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MAYBANK KIM ENG

UOB KAYHIAN 

ComfortDelGro (CD SP)

Rail happiness?

 

Positive but how much has been priced in? HOLD

We attempt to capture the impact of Singapore’s coming rail-formula reforms as announced by the Transport Minister recently and raise our FY20/21E revenue by 9%/14% and core profits by 8%/13%. Our DCF-based (WACC 9.0%, LTG 1%) TP consequently climbs by 12% to SGD2.76. We maintain our HOLD. The final form and quantum of fare hikes and/or grants along with the direction of taxi competition and overseas acquisitions are upside and downside risks to our outlook.

 

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Suntec REIT (SUN SP)

Continued Expansion In Australia

 

The proposed acquisition of 21 Harris Street in Sydney, Australia will deepen SUN’s Australia exposure from 11% to 14% of its total AUM. The acquisition is expected to be DPU-accretive (boosting pro-forma FY18 DPU by 0.5%). The transacted price is fair and in line with the independent valuation by JLL. Maintain HOLD with a higher target price of S$2.00 (previously S$1.99). Entry price: S$1.82.

 

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RHB 

 

China Aviation Oil (CAO SP)

Chinese Aviation Traffic Continues To Grow

 

 BUY, SGD1.60 TP offers 23% upside, 3.5% yield. Although CAO’s share price has moved lower in line with jet fuel prices, we highlight that profitability of its China jet fuel business is driven by volumes and not so much by the oil price outlook. We remain upbeat on the long term growth of China’s aviation passenger traffic, in line with its rising per capita income and expanding aviation infrastructure. We believe our earnings estimates remain conservative and ex-cash 4.3x 2020F P/E remains compelling.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.1300.030
Alliance Mineral0.125-0.003
Anchor Resources0.014-
AusGroup0.027-
Avi-Tech Electronics0.2850.015
Best World Int.1.360-
China Sunsine1.1400.010
CSE Global0.480-0.005
Food Empire0.495-
Geo Energy0.157-
Golden Energy0.2050.005
GSS Energy0.0840.003
HMI0.715-
ISDN Holdings0.235-
KSH Holdings0.420-
Miyoshi0.043-
Moya Asia0.076-
Nordic Group0.2900.005
Oxley Holdings0.330-
REX International0.0680.001
Riverstone0.915-0.005
Roxy-Pacific0.390-0.005
Sing Holdings0.405-
SingMedical0.380-0.005
Sino Grandness0.0500.004
Straco Corp.0.755-0.005
Sunningdale Tech1.4000.010
Sunpower Group0.480-
The Trendlines0.078-0.002
Tiong Seng0.230-
Uni-Asia Group0.7550.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.010

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