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CIMB UOB KAYHIAN

Offshore & Marine

Shake off them blues; go Overweight

 

■ We take our cue from the better YTD crude oil prices and firm project pipeline in FY18F to form our view that the industry is heading for a gradual recovery in FY18F.

■ We expect OPEC has strong case to extend its caps beyond Mar 2018F, keeping sentiment on the oil market positive.

■ Upgrade sector to Overweight (from Neutral), as we think the odds are now stacked in favour of upside, rather than downside.

■ We prefer large-cap stocks to ride the rally as we think they have successfully diversified into the better production and gas segments.

■ SMM is our near-term pick given its 3-month underperformance vs. KEP. KEP is our 12-month top pick for its multiple growth drivers (O&M, property and investments).

 

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Oxley Holdings (OHL SP) Mayfair Garden Is The Latest En-bloc Trophy

 

With the S$311m acquisition of Mayfair Garden, Oxley continues to have the second largest residential landbank among listed property stocks in Singapore. Management plans to fast-track its Singapore launches before the slew of launches in 2H18. Overseas execution has been progressing well in the UK, Ireland, Cambodia and Indonesia, while China and Malaysia have been experiencing delays. Maintain BUY with a higher target price of S$0.74, pegged at a 20% discount to our RNAV

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.6200.240
Avi-Tech Electronics0.3000.005
Broadway Ind0.150-0.003
China Sunsine0.470-0.005
DISA0.004-
Food Empire0.550-0.005
Fortress Minerals0.375-
Geo Energy Res0.395-0.015
Golden Energy0.495-0.045
GSS Energy0.053-0.003
InnoTek0.435-
ISDN Holdings0.480-0.025
ISOTeam0.101-0.004
IX Biopharma0.165-0.004
Jiutian Chemical0.091-0.003
KSH Holdings0.3550.005
Leader Env0.061-
Medtecs Intl0.181-0.005
Meta Health0.0300.001
Moya Asia0.060-0.002
Nordic Group0.425-
Oxley Holdings0.180-0.004
REX International0.240-0.005
Riverstone0.710-0.045
Sinostar PEC0.220-
Southern Alliance Mining0.670-
Straco Corp.0.390-
Sunpower Group0.385-
The Trendlines0.096-
Totm Technologies0.124-
UG Healthcare0.210-
Uni-Asia Group1.1200.040
Wilmar Intl4.120-0.060
Yangzijiang Shipbldg0.945-0.015

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