| UOB KAYHIAN | PHILLIP SECURITIES |
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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) Another Blockbuster Order Win; Ytd Total The Highest Since 2008
Following on from January’s US$1.3b order, YZJ has obtained a 31-vessel order worth US$1.74b. Of the 31 vessels, 21 are for containerships ranging in size from 1,800TEU to 15,000TEU. With the majority of this year’s orders being containerships which generate higher profit margins, YZJ’s earnings should be well supported. We upgrade 2021-23 earnings by 3-10% as well as our 2021 order-win expectation to US$4b from US$3b previously. Maintain BUY with a higher target price of S$1.36.
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Asian Pay Television Trust 9.3% yield while waiting for 5G
SINGAPORE | TELECOMMUNICATION| 4Q20 RESULTS 4Q20 revenue and EBITDA were within expectations, at 101%/99% of our FY20 forecasts. 4Q20 cable subscribers contracted 7,000 QoQ to 716,000. But ARPU was stable at NT$482. FY20 capex was down 29% to S$51mn, bumping up adjusted FCF by S$21mn to a record S$67mn. FCF of S$67mn to support DPU of 1 cent for 9.3% prospective yields. 5G data backhaul still seen as a multi-year revenue opportunity. DPU of 0.25 cent/quarter will be maintained in FY21. Our forecasts are largely unchanged. Maintain BUY and target price of S$0.15. Set at 9x EV/EBITDA, a 20% discount to Taiwanese peers given the smaller scale, higher leverage and softer growth profile.
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CGS CIMB |
CGS CIMB |
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Fu Yu Corp Ltd A new chapter begins
■ Fu Yu held its FY20 results briefing this morning. ■ We think there will be no changes to the company’s dividend policy (projected at 5.5% for FY21-23F) for the moment. ■ Fu Yu will target the medical, lifestyle (filtration products), solar and electric vehicle-related segments to grow its revenue again.
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SBS Transit Ltd Govt to review DTL financing framework
■ The government will review the financing framework for Downtown Line (DTL) to minimise the commercial risk for its rail operator, SBS Transit. ■ SBUS has been incurring consistent losses on DTL operations, and we believe it could remain a drag for years without government intervention. ■ This news serves as a positive catalyst for SBUS. Reiterate Add, TP: S$3.60.
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Check out our compilation of Target Prices
