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UOB KAYHIAN

MAYBANK KIM ENG

Hongkong Land Holdings (HKL SP)

Shining Gems Amid Hong Kong Turmoil

 

HKL is trading at an attractive 0.36x P/B, unrepresentative of its underlying asset quality. HKL has a US$38.7b investment portfolio (c.88% of its gross assets), concentrated in the CBDs of Hong Kong (83%) and Singapore (10%). Hong Kong developers have room to increase leverage further, to boost ROEs (and close P/B gaps vs Singapore peers). Share price catalysts include easing of the Hong Kong political stalemate, share buybacks and deployment of US$15.4b debt headroom into mainland China.

 

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Singapore Banks

Artificial relationships

 

What matters most for NPLs is not what you think For banking cycles after the GFC, we have trained MKE’s proprietary machine learning algorithms to identify the key variables that affect Singapore banks’ NPLs. From our analysis, it appears that the pace of non-SGD loan growth, domestic inflation and the rate of change in special-mention loans have the strongest influence in setting the direction of NPLs. In contrast, interest rates, changes to unemployment and GDP growth – variables that traditionally guide NPL forecasts – seem to have a lesser impact. With overseas lending accounting for a large share of loan growth in the past three years, we think NPL risks may heighten as the cycle turns. That said, strong capital and good dividend visibility should provide buffers. Remain Positive on Singapore banks, with UOB top pick

 

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RHB 

 LIM & TAN SECURITIES

Real Estate

Measures To Boost Public Housing Market

 

 Stay NEUTRAL; prefer diversified plays and real estate agencies. The Government’s latest announcement to support first-time HDB buyers should prop up HDB resale market volumes and stabilise prices which have been trending south. While the move is slightly negative for the private property market, we note the renewed buying interest in recent new launches – which we believe is driven by GSW and the URA draft master plan 2019 announcements, and persistently low interest rates.

 

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 Sunpower Group ($0.475, up 2 cents) announced that it has bagged manufacturing and services contracts worth an aggregate of RMB55.7mln from reputable repeat customer, SINOPEC Group. Under the contracts, Sunpower will provide high-end environment
protection products and services to SINOPEC, with delivery
anticipated to be completed by 2020. This is expected to have a
positive impact on the Group’s FY2019 and FY2020 results. At $0.475, market cap is $367.2mln, trailing P/E is 6.9x, P/B is 1.2x, dividend yield is 0.4%, dividend payout ratio is 1.6% and net-debt-to-equity is 65%.


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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