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MAYBANK KIM ENG |
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ISDN Holdings Ltd More could be done to unlock value
■ We hosted a lunch NDR for ISDN on 28 Jun 2019 that was attended by seven institutional clients. ■ The session focused on understanding ISDN’s business model. ■ We have an Add call on ISDN, with a TP of S$0.32.
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Wilmar International (WIL SP) Simple bare necessities
An EM franchise with a proven execution track record Wilmar has entrenched, market leading positions in essential food items– such as cooking oil, flour, rice, sugar & animal feed inputs – in the world’s largest & fastest growing emerging markets. As a non-tech, consumer staples play with a 30-year track record, WIL offers shelter against uncertainty from the US-China trade war. African Swine Flu (ASF) & changing bio-diesel mandates may introduce some volatility, but also opens doors for opportunities. ESG issues, given their sizable footprint across the value chain, remain the critical known-unknown. We initiate with a BUY. Our SGD4.21 DCF & peer P/E blended TP offers 16% upside.
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UOB KAYHIAN |
DBS |
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Banking – Singapore Promoting Fintech By Issuing Digital Bank Licenses
MAS will issue up to five new digital bank licences to non-bank players (two DFBs and three DWBs). Singapore banks are digital savvy and can compete effectively against new entrants due to their comprehensive omni-channel approach. New entrants are subject to similar risk-based capital and liquidity requirements but do not have physical branches, nor access to ATMs and CDMs. We find requirements for DFB and DWB rather restrictive. Maintain OVERWEIGHT.
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Singapore Banks Strong loan growth momentum continues
• Industry loan growth momentum maintained (+4.7% y-oy; +1.3% m-o-m); YTD loan growth at 3.1% • Business loans growth (+5.9% y-o-y) continues to lead consumer loans (+1.2%) • Mortgages loan book declined for fourth consecutive month • Deposit growth outpaced loan growth; cost of deposits unlikely to come down significantly in near-term
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Check out our compilation of Target Prices
