buy sell hold 2021


First Resources (FR SP)

3Q21: Results Below Expectations


FR’s 9M21 net profit came in below our and consensus estimates. We reckon that the negative variance was mainly due to the spillover impact from lower ASP contracted and the higher cost of production. Management also mentioned that the spiking fertiliser cost would dilute FR’s earnings moving forward. Maintain HOLD with higher target price of S$1.65, factoring in higher CPO prices for 2022-23.


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Singapore Press Holdings (SPH SP)

Cascaden Returns With A Superior Offer


Cuscaden announced that it had submitted an improved offer with a full cash offer of S$2.36/share or cash-plus-share offer of S$2.40/share for all of SPH’s shares, at a consideration of around S$3.9b. Both options are superior to Keppel’s original cashplus-share offer of S$2.35/share. Barring any new offer, we recommend shareholders to ACCEPT the highest offer, which is currently Cuscaden’s offer which provides higher consideration and price stability.


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Uni-Asia Group (UAG SP)

Incoming Record-Breaking 2021 And 2022; Too Cheap To Ignore


Uni-Asia provided a 9M21 update, which highlighted a potential record high in 2021. The incoming 4Q winter heating season in the northern hemisphere is expected to keep the dry bulk market busy; beyond that, we believe freight rates will stay elevated at least until end-22 given the favourable demand-supply imbalance. We are of the view that the valuation is too cheap to ignore. Maintain BUY with an unchanged target price of S$2.34, pegged to 8x 2021F PE (-1SD to the mean).



Q&M Dental Group (QNM SP)

Revert to core


3Q21 net profit in line; Stay BUY with lower TP Q&M’s 3Q21 net profit of SGD9.5m (+68.7% YoY; +13.5% QoQ) was largely in line with MKE and street’s expectations. This took 9M21 earnings to SGD27.3m (+98.3% YoY) and achieved ~78% of our full-year estimate. The Group declared a third DPS of 1.0¢ (9M21: 3.0¢), translating into an attractive yield of 6.9%. Maintain BUY with a lower TP of SGD0.78, based on 22x FY22E P/E, which implies ~15% discount to its peers.


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LionelLim8.16Check out our compilation of Target Prices

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China Sunsine0.400-
Delfi Limited1.230-0.040
Food Empire1.1100.010
Fortress Minerals0.325-
Geo Energy Res0.285-0.005
GSS Energy0.033-
Hong Leong Finance2.460-0.020
Hongkong Land (USD)3.4700.020
ISDN Holdings0.350-0.010
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Jiutian Chemical0.031-
KSH Holdings0.315-
Leader Env0.068-0.002
Medtecs Intl0.138-0.002
Nordic Group0.400-
Oxley Holdings0.105-0.001
REX International0.183-0.006
Sinostar PEC0.137-
Southern Alliance Mining0.650-0.025
Straco Corp.0.445-
Sunpower Group0.295-
The Trendlines0.092-0.002
Totm Technologies0.048-
Uni-Asia Group0.940-
Wilmar Intl3.600-0.070
Yangzijiang Shipbldg1.590-0.030

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