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MAYBANK KIM ENG

CapitaLand (CAPL SP)

Growing Bigger And Stronger; Maintain BUY

 

 Reiterate BUY with new SGD4.20 TP from SGD4.00, 14% upside plus c.4% yield. 3Q/9M19 results were broadly met. Post-merger, CapitaLand – our sector Top Pick – now has a well-balanced portfolio across asset classes and geographies making it a defensive play. The key appeal is the growing recurring income base, especially from its fund management business and asset recycling strategy, which should drive ROE. Valuation is attractive at 0.8x P/BV. Our TP is based on 20% discount to its RNAV of SGD5.26/share.

 

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StarHub (STH SP)

On course; BUY

 

Profit pressure priced in; Offers compelling value

StarHub’s 9M19 core profit is tracking MKE and consensus estimates. We maintain our forecasts and DCF-based TP of SGD2.00 (WACC 5.7%, LTG - 1%). Our BUY is premised on the stock already pricing in earnings pressure at our base case scenario and that the cashflows generated by the business offer deep value at current share price levels. Any signs of industry repair would be the key catalyst to a re-rating. Irrational competition in its various revenue segments is the key risk to the outlook for the sector.

 

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CGS CIMB

UOB KAYHIAN

OCBC

Heightened credit costs on weaker macro

 

■ 3Q19 results were characterised by heftier S$323m provisions and -2bp NIM qoq. Sustained wealth income and lower CTI. IFRS9 costs were the culprit.

■ Management guides for low-single-digit loan growth in FY20, slightly lower NIMs and 20-25bp credit costs. We cut NIM estimates 1-5bp in FY19-21F.

■ Maintain Hold with lower TP of S$11.94 as we roll forward to CY20. M&A plans remain an overhang on OCBC as CET-1 holds strong at 14.4%.

 

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Koufu Group (KOUFU SP)

3Q19: Results In Line; Robust Outlook

 

3Q19 core net profit growth of 19% yoy was in line with expectations, with 9M19 core net profit meeting 72.6% of our full-year forecast. Earnings was lifted by new outlets, growth in existing outlets as well as margin expansion. Outlook remains robust with two new food courts due to open in 2020 and a higher target of 29 bubble tea outlets by end-19. Maintain BUY and target price of S$0.95. Koufu is undervalued at 13.6x 2020F PE, vs peers’ average of 18.7x 2020F PE.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.850-0.020
AusGroup0.031-0.002
Avi-Tech Electronics0.3750.005
Best World Int.1.360-
CEI0.9800.025
China Sunsine1.070-0.010
CNMC GoldMine0.255-0.005
CSE Global0.570-0.010
Eagle HTrust USD0.535-
Food Empire0.6150.010
Golden Energy0.1690.003
GSS Energy0.094-0.005
ISDN Holdings0.225-
ISOTeam0.240-0.005
JB Foods0.6500.015
KSH Holdings0.4750.005
Miyoshi0.034-0.001
Moya Asia0.067-0.003
Nordic Group0.270-
Oxley Holdings0.360-
Procurri0.370-
REX International0.192-0.004
Riverstone0.960-
Roxy-Pacific0.385-
Sing Holdings0.400-
SingMedical0.315-
Straco Corp.0.715-
Sunningdale Tech1.3000.020
Sunpower Group0.565-0.020
The Trendlines0.089-0.001
Tiong Seng0.2250.020
Uni-Asia Group0.740-0.005
Yangzijiang Shipbldg1.060-0.020

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