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DBS Group (DBS SP)

Yielding results; U/G to BUY


Resilient results. High dividend visibility

DBS’ 9M19 core earnings were well ahead of MKE/Street estimates due to higher non-interest income and better cost management. In our view, the group’s post GFC fundamental shift towards commercial banking from volatile universal banking is bearing fruit with a business mix that can effectively navigate regional uncertainty. Interest income, fees and trading all delivered despite a tough macro backdrop given the HK unrest, trade war and slowing Singapore. DBS’ dividends are on track to meet our expectations in 2019E. With CET1 at 13.8% - higher than the 13.5% management comfort level – it can also potentially surprise on the upside. Together with good dividend visibility in 2020E, we upgrade DBS to BUY with a higher TP of SGD29.92 following post-3Q19 changes (see below).


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ST Engineering

Merits of diversification


■ We would have been spot on in our 3Q19 estimate of S$150m without the one-off S$14m Hornbeck claims. 9M at 70% of our and consensus FY19F.

■ Key highlights in 3Q19: 1) end of programme review in aero resulted in super profits in CERO and 2) commendable contract wins for aero and electronics.

■ Our blended TP is up to S$4.47. Buy on share price weakness. Catalysts: stronger MRAS and contracts wins; risks: global slowdown. Maintain Add.


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Food Empire (FEH SP)

Caffeine Rush; Keep BUY


 Maintain BUY and SGD0.73 TP, implying 35% upside and c.2% yield. Food Empire recorded another strong quarter in 3Q19 with PATMI growing 34% YoY to USD7.9m. Excluding FX impact, 9M19 core PATMI of USD21.2m met 96% of our full-year estimate, exceeding our expectations.


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Sunningdale Tech Ltd

Still challenging


■ We deem Sunningdale Tech 3Q19 core net profit to be in line at 70% of our full year forecast because it incurred S$0.3m net losses in 1H19.

■ Gross profit margin improved by 2.9% pts qoq to 12.5% in 3Q19 due to cost management, which was encouraging.

■ We maintain our Reduce call as we expect weak 4Q results still. Dividend yield of 6.30% will cushion the downside.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.220-0.070
Avi-Tech Electronics0.465-
Best World Int.1.360-
China Sunsine0.315-0.005
CNMC GoldMine0.3600.015
CSE Global0.525-0.010
Food Empire0.560-0.010
Golden Energy0.155-
GSS Energy0.062-0.002
ISDN Holdings0.3950.030
IX Biopharma0.2900.010
JB Foods0.5650.015
KSH Holdings0.340-0.005
Medtecs Intl0.970-0.030
Moya Asia0.070-0.002
Nordic Group0.2200.010
Oxley Holdings0.215-
REX International0.184-0.003
Sing Holdings0.370-0.005
Straco Corp.0.495-
Sunningdale Tech1.180-0.020
Sunpower Group0.530-0.005
The Trendlines0.108-0.002
Tiong Seng0.160-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.970-

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