buy sell hold 



Singapore Airlines (SIA SP)

Likely To Be In The Red In 3QFY21 As Load Factors Dip qoq


SIA’s latest operating statistics, not surprisingly, offers little to cheer and the carrier is likely to report a similar core loss of approximately S$470m for 3QFY21. For FY22 and FY23, we have assumed that group pax traffic will amount to 33% and 85% respectively of pre-pandemic levels and have factored in a 43% rise in pax yields for the parent airline in FY22. For now, we maintain our fair value valuation at S$3.80, valuing the company at 0.9x FY22F’s book value. Maintain SELL.


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Wilmar International (WIL SP)

Strengthening momentum


Potential surprises on the way?

We see four areas where WIL can potentially surprise in 4Q20: (i) record soybean crush margins, (ii) rising palm oil prices, (iii) normalising postCOVID activities in China and (iv) margin accretive Indonesian export taxes. Yet the Group is trading at a 75% discount to its own Chinese listed subsidiary. We believe, over the longer term, this may trigger further actions to unlock value such as more asset carve outs or even privatisation. While WIL has re-rated 21% in the past 1-month, we believe significant upside exists as they execute. Raise TP to SGD6.80. BUY.


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iFAST Corporation Ltd

Keeping up the trading momentum


■ We forecast iFAST to report another quarter of record earnings in 4Q20F, with net profit rising 16% qoq/140% yoy on the back of robust AUA growth.

■ We think the uneven pace of regional economic recovery and hybrid WFH measures should support txn. volumes in FY21F, and normalise thereafter.

■ Reiterate Hold. Barring a market downturn, elevated AUA balances should sustain recurring revenues. Winning the e-MPF licence is a key catalyst


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Oil & Gas
- Overall End of demand destruction, start of brighter days

■ Global crude oil prices should be well supported by the continued crude stock draw. We prefer PTT in the upstream oil & gas segment.

■ Recovery in demand for durable goods should boost downstream chemical spreads. We prefer PTTGC in the chemicals segment.

■ Refining margin should recover mildly in 2021F. Top pick - SPRC.

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LionelLim8.16Check out our compilation of Target Prices

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