buy sell hold  


Sembcorp Marine (SMM SP)

Things Can Only Get Better


We upgrade SMM to a BUY as we believe much of the negatives surrounding the company are priced in at current levels. Post its S$1.5b rights issue, SMM should be in better shape to weather market conditions over the next 12-18 months and hopefully enable it to garner new orderflow. Our new P/B-based target price of S$0.11 uses a 0.74x target multiple for 2022 which is a 30% discount to the company’s past-five-year average P/B of 1.07x.


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Yangzijiang Shipbuilding

Captain of the ship


■ YZJ has secured US$534m of new contracts, bringing YTD order wins to US$7.21bn and estimated order book to a record of US$9.18bn.

■ Near-term catalyst is clarity in debt investment division spinoff structure.

■ Reiterate Add and SOP-based TP of S$1.91.


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Aztech Global Ltd

Opportunity to add on weakness


■ Aztech’s share price has fallen 16.4% from its IPO price of S$1.28, and 15.7% from its 1H21 results announcement’s closing price of S$1.27.

■ We think Aztech is currently managing the Covid-19 challenge and component shortages well though these do pose earnings downside risks.

■ Hence, we reiterate our Add call and TP of S$1.82 as we expect stronger 2H21F earnings to re-rate its share price.


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Singapore Exchange

A SPAC-tacular initiative


■ SGX pulls ahead of regional rivals in allowing SPAC listings from 3 Sep.

■ Its SPAC framework has been revised to be more market-friendly, aligned closer to US SPAC listing rules, allowing a level playing field to entice listings.

■ Reiterate Hold. Incremental listing fees from SPACs are not likely to be material in the near term but add to SGX’s long-term competitiveness.


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LionelLim8.16Check out our compilation of Target Prices

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Counter NameLastChange
AEM Holdings2.290-0.070
Best World2.4600.020
Boustead Singapore0.945-0.015
Broadway Ind0.125-0.003
China Aviation Oil (S)0.905-0.005
China Sunsine0.400-0.010
Delfi Limited0.895-0.005
Food Empire1.280-0.040
Fortress Minerals0.305-0.015
Geo Energy Res0.300-0.005
Hong Leong Finance2.480-0.010
Hongkong Land (USD)2.830-0.020
ISDN Holdings0.3000.005
IX Biopharma0.040-0.005
KSH Holdings0.2550.005
Leader Env0.050-
Ley Choon0.0440.001
Marco Polo Marine0.067-0.002
Mermaid Maritime0.136-0.003
Nordic Group0.310-0.005
Oxley Holdings0.089-
REX International0.1380.003
Southern Alliance Mining0.445-
Straco Corp.0.4950.010
Sunpower Group0.205-0.005
The Trendlines0.069-
Totm Technologies0.022-
Uni-Asia Group0.825-
Wilmar Intl3.4000.020
Yangzijiang Shipbldg1.740-0.030

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