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UOB KAYHIAN

CGS CIMB

PropNex (PROP SP)

Steady Hands In Good And Bad Times

 

PropNex is the largest real estate agency in Singapore (with 43.8% of the residential primary private market in 2017). With negatives from the recent cooling measures priced in, the stock now offers an attractive 12.3% FCF yield (sustaining a 5.5% dividend yield) for 2019. We believe it is a low-risk proxy to Singapore property with a future-proof business model. Leveraging on its strong brand equity, PropNex has also expanded regionally. Initiate coverage with BUY and target price of S$0.65.

 

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OUE Commercial REIT

Deepening CBD office footprint

 

■ OUECT has proposed to acquire OUE Downtown office towers for S$908m.

■ Transaction NPI yield of 5%; deal to expand exposure to the key nodes within Singapore CBD.

■ Purchase to be funded by a S$587.5m equity fund raising and S$361.6m debt. Maintain Hold with a rights-adjusted TP of S$0.60

 

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RHB  RHB

Kimly

Visit To a Productive Coffee Shop

 

Maintain BUY, TP of SGD0.46, 44% upside, based on our expectations of a better 4Q. For the first instalment of our Expedition Series, we visited Kimly’s productive coffee shop which focuses on automation and digital solutions to improve efficiency, while reducing the reliance on manpower. While adapting a QR code payment system will still take a while, its trayreturn initiative is mutually beneficial for customers and should enable Kimly to save on manpower costs.

 

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Avi-Tech Electronics

 

Sector Headwinds To Continue

Maintain NEUTRAL, new DCF-derived TP of SGD0.38 from SGD0.43, 5% downside. After attending Avi-tech’s briefing, we understand that its engineering division will likely take about six months to ramp up again. The semiconductor sector slowdown has impacted its engineering segment. Going forward, its burn-in service business should continue to grow steadily, but profitability will likely be muted due to the engineering unit’s weak performance. Management expressed interest in rewarding shareholders with good dividends – since its cash flow and balance sheet are still healthy – with an attractive FY19F yield of 7.7%.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.000-
Alliance Mineral0.184-
Anchor Resources0.024-0.001
AusGroup0.035-
Avi-Tech Electronics0.290-
Best World Int.2.710-
China Sunsine1.280-0.010
CSE Global0.4650.005
Food Empire0.5400.005
Geo Energy0.187-0.004
Golden Energy0.240-
GSS Energy0.119-0.001
HMI0.565-0.005
ISDN Holdings0.210-
KSH Holdings0.510-
Miyoshi0.047-
Moya Asia0.0830.001
Nordic Group0.350-0.030
Oxley Holdings0.320-
REX International0.089-0.001
Riverstone1.120-0.010
Roxy-Pacific0.410-
Sing Holdings0.395-
SingMedical0.4500.005
Sino Grandness0.060-
Straco Corp.0.750-0.010
Sunningdale Tech1.540-0.010
Sunpower Group0.5150.015
The Trendlines0.100-0.001
Tiong Seng0.265-0.005
Uni-Asia Group1.190-
XMH Holdings0.170-
Yangzijiang Shipbldg1.400-

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