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RHB

UOB KAYHIAN 

Offshore & Marine

Looking For Stronger 2020 Orderbooks

 

 OVERWEIGHT on the offshore & marine (O&M) sector. Keep BUY on all three O&M-related large-cap SGX-listed stocks. Top Pick: Keppel, with the catalyst being Temasek’s partial share offer as a precursor to future restructuring, particularly of its O&M business. Pending an earnings recovery in the O&M segment, Keppel can depend on its property wing for earnings. Our second preference: Sembcorp Industries, which has stable energy earnings to cushion the current drag by the weak O&M space.

 

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More Privatisation Offers Could Raise Interest In Value Stocks

 

The number of privatisations has increased significantly to 34 in 2019, from 14 in 2018. The recent privatisation of Citic Envirotech at an attractive premium could raise interest in deep-value small-cap stocks. Deep-value stocks under our small cap coverage include Fu Yu (4.3x 2019F EV/EBITDA, yield of 7.4%), Valuetronics (3.4x 2020F EV/EBITDA, yield of 5.2%) and Overseas Education (2019F yield of 8.9%).

 

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PHILLIP SECURITIES 

 CGS CIMB

Dasin Retail Trust

Mitigating the DPU gap

 

SINGAPORE | REAL ESTATE (REIT) | 3Q19 RESULTS

 3Q19 NPI and DPU came in within our forecasts.

 The proposed acquisition of Shunde and Tanbei Metro Mall will lift underlying DPU by 4.3%.

 We lower our revenue and DPU forecasts to reflect the weakening RMB and retail outlook and incorporate the acquisition of Doumen (completed 12 September 2019), Shunde and Tanbei (TBC 1Q20) Metro Malls.

 Maintain ACCUMULATE with lower TP of S$0.88 (previously S$0.94).

 

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Jumbo Group Limited

FY9/20F: A year of margin expansion

 

■ FY9/19 net profit (+5.9% yoy) was in line with expectations at 97% of our and 98% of Bloomberg consensus forecasts.

■ We expect FY20F to be a year of margin expansion, with stronger profit contributions from its Singapore outlets offsetting the weakness in China.

■ Jumbo is actively expanding its overseas footprint via JV and franchising. Maintain Add and TP of S$0.47.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.9300.030
AusGroup0.0330.002
Avi-Tech Electronics0.4200.005
Best World Int.1.360-
CEI0.955-
China Sunsine0.5100.010
CNMC GoldMine0.245-
CSE Global0.535-
Eagle HTrust USD0.515-0.005
Food Empire0.615-
Golden Energy0.159-
GSS Energy0.0860.002
ISDN Holdings0.2200.005
ISOTeam0.245-
JB Foods0.655-
KSH Holdings0.4400.010
Miyoshi0.030-
Moya Asia0.065-0.001
Nordic Group0.280-
Oxley Holdings0.350-0.005
Procurri0.475-0.005
REX International0.1860.007
Riverstone0.950-0.020
Roxy-Pacific0.4000.005
Sing Holdings0.3900.005
SingMedical0.295-
Straco Corp.0.6750.005
Sunningdale Tech1.3300.050
Sunpower Group0.5900.015
The Trendlines0.087-
Tiong Seng0.200-
Uni-Asia Group0.745-
Yangzijiang Shipbldg1.1300.040

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