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UOB KAYHIAN

MAYBANK KIM ENG

CSE Global (CSE SP)

Accretive Acquisition

 

CSE recently announced a major acquisition. It has entered into a membership interest purchase agreement to acquire Volta for US$25.1m (S$34.8m). This is CSE’s fourth acquisition this year and the largest in recent years. We estimate earnings accretion of 4.8% and 13.0% for 2019-20 respectively. Maintain BUY with a higher PEbased target price of S$0.65 (previously S$0.62) as we factor in earnings contribution from the acquisition.

 

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Wilmar International (WIL SP)

Temporary crush

 

Crush margins to remain volatile; switch to FR

Recall that WIL’s 2Q19 Oilseeds & Grains PBT fell 80% YoY on the back of weak soybean crushing margins. Thankfully, August’s Chinese crush margins rose sharply and so did palm-oil prices. Despite higher input costs, Indonesian bio-diesel margins have also remained positive. These combined should provide for a better 3Q19. Still, we remain cautious as: (a) significant risks exist from escalating trade-war tariffs at the start of the North American soybean harvesting season; and (b) an effective resolution of the African Swine Flu (ASF) remains elusive. Maintain HOLD. We prefer First Resources (FR SP, SGD1.48, BUY, TP: SGD1.80), which should benefit from rising palm-oil prices, its young acreage and low costs.

 

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DBS VICKERS

 

Singapore Land Transport

Fare Review 2019 could see increase of up to 7%

 

• PTC has commenced its annual Fare Review Exercise; maximum allowable increase is 7%

• Implementation likely to be in December, based on 2018 timeline

• A mild positive for rail operations, but no impact on buses

• Maintain HOLD on CD; public transport improvement could be negated by taxi fleet contraction and currency translation

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.160-0.010
AusGroup0.022-
Avi-Tech Electronics0.340-
Best World Int.1.360-
CEI0.935-
China Sunsine1.100-
CNMC GoldMine0.2950.010
CSE Global0.470-
Eagle HTrust USD0.655-
Food Empire0.495-0.005
Golden Energy0.168-
GSS Energy0.067-0.002
ISDN Holdings0.220-
ISOTeam0.2350.010
JB Foods0.6500.005
KSH Holdings0.455-0.010
Miyoshi0.036-
Moya Asia0.063-
Nordic Group0.265-
Oxley Holdings0.305-
Procurri0.300-0.005
REX International0.082-0.002
Riverstone0.920-0.010
Roxy-Pacific0.380-
Sing Holdings0.385-0.005
SingMedical0.320-0.005
Straco Corp.0.7600.005
Sunningdale Tech1.220-0.010
Sunpower Group0.445-0.005
The Trendlines0.078-
Tiong Seng0.210-0.005
Uni-Asia Group0.710-
Yangzijiang Shipbldg1.0100.010

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