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iX Biopharma Ltd – Multiple share price catalyst


  • Outlicensing of Wafermine for Phase 3 trials is a major share price catalyst for the company to enter the estimated US$19bn global opioid industry.
  • Plans for a Hong Kong IPO could trigger a price discovery of at least a HK$1.5bn (S$260mn) market valuation for the pharmaceutical business.
  • Our earnings forecast cut to a net loss in FY22e due to delay in new capacity. Our BUY recommendation is maintained. Our DCF (WACC 10%) TP is lowered to S$0.335 from S$0.445 following our earnings downgrade and rights issue.


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Sembcorp Industries (SCI SP)

Towards A Brighter And Greener Future


SCI presented at the Asian GEMS conference and highlighted its medium - to long-term plan to transition towards being a greener and more sustainable business. Near-term issues such as India’s power crisis and maintenance shutdowns at some power assets appear to be well understood by the market. Maintain BUY. Target price: S$2.59.


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Singapore Banks

Balance sheet balancing


Deploying liquidity could be a strategic advantage

Singapore banks are sitting on massive liquidity. How they deploy could determine profitability on the other side of COVID. DBS has been mostly parking excess at central banks, while UOB has increased its securities holdings. For the latter, this may provide a near-term margin boost. Ultimately, higher lending is the most desired option, but varying speeds of re-opening cloud near-term visibility. Yet, we expect ASEAN-5 growth to surge (+5.6% GDP) in 2022E, which should give the sector significant opportunities to participate – particularly with SMEs. UOB with stronger ASEAN integration and SME franchise could benefit the most, in our view.


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Ascendas REIT

Improving operating metrics


■ Positive rental reversions and higher portfolio occupancy in 3Q21.

■ Strong balance sheet with aggregate leverage at 37.4% at end-3Q21 provides room for inorganic growth.

■ Reiterate Add with an unchanged DDM-based TP of S$3.31. 3Q21 business update In its 3Q21 business update, AREIT reported an improvement in portfolio occupancy to 91.7%, with higher take-up in Singapore, Australia and UK/Europe, partly offset by a slight drag in the US. Rental reversion averaged +3.7% in 3Q and +5.4% YTD. Aggregate leverage stood at 37.4% at end-3Q21, translating to an available debt headroom of S$4.2bn, based on a 50% limit, to pursue inorganic growth opportunities. AREIT has S$389.3m worth of asset enhancement initiatives currently underway in Singapore and Australia, scheduled to complete between 4Q21 and 4Q23.


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LionelLim8.16Check out our compilation of Target Prices

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