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UOB KAYHIAN

DBS VICKERS

Takeover Could Drive Re-rating Of Deep-Value SmallCap Manufacturing Stocks

 

The takeover offer of PCI on 4 Jan 19 at an attractive premium and TTM EV/EBITDA of 5.5x could lead to a re-rating of deep-value manufacturing stocks. We re-iterate BUY on deep-value manufacturing names trading at below-industry EV/EBITDA backed by high cash balances and stocks offering high dividend yields. Our top picks are Fu Yu (2019F EV/EBITDA of 2.9x and yield of 8.7%) and Valuetronics (2019F EV/EBITDA of 2.7x and yield of 6.3%). Assuming 5.5x EV/EBITDA, both stocks could offer about 80% upside.

 

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Singapore Monthly

 

Handshake or cold stare?

• STI rangebound at 2960-3190 pending outcome of US-China trade talks

• Adding a Bull-case scenario of STI at 3500

• Transiting to mid-contraction phase - SembCorp Industries, Netlink

• S-REITs still in favour as FED turns dovish - CMT, MCT, MLT, FLT MAGIC

• Sticking to defensives - ST Engineering, Yangzijiang, ComfortDelgro, CMT, MLT, Netlink Trust, UOB

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.190-0.010
Alliance Mineral0.182-0.002
Anchor Resources0.0220.001
AusGroup0.028-
Avi-Tech Electronics0.290-
Best World Int.2.6000.290
China Sunsine1.1600.010
CSE Global0.5450.010
Food Empire0.535-0.025
Geo Energy0.1850.001
Golden Energy0.235-0.005
GSS Energy0.105-0.002
HMI0.5500.010
ISDN Holdings0.2550.005
KSH Holdings0.505-
Miyoshi0.045-
Moya Asia0.080-0.002
Nordic Group0.330-
Oxley Holdings0.320-0.010
REX International0.081-0.001
Riverstone1.1200.020
Roxy-Pacific0.400-
Sing Holdings0.3900.010
SingMedical0.4550.005
Sino Grandness0.043-0.001
Straco Corp.0.780-
Sunningdale Tech1.3600.010
Sunpower Group0.565-0.005
The Trendlines0.0910.002
Tiong Seng0.215-0.015
Uni-Asia Group1.270-0.020
XMH Holdings0.200-
Yangzijiang Shipbldg1.5200.020

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