buy sell hold 




Bharti recovery to mitigate challenging 3Q


■ 3QFY3/21 group EBIT (including regional associates’ PAT) likely fell 23-25% yoy (4-6% qoq) to S$605m-615m; in line/slightly ahead of our expectations.

■ We see weaker earnings yoy from Singapore, Optus and Telkomsel, partly mitigated by smaller negative contribution from Bharti.

■ Reiterate Add, with an unchanged SOP-based target price of S$3.10.


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Singapore Airlines (SIA SP)

S$4.4b In Capex Deferment Is A Key Positive


SIA has finally managed to defer capex by S$4.4b, which would reduce its cash burden substantially over the next two years. More importantly, we believe that the odds of SIA exercising another S$6.2b in MCB would now be lowered. With that, equity holders will face less risk of dilution. We have thus raised our fair value multiple for SIA to 1.0x FY22 and FY23’s average and derived a fair value of S$4.43. Maintain HOLD. Suggested entry price: S$4.00.


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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)

Starting Off The Year With A Bang


YZJ announced a slew of containership and bulk carrier orders worth US$1.3b with most of the orders coming from China-based clients. We raise our 2021 earnings forecasts by 3% for 2021 given that most of the new orders are containerships which attract higher gross profit margins. Maintain BUY. Target price: S$1.17.


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Genting Singapore (GENS SP)

Could not emulate Marina Bay Sands’ sterling 4Q20 results


D/G to HOLD with lower TP of SGD0.92 (-3%)

2H20/FY20 earnings and dividends outperformed our expectations. That said, the outperformance was largely due to non-recurring items. Unfortunately, Resorts World Sentosa (RWS) could not emulate Marina Bay Sands’ (MBS) in growing gaming revenue in tandem with the lifting of operating capacity limits. Our earnings estimates are little changed for now. We also trim our DCF-based TP by 3% to SGD0.92 on minor housekeeping. With <10% upside potential, we downgrade GENS to HOLD.


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LionelLim8.16Check out our compilation of Target Prices

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Avi-Tech Electronics0.265-
Best World1.7100.010
Broadway Ind0.095-0.001
China Sunsine0.390-
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
ISDN Holdings0.320-
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
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

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