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CGS CIMB |
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ISOTeam (ISO SP) Strong Order Wins With A High Orderbook
ISOTeam announced another round of contract wins, bringing its order wins to S$51m in 1QFY20. Its robust orderbook has been well sustained at a high range of S$120m-140m. We think that ISOTeam remains a strong proxy to an upcoming election given the increase in R&R projects open for tender, while maintaining a resilient share of contract wins. Maintain BUY with a PE-based target price of S$0.34.
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Boustead Singapore Ltd Bouncing back to glory
■ Boustead is an engineering company focusing on industrial real estate and energy; it also holds exclusive distributorship of Esri’s GIS for 8 countries. ■ The group has a bright overall outlook, with order book backlog of both its real estate and energy segments at a 5-year high as of end-Jun 2019. ■ Meanwhile, we believe its geospatial technology business continues to enjoy strong growth potential, riding on the “smart city” wave. ■ Initiate coverage with an Add rating and a TP of S$1.00. Potential REIT launch and further order wins in energy segment are potential catalysts.
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RHB |
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Dairy Farm (DFI SP) Near-Term Headwinds Persist
Maintain NEUTRAL with a lower TP of USD6.63, from USD7.38, 0% upside and c.3.3% yield. While contribution from Health & Beauty business should still be Dairy Farm’s main driver for FY19-20F earnings, we remain cautious on the outlook amidst ongoing protests in Hong Kong. A sustainable c.4% dividend yield should provide support to share price. Trading at 25x FY20F P/E (historical average: 26x), we think there is currently a limited upside to the stock price given the weakened outlook.
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Check out our compilation of Target Prices
