buy sell hold 

 

MAYBANK KIM ENG MAYBANK KIM ENG

Singapore Exchange Ltd (SGX SP)

Platform play

 

Resilient platform poised to deliver amidst volatility

SGX’s 1H21 PAT came ahead of Street/MKE expectations supported by contributions from recent acquisitions and stronger cash equities volumes. Derivatives saw limited disruption from the departure of key contracts pointing to the resilience of its multi-asset platform. Higher contract pricing, strong equity market velocity and new product launches should continue to support earnings momentum and keep dividend visibility high, in our view. We raise our TP to SGD11.48 from SGD10.77. Maintain BUY.

 

Read More ...

 

 

 

Frasers Centrepoint Trust (FCT SP)

Adding To Resilient Space

 

Resilient occupancies; maintain BUY FCT’s occupancy for its enlarged portfolio was resilient at 96.4% in 1Q21, following the ARF acquisition, with broad-based and better-thanexpected improvement across its malls. Stable operating metrics suggests suburban malls will lead the retail sector recovery in Singapore’s phase 3 reopening. While shopper traffic stays at c.30% below pre-Covid levels, tenant sales recovery has gained traction and strengthened DPU visibility. Our forecasts are unchanged. The ARF properties have reinforced its market share in the more resilient suburban malls space. Our DDM-based TP stays at SGD2.90 (COE: 6.2%, LTG: 2.0%). Reiterate BUY.

 

Read More ...

UOB KAYHIAN

UOB KAYHIAN

Banking – Singapore

4Q20 Results Preview: NIM Bottomed; Lower Credit Costs Propel Earnings

 

4Q is usually a seasonal lull. We expect DBS and OCBC to report net profits of S$1,002m (-33.5% yoy and -22.7% qoq) and S$882m (-29.1% yoy and -14.3% qoq) respectively for 4Q20. We expect the stock market to take cue from the direction of asset quality and credit costs. In both respects, we prefer OCBC (Target: S$14.65), which provides dividend yields of 4.7% and 5.3% respectively for 2021 and 2022. We downgrade DBS (Target: S$29.45) to HOLD. Maintain OVERWEIGHT.

 

Read More ...

 

 

Offshore Marine – Singapore

Equilibrium Delayed

 

COVID-19 has undoubtedly dented the recovery prospects of both the O&G and the O&M industries. In our view, the sector outlook for 2021 is not bright: two in five rigs in aggregate remain out of work, day rates and utilisation levels for operating rigs remain depressed, and O&G industry capex is forecast to recover slowly. Maintain MARKET WEIGHT on the sector with YZJ and KEP as our top picks.

 

Read More ...


LionelLim8.16Check out our compilation of Target Prices



You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.3800.080
Avi-Tech Electronics0.265-
Best World1.7100.010
Broadway Ind0.095-0.001
China Sunsine0.390-
ComfortDelGro1.3700.010
Delfi Limited0.9450.015
Food Empire1.4300.010
Fortress Minerals0.260-0.020
Geo Energy Res0.355-0.005
GSS Energy0.027-
Hong Leong Finance2.4800.010
Hongkong Land (USD)3.090-0.060
InnoTek0.440-
ISDN Holdings0.320-
ISOTeam0.035-
IX Biopharma0.0460.005
Jiutian Chemical0.0250.001
KSH Holdings0.250-
Leader Env0.050-
Medtecs Intl0.1320.001
Nordic Group0.335-
Oxley Holdings0.0910.001
REX International0.139-0.007
Riverstone0.6700.005
Sinostar PEC0.135-
Southern Alliance Mining0.600-
Straco Corp.0.500-
Sunpower Group0.220-
The Trendlines0.085-
Totm Technologies0.021-
Uni-Asia Group0.800-0.015
Wilmar Intl3.330-0.030
Yangzijiang Shipbldg1.770-0.010
 

We have 992 guests and one member online

rss_2 NextInsight - Latest News