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Offshore & Marine

Contract wins


■ We estimate the value of 4 bulk carriers secured by Yangzijiang to be about US$100m, and US$250m for the FPU that SMM secured from Shell.

■ YTD wins for YZJ should rise to c.US$705m, within our US$1bn target; SMM’s YTD order wins are at c.S$900m, above our S$500m forecast.

■ We expect positive share price movement for both on the back of attractive valuations for YZJ (0.6x CY19 P/BV) and above-expectation wins for SMM.


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Ascendas REIT

Maiden entry into the US


■ AREIT announced acquisitions of 30 business parks in the US and Singapore for S$1.66bn at a blended yield of 6.5% and S$1.31bn rights issue.

■ 2Q/1HFY19 results in line at 33%/66% of our FY19 forecasts as AREIT had higher than expected reversions although occupancy came down slightly.

■ We maintain our Hold call with a higher TP of S$3.15.


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China Aviation Oil (CAO SP)

Strong 3Q19 Results; Reiterate BUY


 Maintain BUY with new SGD1.55 TP from SGD1.50, 26% upside plus c.4% yield. Better-than-expected 3Q19 earnings were driven by an increase in volume and profitability for the supply of jet fuel in regions outside China. This more than offset weakness in earnings contribution from associates. While weakness in associate earnings may persist in the near term, we remain confident of CAO’s long-term growth – to be driven by growth in Chinese aviation traffic. Ex-cash 6x 2020F P/E and below 1x P/BV remains compelling.


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United Overseas Bank (UOB SP)

3Q19 YoY NIM Squeeze, But Good Non-II; BUY


 Maintain BUY with unchanged GGM-derived TP of SGD29.50, 10% upside plus c.5% yield, based on 1.26x 2020F P/BV. Our long-term ROE assumption is 12.7% vs 9M19’s 11.9%, which factors in growing non-interest income offset by narrowing NIM ahead. 9M19 net profit rose 8% YoY to SGD3,338m, representing 77% of our pre-results FY19 forecast. UOB remains our Top Pick among Singapore banks. This report is an update post analyst teleconference.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.130-0.110
Avi-Tech Electronics0.400-0.015
Best World Int.1.360-
China Sunsine0.430-0.005
CNMC GoldMine0.205-0.015
CSE Global0.520-0.025
Eagle HTrust USD0.405-0.020
Food Empire0.665-0.050
Golden Energy0.155-0.013
GSS Energy0.084-0.003
ISDN Holdings0.1990.004
JB Foods0.590-0.035
KSH Holdings0.375-0.015
Moya Asia0.073-0.004
Nordic Group0.270-0.005
Oxley Holdings0.310-0.010
REX International0.194-0.005
Sing Holdings0.395-0.010
Straco Corp.0.545-0.015
Sunningdale Tech1.210-0.060
Sunpower Group0.525-0.020
The Trendlines0.105-0.008
Tiong Seng0.200-
Uni-Asia Group0.655-0.020
Yangzijiang Shipbldg0.945-0.030

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