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Singapore REITs

Industrials Bottoming Out


Positive sector fundamentals; AREIT best proxy We remain constructive on industrial REITs, despite the recent pull-back in share prices against a rising interest rate regime. We see positive earnings momentum led by the large cap names from improving supply and demand, with near-term catalysts rising occupancies and stable/positive rental reversions. We see limited risks from higher interest rates given the sector’s well-cushioned balance sheets, with potential acquisition growth upside not priced in. Valuations remain compelling, especially for AREIT and MINT, given their headroom for accretive deals.


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Hutchison Port Holdings Trust: Trade spat affects <2% of throughput


Goods targeted in the proposed tariffs make up around 2% of Hutchison Port Holding Trust’s (HPHT) YICT throughput and 1% of its Kwai Tsing’s throughput, based on analysis done by HPHT’s management of the product types they handle. Even if all of the throughput related to these goods were to cease completely as a result of the tariffs (which may or may not be implemented), a scenario which we consider unlikely in itself, we estimate that the impact on HPHT will be less than 2%. Furthermore, we believe yesterday’s 1Q18 results indicate that the fears surrounding NDRC 30% tariff cut have been overblown – revenue/TEU for YICT fell only 1% YoY in 1Q18, which in turn was mainly a result of continued impact from shipping line M&A and a change in throughput mix, countered by RMB strength. After adjustments, our fair value remains at US$0.43, which represents an upside of 30.3% against 13 Apr’s close of US$0.33. HPHT is trading at a 8.1% FY18F yield as of 13 Apr’s close. Re-iterate BUY.


Kimly Ltd

Defensive Staple On Verge Of Inorganic Expansion


Kimly operates and manages coffee shops and food courts locally, which have a defensive nature accompanied by rich cash flows. Going forward, we expect Kimly to add up to 1-2 coffee shops a year, as well as ramp up on operating third party brands, which could contribute 5-8% growth pa during FY19F-20F. In addition, with M&As in the pipeline, we believe that growth would be exciting in the coming years. As a result, we initiate coverage with a BUY with DCF-derived TP of SGD0.43 (30% upside), implying FY18F P/E of 22.8x.


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Offshore & Marine Monthly

Extended soft conditions



 Banks as de facto owners of vessels prolonging the supply imbalance

 Upstream production activities recover modestly but still depressed

 Offshore support vessels market is still in a predicament

 The rally of oil price will speed down as glut is coming back


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.990-0.005
Alliance Mineral0.161-0.001
Anchor Resources0.013-0.001
Avi-Tech Electronics0.270-
Best World Int.1.360-
China Sunsine1.120-0.010
CSE Global0.475-
Food Empire0.500-
Geo Energy0.155-0.001
Golden Energy0.1990.008
GSS Energy0.0780.001
ISDN Holdings0.230-0.005
KSH Holdings0.425-
Moya Asia0.076-
Nordic Group0.290-
Oxley Holdings0.320-
REX International0.069-
Sing Holdings0.3850.005
Sino Grandness0.043-0.001
Straco Corp.0.750-0.010
Sunningdale Tech1.3500.010
Sunpower Group0.4750.010
The Trendlines0.080-
Tiong Seng0.245-
Uni-Asia Group0.7650.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.460-0.010

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