| UOB KAYHIAN |
OCBC |
|
CSE Global (CSE SP) Setting Up For A Steady 2019
CSE secured infrastructure projects worth S$84.8m in 4Q18, bumping up its full-year order wins to S$150.5m (+43.6% yoy). With the acquisition of Blackstar Services, CSE’s acquisition plans remain on track and are likely to contribute to earnings growth momentum. At current price, the stock offers a generous dividend yield of 6.5%. Given the positive outlook, we re-iterate BUY and PE-based target price of S$0.59.
|
SG Hospitality: Quick 4Q18 preview – Cautiously optimistic
|
| PHILLIP SECURITIES | RHB |
|
First REIT Challenging times SINGAPORE | REAL ESTATE (REIT) | UPDATE
FIRT will be re-positioned to identify more strongly with the new co-Sponsor, OUELH. No compromise on paying distributions to unitholders, against the backdrop of extended receivables days. Price overhang as fund-raising is likely in the near-horizon in order to execute portfolio diversification strategy of acquiring from new co-Sponsor, OUELH. De-rating catalyst: expiring leases likely to be re-negotiated with a lower quantum and/or on IDR-denominated terms (currently on SGD-denominated terms). Maintain Neutral; new target price of $0.88 (previously $1.30).
|
Exciting Developments Ahead; Maintain BUY
Maintain BUY and TP of SGD1.23, 15% upside plus 3% FY19F yield. We believe the stock is trading at an unjustified EV/EBITDA of 7.5x (vs regional peers’ 10.6x and its 5-year historical mean of 10x) despite stable earnings and long-term re-rating catalysts ahead. We like Genting Singapore for its potential expansion into the Japan market and the upcoming reinvestment into Resorts World Sentosa (RWS), with more news flow expected in FY19.
|
|
|
Check out our compilation of Target Prices
