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Frencken Group Ltd (FRKN SP)

Cyclical recovery continues


2H20 beat despite impairment; Maintain BUY Despite an impairment amounting SGD6.2m, 2H20 PATMI of SGD23.8m (+5% YoY) was ahead of our and street’s expectations. This was due to grants and lower than expected i) negative FX impact to P&L and ii) effective tax rate. Management expects 1H21 to grow HoH, reinforcing our view of the ongoing cyclical recovery. Our FY21-23E forecasts are largely unchanged, and we maintain BUY with ROE-g/COE-g TP of SGD1.39 (1.6x FY21E P/B).


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Raffles Medical Group Ltd




 FY20 earnings beat estimate by 61% with the variance coming from S$28mn of JSS income and new COVID-19-related services.

 Healthcare services grew 18% YoY as PCR and serology testing offset loss of foreign patients due to travel restrictions.

 China operations improved from FY19. RafflesHospitalChongqing narrowed losses. Completion of RafflesHospitalBeijing’s upgrading to accelerate growth in China.

 Upgrade from NEUTRAL to ACCUMULATE with higher TP of S$1.18 from S$0.94, as we roll forward our DCF (WACC 6.6%) valuation. China operations expected to turn around.


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Sheng Siong Group Ltd

Demand still above trend



 4Q20 revenue and earnings were within expectations, with full-year at 102%/101% of forecasts, excluding government grant. Final dividend jumped 67% to 3 cents per share.

 Revenue grew 28% YoY to S$319mn despite a gradual return of social and outdoor activities. Same-store sales growth in 4Q20 was 18%, 10-fold higher than 1.8% in 4Q19.

 FY21 earnings could be weaker following last year’s record sales triggered by pantryloading and dine-home demand. We have modelled a 13% drop in revenue per sq ft for FY21e. Still, revenue should be 10% higher than pre-COVID levels. Expect grocery demand to be supported by dining at home and more households present in the country with international borders largely shut.

 FY21e PATMI and target price of S$1.71 unchanged. Remains based on 25x PE, its 5-year historical average. Nevertheless, we raise the stock to ACCUMULATE from NEUTRAL as demand is still above trend.


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Propnex Ltd

Ending the year on a high note


■ 4Q/FY20 EPS of 2.03/7.86 Scts beat our expectations, at 33.1%/128.5% of our FY20 forecast

■ PROP expects strong volume momentum in the private resale segment to continue in FY21F

■ Reiterate Add with a higher TP of S$0.888


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LionelLim8.16Check out our compilation of Target Prices

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