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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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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 Holdings2.160-0.020
Avi-Tech Electronics0.410-
Best World Int.1.360-
China Sunsine0.530-
CNMC GoldMine0.265-
CSE Global0.575-
Eagle HTrust USD0.535-
Food Empire0.700-0.005
Golden Energy0.205-
GSS Energy0.1010.004
ISDN Holdings0.225-0.005
JB Foods0.640-
KSH Holdings0.435-
Moya Asia0.0820.002
Nordic Group0.3250.005
Oxley Holdings0.370-0.010
REX International0.1920.011
Sing Holdings0.400-
Straco Corp.0.670-
Sunningdale Tech1.320-0.010
Sunpower Group0.6300.005
The Trendlines0.1200.001
Tiong Seng0.195-
Uni-Asia Group0.7400.005
Yangzijiang Shipbldg1.1600.010

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