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CSE Global

Infra bump-up!


■ CSE has announced that it secured a cumulative S$84.8m of infrastructure works in 4Q18, bumping up its FY18 infrastructure wins to S$150.5m.

■ Post the new wins, we lift FY18-20F EPS by 2.0-12% on higher infrastructure revenues and GP margins.

■ We maintain our Add call with a higher TP of S$0.56, still based on 13.5x P/E, as we roll over to FY20F valuations. CSE remains our small-cap pick.


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Genting Singapore (GENS SP)

Has big plans for 2019


Retain BUY call with a tad lower TP of SGD1.26 (-2%) Although the Macau VIP market growth is decelerating, we are sanguine about the Singaporean one. Yet, GENS still trades at an attractive 6.8x FY19E EV/EBITDA or -1.5 SD to LT mean and only 11.0x FY19E ex-net cash PER. We roll forward our valuation to 9.0x FY19E EV/EBITDA (close to - 1SD to LT mean of 8.5x) from 10.0x FY18E EV/EBITDA (5-year mean) leading to a trimmed TP by 2% to SGD1.26. Key 2019 lookouts are RWS rejuvenation plans and potential expansion into Japan.


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CapitaLand Limited

Another behemoth step



 CapitaLand announced the proposed S$11bn acquisition of Ascendas-Singbridge (ASB).

 The transaction will increase CapitaLand exposure to Industrial and Logistics assets and emerging markets such as India. It will also further boost CapitaLand recurring income.

 Immediately accretive to EPS (+4%) and ROE (+9%), but slightly dilutive to NAV (-4%).

 Maintain ACCUMULATE with TP of S$4.00.


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Sembcorp Industries (SCI SP)

4Q18 India Core Earnings Could Come In Above Breakeven Level


SEIL and SGPL reported PLFs that were largely expected. SEIL reported weak PLFs as Unit #1 remains down, while SGPL’s PLF was comparable to 3Q18 at 83%. India’s core earnings may come in slightly over breakeven level on higher electricity prices and lower international coal prices for the period. Our 2018 earnings have been tweaked slightly to reflect this. Maintain BUY with a revised target price of S$3.20.


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LionelLim8.16Check out our compilation of Target Prices

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