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Consumer sector: Still an attractive space

The year started off on a broadly positive note, with the STI up 5.8% YTD, while the FTSE Consumer Goods Index and FTSE Consumer Services Index were up 3.9% and 1.1%, respectively. In our latest sector report in Nov-16, we noted that the consumer sector saw a series of privatisations and acquisitions, suggesting valuations have been generally reasonable, and as more consumer companies are reportedly seeking to list on SGX, our thesis remains unchanged. Against a backdrop of inexpensive valuations and sound long term growth fundamentals, consumer companies continue to execute regional expansion plans, while we expect some like BreadTalk to continue rewarding shareholders through dividends. With 4QCY16 results coming in this month, we maintain our NEUTRAL view for the sector and reiterate our call on Sheng Siong Group [BUY, S$1.15], particularly at current price levels, for the company’s management strength and largely stable, cash generative business.

Ascendas India Trust

Still under the radar

Still has legs to run. We maintain our BUY call on Ascendas India Trust (a-iTrust), with a revised TP of S$1.13. While a-iTrust has rallied over 30% since we upgraded the stock to BUY in late January, and investor interest has picked up, we believe aiTrust’s growth story still has yet to gain recognition among investors at large. With Singapore-focused REITs increasingly facing headwinds translating into slowing DPU growth (average DPU CAGR of 1%), we anticipate investors will gravitate to aiTrust given its healthy 2-year DPU CAGR of 8% and a still decent 5.5% yield.


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Wilmar International (WIL SP)

4Q16 Results Preview: Expect In-line Net Profit; ADM’s Stake Increase Boosts Investor Confidence

We expect Wilmar to report a stronger net core profit of US$430m-460m on: a) higher margins and sales volumes from tropical oils as well as the oilseeds and grains divisions; and b) profit recognition from the sugar division, which had been delayed. We think current share price should have factored in the earnings recovery and good commodity prices. Maintain SELL with a higher target price of S$3.50 (after 9- 11% upward profit adjustments).


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 Best World International 

  • Direct seller of premium skincare has made a breakthrough in Taiwan, where it has strong earnings momentum
  • China, a market over 50x larger than Taiwan, is ripe for Best World to harvest
  • Attainment of a rare direct selling licence in China should underpin years of firm growth
  • Initiate with BUY, TP of $2.36 based on 16x FY17F PE



LionelLim8.16Check out our compilation of Target Prices

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Counter NameLastChange
AEM Holdings2.2700.130
Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0990.012
China Sunsine0.4000.010
Delfi Limited0.9700.005
Food Empire1.440-
Fortress Minerals0.280-
Geo Energy Res0.325-0.005
GSS Energy0.026-0.001
Hong Leong Finance2.480-
Hongkong Land (USD)3.250-0.130
ISDN Holdings0.315-0.005
IX Biopharma0.045-
Jiutian Chemical0.0260.001
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.132-
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1360.003
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.230-
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.810-0.030
Wilmar Intl3.3500.030
Yangzijiang Shipbldg1.7800.030

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