ANALYSTS SAY: Buy, Sell, Hold (19 July '19)

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UOB KAYHIAN	KGI SINGAPORE
Hospitality REITs – Singapore Singapore Becoming More Hospitable Hospitality REITs will benefit from a series of government initiatives to develop new tourism attractions, including those at Sentosa, Pulau Brani and the GSW, and limited supply of hotel rooms in the next three years. With visitor arrivals expanding at a 10-year CAGR of 6.2%, consistently surpassing population growth of 1.5%, the importance of the tourism sector can only increase over time. BUY FEHT, CDREIT and ART. Maintain OVERWEIGHT Read More ...	KGI Singapore High Dividend Watchlist (Ex-REITs)  SPH now offers the second highest dividend yield in our Blue Chips category after its share price declined 8% on the back of disappointing 3Q FY2019 earnings. However, even with SPH’s higher-than-average yield of 5.4%, we think there are better opportunities such as Venture Corp.  We add Venture Corp to our Blue Chips category given its 4.8% FY2019F dividend yield and decent valuations. Read more...
UOB KAYHIAN	UOB KAYHIAN
Keppel Corp (KEP SP) 1H19: In-line, Outlook Improving KEP reported 1H19 net profit of S$356m, declining 39% yoy due to the high-base effect of 1H18 which saw significant contributions from en-bloc sales of its property projects. The highlights came from the infrastructure and property business segments with both facing robust revenue and business outlooks. An interim dividend of S$0.08 (1H18: S$0.10) was declared. We have a BUY rating with a target price of S$7.61. Read More ...	SATS (SATS SP) 1QFY20: Hit By Triple Whammy Of Weak Air Cargo, Jet Airways Exposure And Grounding Of B737 Max Aircraft. SATS’ 1QFY20 earnings were below expectations and stand in contrast to the street’s expectation of a 6.8% yoy rise for the full year. We had warned that air cargo is likely to lead to lower 1QFY20 earnings, but we had underestimated the impact from Jet Airways and high opex. We expect SATS to face cyclical headwinds over the next few quarters and this should lead to lower earnings and PE multiples. Downgrade to SELL. Target: S$4.80. Read More ...

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.330	0.010
Best World	2.460	0.010
Boustead Singapore	0.955	0.005
Broadway Ind	0.128	0.001
China Aviation Oil (S)	0.910	-
China Sunsine	0.410	-
ComfortDelGro	1.490	0.010
Delfi Limited	0.900	0.005
Food Empire	1.270	-0.020
Fortress Minerals	0.315	0.010
Geo Energy Res	0.310	-
Hong Leong Finance	2.500	0.010
Hongkong Land (USD)	3.040	0.120
InnoTek	0.520	-0.005
ISDN Holdings	0.300	0.005
ISOTeam	0.042	-
IX Biopharma	0.043	-
KSH Holdings	0.240	-0.010
Leader Env	0.050	-
Ley Choon	0.043	-
Marco Polo Marine	0.066	-0.002
Mermaid Maritime	0.139	-
Nordic Group	0.340	0.010
Oxley Holdings	0.089	-
REX International	0.136	-0.001
Riverstone	0.800	-0.005
Southern Alliance Mining	0.430	-0.020
Straco Corp.	0.490	0.005
Sunpower Group	0.200	-0.005
The Trendlines	0.069	-0.001
Totm Technologies	0.022	-
Uni-Asia Group	0.835	-
Wilmar Intl	3.450	0.040
Yangzijiang Shipbldg	1.720	-0.030

Counter Name

Last

Change

AEM Holdings

2.330

0.010

Best World

2.460

0.010

Boustead Singapore

0.955

0.005