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Singapore Telcos

5G: Warming up but still in neutral gear


5G frequency assignments in 1H20 Following the feedback on the 5G consultation process, the IMDA has indicated year-end for a call for proposal (CFP) from interested parties with the assignment of frequency and licenses by 1H20. In our view, it is still early days of development of the 5G ecosystem to expect commercial viability for the more advanced features and/or for 5G adoption to lead to some market price repair. Maintain NEUTRAL outlook. Netlink NBN Trust remains our key pick for shelter against the wireless price storm while StarHub has priced in industry fallout the most and offers value.


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Keppel DC REIT

Time to click pause


■ Downgrade to Hold from Add with a TP of S$1.67 as positive industry fundamentals and potential catalysts have been fully priced in.

■ Occupancy stays at 93.2% and could go up upon completion of AEI at Dublin 2 while gearing was reduced to 31.9% due to partial repayment.

■ 2Q/1H19 DPU of 1.93/3.85 Scts (+6.0%/6.4% yoy) was in line at 24/48% of our and consensus’ FY19 forecasts due to acquisitions in FY18.


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StarHub (STH SP)

Not Quite Out Of The Woods Yet


StarHub’s SIM-only plan Giga is an attempt to address a price-sensitive market not captured by its traditional distribution channel. We understand the take-up has been encouraging despite overall competitive pressure on mobile service revenue. Management guides flat to 2% yoy decline in top-line and EBITDA margin of 30-32% for 2019. We take a cautious stance as StarHub is susceptible to further price erosion given intense market competition. Maintain SELL. Target price: S$1.45.


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Oversea-Chinese Banking Corp (OCBC SP)

Likely 2Q19 QoQ NIM Expansion But Priced In


 Still NEUTRAL with unchanged SGD12.20 TP based on 1.12x 2020F P/BV, 6% upside plus 3.8% FY19F yield. This report spells out our expectations for OCBC’s 2Q19 results, which will be released on 2 Aug before trading hours. Expected 2Q19 marginal sequential growth for both loans and NIMs are positives, but these are largely priced in.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.1300.050
Avi-Tech Electronics0.4150.005
Best World Int.1.360-
China Sunsine0.515-0.005
CNMC GoldMine0.270-0.005
CSE Global0.560-
Eagle HTrust USD0.530-0.005
Food Empire0.6900.010
Golden Energy0.180-0.001
GSS Energy0.095-0.002
ISDN Holdings0.220-
JB Foods0.6450.010
KSH Holdings0.425-0.005
Moya Asia0.077-0.001
Nordic Group0.315-0.005
Oxley Holdings0.370-
REX International0.189-0.002
Sing Holdings0.400-
Straco Corp.0.650-0.005
Sunningdale Tech1.300-0.020
Sunpower Group0.600-0.010
The Trendlines0.1160.008
Tiong Seng0.200-
Uni-Asia Group0.730-
Yangzijiang Shipbldg1.100-

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