 

Sunpower is selling its M&S business at an attractive valuation, which will result in a special dividend distribution of S$0.2359/share. Post-sale, management will focus on driving greater scalability as a pure steam-power producer in China. The GI segment has superior cash flow generation capability relative to the M&S segment, with 30-year operating concessions providing long-term revenue visibility. Maintain BUY with an 18% higher target price of S$1.10.

 

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GKE Corp Ltd

Green shoots ahead

 

■ We forecast 93% NPAT growth in FY5/21F for GKE, riding on Singapore’s enhanced medical supply stockpiling and China’s infrastructure boom.

■ Favourable dynamics in Singapore’s warehousing industry and GKE’s growth initiatives in China may underpin net profit CAGR of 49% over FY20-23F.

■ We initiate coverage on GKE with an Add rating and SOP-based TP of S$0.18.

 

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CGS CIMB

MAYBANK KIM ENG

ISDN Holdings Ltd

Re-rating on the cards

 

■ We reiterate our view that ISDN is on track to report a record net profit in FY20F.

■ We see re-rating catalysts from its FY20 results and possible monetisation of its Indonesian hydropower business in 2021.

■ We believe ISDN’s demand outlook is stronger than we previously expected, hence our revised forecasts leading to a higher TP of S$0.72.

 

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Tenaga Nasional (TNB MK)

A value play

 

Tariff rebate relieves CSR pressure With generation being largely stable in 4Q20, we believe there is little risk of revenue disappointment. Tenaga’s continued over-recovery of generation cost in 2020 (low coal price) has resulted in a tariff rebate being introduced for 1H21, thus relieving the pressure for further tariff discounts. Reiterate BUY with an unchanged MYR12.90 TP (DCF-based).

 

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LionelLim8.16Check out our compilation of Target Prices



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