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UMS Holdings Ltd Semicon equipment spending on an upcycle
■ SEMI expects global semiconductor equipment spending to grow in FY20- 22F to reach c.US$80bn by FY22F. ■ We see UMS benefitting from this trend via its exposure to major customer Applied Materials. ■ We reiterate our Add call on UMS with a higher TP, based on upcycle peak P/BV multiple.
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Ascott Residence Trust First in line to see a RevPAU recovery
■ ART should see a faster-than-peer RevPAU recovery given its exposure to domestic demand. ■ Strong balance sheet to tide through pandemic, support inorganic growth and income top-up. ■ Positive development of Covid-19 vaccines points to a faster recovery. Upgrade ART from Hold to Add at a TP of S$1.20, implying 1.07x P/BV.
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CGS CIMB |
UOB KAYHIAN |
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CDL Hospitality Trust A faster RevPAR recovery on the cards
■ We expect a faster RevPAR recovery from FY23F, thanks to the positive development of Covid-19 vaccines. 19% of AUM could see earlier recovery. ■ Healthy balance sheet to support portfolio expansion and income top-up. ■ Upgrade from Hold to Add with a TP of S$1.43, implying 1.1x P/BV.
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Wilmar International (WIL SP) Another Value-Unlocking Exercise On The Cards?
Wilmar’s JV in India, AWL is reportedly in the midst of exploring its IPO. This is not a surprise and it is positive for Wilmar to unlock shareholder value. However, the impact may not be as great compared with the listing of YKA as AWL’s contribution is estimated to be less than 3% of total PBT. Based on a PE of 18x to 20x, it suggests potential listing value of US$1.69b-1.86b. Maintain BUY. Target price: S$6.40.
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Check out our compilation of Target Prices
