| UOB KAYHIAN |
CGS CIMB |
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Successful Launch Of Signature Cambodian Development Project
HLHG is a play on growth in Indochina. Net profit for 2018 rose 287% yoy on the back of strong property sales from D’Seaview, the group’s first Cambodian freehold development project. Its second development project in downtown Phnom Penh is in the pipeline with target launch date in 2Q19. The stock trades at historical 2018 P/B of only 0.4x and provides dividend yield of 2.0%.
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Singapore Strategy Age-defying boost
■ The impetus for the Singapore stock market in the next few years could be the buzz created by the government’s attempt to jazz up the country. ■ We think the construction sector will get the first boost from contract awards before multiplier effects to banks, tourism, services and the general economy.
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| RHB | DBS VICKERS |
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Consumer Shop Selectively; Still OVERWEIGHT
Maintain OVERWEIGHT on sector, Top Picks are Delfi, Sheng Siong and Thai Beverage. YTD, the consumer sector has underperformed the STI. We believe consumer confidence in Singapore has peaked, but think there are still pockets of opportunities in companies with strong attributes and a bottom-up growth story. We continue to favour players with market exposure to the region that are likely to benefit from stronger GDP growth and higher domestic consumption.
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Singapore Post (SPOST SP) : HOLD Plan to exit the US business (near-term +ve)
• We are not surprised by SingPost’s decision to commence the sale of its US eCommerce business • A potential sale might uplift earnings by c.30% • Two key challenges in the Asian business might slow down SingPost’s earnings growth in the next 2-3 years. • Maintain HOLD, unchanged TP of S$0.92
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Check out our compilation of Target Prices
