UOB KAYHIAN | CGS CIMB |
Frencken Group (FRKN SP) 3Q21: No Surprises In Business Update
Frencken’s 3Q21 earnings of S$14.8m (+10.7% yoy, -10.8% qoq) took 9M21 net profit to 77% of our full-year estimate. The business update presented no surprises, as revenue continued to be led by a positive momentum in the semiconductor segment, driving improved operating leverage. We expect the semiconductor segment to continue driving growth going forward, driven by the accelerating development of 5G technology. Maintain BUY and target price of S$2.62.
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City Developments Qoq improvements across all segments
■ Outlook improving with better performance across residential and hospitality. ■ Commercial segment stable with slightly higher committed occupancy qoq. ■ Reiterate Add with an unchanged TP of S$8.97.
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CGS CIMB |
PHILLIP SECURITIES |
Sembcorp Industries Sunny day at Tengeh Reservoir
■ We visited SCI’s 60MWp floating solar farm today, the largest in Singapore. This is part of its 390MWp of solar energy projects in Singapore (incl. WIP). ■ We like SCI’s execution on greening its assets so far. Decarbonisation of its conventional energy segment is a key catalyst. ■ SCI is a renewable energy proxy in Singapore, trading at an undemanding c.8x FY22F EV/EBITDA vs. recent Sunseap acquisition at 31x. ■ SCI is also among our top 3 mid-cap ESG picks. Reiterate Add and TP of S$2.51 (still based on 15x CY22F P/E, benchmarking Asian peers’ average).
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Keppel Corporation – Comparison of both offers for SPH
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Check out our compilation of Target Prices