buy sell hold 




Cargo pulling its weight


■ Covid-19 pandemic precipitated a divergence between recovery of SATS’s cargo (by 1QFY21F) and passenger/inflight catering services (post-FY23F).

■ After three consecutive quarters of losses, we expect SATS to turn around in the upcoming 3QFY21F, with a profit of c.S$3.5m, backed by cargo and JSS.

■ Backed by minimal net gearing (4-5%), we expect SATS to accelerate in its M&A efforts. Upgrade from Hold to Add, with a higher TP of S$4.30.


Read More ... 


Elite Commercial REIT

An asset in challenging times


■ FY20 results outperformed IPO forecasts with gross revenue/DPU in line with our expectations, at 100%/102% of our FY20F estimates respectively.

■ We expect footfall to DWP offices to increase as the Jobs Retention Scheme expires, exhibiting countercyclical traits and importance of ECR’s portfolio.

■ We reiterate our Add call with a higher DDM-based TP of £0.79.


Read More ...



Ascott Residence Trust

New asset class to bolster growth SINGAPORE | REAL ESTATE (HOSPITALITY) | FY20 RESULTS


 FY20 DPU of 3.03 Scts (-60.2%) came in below, at 75% of our forecast. Capital distribution from divestment gains formed 47.8% of DPU (FY19: 27.6%).

 2H/FY20 RevPAU down 69%/61% YoY. FY20 gross profit -41% YoY with master leases/MCMGI/management contracts contributing 60%/6%/34%.

 Acquisition of purpose-built student accommodation in US to shore up revenue.

 Maintain BUY, DDM-based (COE 8.5%) TP raised from S$1.15 to S$1.22 as we roll forward our earnings forecast. We are forecasting FY21e/22e DPU yield of 4.2%/5.5%, with a 12.5% upside to our TP.


Read More ...




First Resources (FR SP)

Consistent Performer


Despite the drawback from the new Indonesia export levy, where FR would not enjoy as much of a gain from high prices as compared with its Malaysia peers, we still expect FR’s earnings to grow by 16% yoy in 2021 with higher ASP, better FFB production and stable downstream margin. Reiterate BUY on FR with the potential booster coming from rising earnings momentum. FR has consistently delivered good operational performance that meets expectations. Maintain BUY. Target: S$1.85.


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 Holdings2.650-0.080
Avi-Tech Electronics0.265-
Best World1.700-0.120
Broadway Ind0.087-0.002
China Sunsine0.385-
Delfi Limited0.955-0.075
Food Empire1.430-0.020
Fortress Minerals0.2700.005
Geo Energy Res0.335-0.055
GSS Energy0.027-0.002
Hong Leong Finance2.480-0.010
Hongkong Land (USD)3.2800.020
ISDN Holdings0.330-0.010
IX Biopharma0.041-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.052-
Medtecs Intl0.133-0.001
Nordic Group0.340-0.010
Oxley Holdings0.0910.001
REX International0.1230.002
Sinostar PEC0.1420.004
Southern Alliance Mining0.600-
Straco Corp.0.515-
Sunpower Group0.2250.005
The Trendlines0.083-0.001
Totm Technologies0.024-0.001
Uni-Asia Group0.8500.010
Wilmar Intl3.340-0.020
Yangzijiang Shipbldg1.7400.070

We have 1533 guests and one member online

rss_2 NextInsight - Latest News