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Singapore Airlines (SIA SP)

3QFY21: Qoq Improvement Supports Gradual Capacity Addition


While SIA’s 9MFY21 results were below the street’s estimates, it was above ours, and we are encouraged by the qoq improvement at operating and bottom-line, brought about by increased aircraft utilisation and firm yields. We believe that SIA’s careful strategy of adding capacity should lead to lower losses, provided cargo demand and yields remain firm. We now value SIA at 0.9x two years’ average forward book value and derive a target price of S$4.00. Suggested entry level: S$3.80. Upgrade to HOLD.


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ISDN Holdings Ltd

Short-term positives priced in


■ Our small-cap alpha pick ISDN has reached our target price, based on our current earnings expectations. Downgrade to Hold.

■ Upside earnings risk could come from the mini-hydropower business, which we have not factored into our forecasts.

■ On risks, we note possible unrealised foreign exchange losses and uncollectable receivable risks while perusing its FY19 annual report.


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Thai Beverage

Refreshing its beer IPO dreams


■ THBEV proposes to list its beer business (under BeerCo Limited) on the Main Board of the SGX, with a public offering of up to c.20% shares.

■ Purported valuation of US$10bn could re-rate the stock. Looking back at 2019, when news first emerged, the stock traded up to S$0.935/share.

■ Reiterate Add.


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UG Healthcare Corp Ltd

Growing from strength to strength


■ 2QFY6/21 NP of S$32.3m (a 58-fold increase yoy) was above expectations, despite logistical disruptions that temporarily impacted sales volume.

■ We continue to see stronger quarters ahead as ASPs remain on an uptrend. UGHC could leverage on favourable industry trends to expand capacity.

■ Reiterate Add and TP of S$1.70. UGHC is trading at an undemanding valuation of 6.1x CY22F P/E (a 55% discount to its Malaysian peers).


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LionelLim8.16Check out our compilation of Target Prices

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Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0990.012
China Sunsine0.4000.010
Delfi Limited0.960-0.005
Food Empire1.440-
Fortress Minerals0.280-
Geo Energy Res0.330-
GSS Energy0.026-0.001
Hong Leong Finance2.470-0.010
Hongkong Land (USD)3.260-0.120
ISDN Holdings0.315-0.005
IX Biopharma0.045-
Jiutian Chemical0.0260.001
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.131-0.001
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1350.002
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.220-0.010
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.820-0.020
Wilmar Intl3.3600.040
Yangzijiang Shipbldg1.7800.030

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