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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 Holdings1.9900.030
AusGroup0.0250.001
Avi-Tech Electronics0.3450.015
Best World Int.1.360-
CEI0.8550.030
China Sunsine0.3400.005
CNMC GoldMine0.1820.005
CSE Global0.3900.015
Eagle HTrust USD0.137-
Food Empire0.5250.020
Golden Energy0.185-0.001
GSS Energy0.0570.004
ISDN Holdings0.1700.018
ISOTeam0.1280.005
JB Foods0.4500.025
KSH Holdings0.2900.005
Miyoshi0.0260.001
Moya Asia0.0580.003
Nordic Group0.2200.010
Oxley Holdings0.2250.015
Procurri0.2400.005
REX International0.1200.010
Riverstone1.1400.020
Roxy-Pacific0.3300.020
Sing Holdings0.3250.015
SingMedical0.2200.015
Straco Corp.0.480-0.010
Sunningdale Tech0.9200.045
Sunpower Group0.4150.025
The Trendlines0.089-0.002
Tiong Seng0.148-0.002
Uni-Asia Group0.4300.030
Yangzijiang Shipbldg0.920-

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