buy sell hold 

 

UOB KAYHIAN UOB KAYHIAN

Singapore Post (SPOST SP)

Managing Volumes & Costs

 

SPOST’s operating profit of S$26m was an improvement on a qoq basis but came in below our expectations. The group’s international postal volumes were lower (overall weight decreased -25% yoy) as the group managed volumes and the associated conveyance costs. We remain cautious on the back of elevated air freight rates. Maintain HOLD with an unchanged target price of S$0.75. Entry price: S$0.66.

 

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BRC Asia (BRC SP)

1QFY21: Building Back With Strength

 

BRC’s 1QFY21 net profit of S$9.6m has recovered substantially compared to 4QFY20 breakeven levels, despite a provision for onerous contracts in light of the higher steel prices. The outlook for the construction sector remains steadfast in the medium term, boosted by public sector projects, and we still see room for BRC to continue its recovery in sales volume. Maintain BUY with a higher target price of S$2.00.

 

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CGS CIMB

CGS CIMB

Frasers Logistics & Commercial Trust

Positioned for growth

 

■ FLCT maintained high portfolio occupancy of 97.2% at end-1QFY9/21.

■ The REIT has significant debt headroom to tap growth strategies.

■ We reiterate our Add rating with a higher DDM-based TP of S$1.57.

 

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Singapore Airlines

Narrow 3Q loss should please the market

 

■ 9MFY21 core net loss of S$1.9bn was broadly in-line with our full-year loss forecast of S$2bn, but substantially better than consensus’ S$3.8bn loss.

■ Reiterate Add with a slightly reduced TP of S$4.89, still based on P/BV of 0.94x (mean since 2011) against the end-FY22F adjusted BVPS.

■ Potential rerating catalysts include fuel derivative MTM gains in 4QFY21F that may enable SIA to deliver a very narrow quarterly loss.

 

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LionelLim8.16Check out our compilation of Target Prices



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