UOB KAYHIAN |
CIMB |
Telecommunications – Singapore The Catch Phrase Is “Free” Competition has intensified even before TPG launches its mobile services on a commercial basis. TPG promises to offer senior citizens aged 65 and above 3GB of data and unlimited local calls free for the first 24 months. Circles.Life has also launched its new Flexi Plan which provides 1GB of data and 30 minutes of local talk time for free. Maintain MARKET WEIGHT. BUY Singtel for its defensive qualities. Upgrade StarHub to HOLD as valuation premium has vanished and, in fact, reversed slightly.
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ISOTeam Ltd Shaping Singapore’s landscape
■ Operates in building maintenance and estate upgrading industry. ■ ISOTeam sees itself as a potential beneficiary of refurbishment initiatives, improved property sentiment and national push towards greener environment. ■ Has market leadership in both R&R and A&A public sector, but also diversifying into private sector, other regional markets and commercialising green solutions. ■ Current S$133m order book is highest to date; management expects stronger 4QFY18F from bigger projects and potential one-off gains. ■ Based on Bloomberg consensus, the stock currently trades at 10x 12M forward P/E and offers 2% dividend yield.
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DBS VICKERS | OCBC |
Singapore Office
Paya Lebar Quarter close to 80% pre-committed • Great Eastern, NTUC Income, and IWG reported to be leasing c.232k square feet of space at Paya Lebar Quarter (PLQ) • High pre-commitment level at PLQ underlines multiyear upturn in the Singapore office market • Maintain Overweight call on office REITs • Top picks: CapitaLand Commercial Trust (BUY, TP S$2.10) and Suntec REIT (BUY, TP S$2.30)
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YANGZIJIANG SHIPBUILDING | BUY |
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Check out our compilation of Target Prices