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NanoFilm Technologies International (NANO SP)

2020: Strong Finish; Positioned For Growth Across Multiple Avenues


2020 core earnings of S$61m (+70% yoy) excluding one-off IPO expenses beat our estimate by 6%. Revenue increased by 53%, driven mainly by both key segments. Shanghai Plant 2, which started operations in Feb 21, will provide ample capacity for growth. Nanofilm targets to maximise its technologies in multiple new end-markets to achieve sustainable growth. We raise our 2021 and 2022 EPS by 4% and 9% respectively. Our target price increases 22% to S$5.51 (35x 2022F PE). Maintain BUY.


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United Hampshire US REIT (UHU SP)

2H20: Attractive Yield


UHU’s 2H20 results were in line with our expectations. We saw resiliency from Grocery & Necessity Retail properties with a stable occupancy of 94.7% and high rental collections of 98.9%. Occupancies for self-storage facilities have also improved significantly. UHU provides a defensive yield due to a long WALE of 8.2 years and blue chip tenants. UHU provides a 2021 distribution yield of 9.2%, which represents an attractive yield spread of 7.8%, and trades at P/NAV of 0.9x. Maintain BUY. Target price: US$0.95.


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First Resources Ltd

The good and bad from results and briefing


■ FR’s final core net profit was in line with ours but below consensus forecasts.

■ It targets flat to +5% FFB output for 2021F and raises its forward dividend payout policy to 50% from 30% currently (FY21F div yield of 3.6%).

■ However, it has also locked in ASP for a meaningful portion of its 1H21 crops, which means it may not fully enjoy current high prices. Reiterate Add


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Frencken Group Ltd

Management sees hoh growth


■ FY20 revenue at 96.4%/99.0% of our/Bloomberg consensus forecast was in line with expectations.

■ FY20 net profit at 100.2%/104.9% of our/Bloomberg consensus forecast was also in line with expectations.

■ We reiterate our Add call as Frencken sees hoh revenue growth for FY21F.


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LionelLim8.16Check out our compilation of Target Prices

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