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UOB KAYHIAN

MAYBANK KIM ENG

Sunningdale Tech (SUNN SP)

Windfall From Property Disposal In China

 

SUNN has entered into a sale and purchase agreement to sell its property in China. The total consideration inclusive of taxes is S$28.9m and net gain is estimated to be S$13.4m, equivalent to 56.3% of 2018 net profit. This is a good opportunity for SUNN to dispose of a non-core asset and the net proceeds will provide additional funding to its business. Maintain HOLD and target price of S$1.50, pegged to peers’ average 2019F PE of 10.6x. Entry price is S$1.25.

 

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Japfa Ltd (JAP SP)

On a high protein diet

 

Forecasts revised up; maintain BUY

Fuelled by the rebound in PT Japfa Tbk (JPFA IJ; IDR2,240; NR) and APO divisions, YTD FY18 has been far stronger than we expected. Upcoming Indonesian presidential elections, our forecast IDR appreciation and a softening in soybean meal should provide further tailwinds in coming quarters. Taking stock of various protein, dairy and commodity input prices, we raise FY18E/FY19E/FY20E core profit estimates by 23%/9%/9% and TP (unchanged SOTP methodology and multiples) by 15% to SGD0.99.

 

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DBS VICKERS

City Developments

 

A white Christmas for City Dev

Maintain HOLD; lower TP at S$9.50. We maintain our HOLD rating on City Developments (City Dev) and lower our TP to S$9.50 (from S$10.00 previously). Although the shares are trading at attractive valuations (at close to 2SD below historical P/NAV average), we see limited catalysts for the stock and sector given expectations of a property market slowdown which historically implies that City Dev shares will likely be trading in a range.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.570-0.170
Avarga0.265-0.005
Avi-Tech Electronics0.000-
China Sunsine0.465-
Food Empire0.690-0.010
Fortress Minerals0.405-0.015
Geo Energy Res0.365-0.005
Golden Energy0.295-0.005
GSS Energy0.065-
InnoTek0.685-0.010
ISDN Holdings0.645-0.020
ISOTeam0.115-
IX Biopharma0.193-
Jiutian Chemical0.084-0.001
KSH Holdings0.340-0.005
Leader Env0.065-
Medtecs Intl0.295-0.005
Moya Asia0.063-
Nordic Group0.390-0.010
Oxley Holdings0.185-0.001
REX International0.3300.010
Riverstone0.670-0.010
Sinostar PEC0.290-0.005
Southern Alliance Mining0.680-
Sri Trang Agro1.150-0.010
Straco Corp.0.410-
Sunpower Group0.440-0.010
The Trendlines0.1070.002
Totm Technologies0.178-0.002
UG Healthcare0.265-0.005
Uni-Asia Group0.970-0.015
Wilmar Intl4.200-0.070
Yangzijiang Shipbldg1.290-

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