| 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).
|
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
|
|
|
|
|
|
|
Check out our compilation of Target Prices