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Building Its Pipeline For 2021F; Maintain BUY


 Maintain BUY and SGD0.42 TP, 56% upside. UnUsUaL reported strong 2QFY20 (Mar) results, with revenue surging 57.5% YoY and PATMI rising 54.8% YoY to SGD5m. Due to the stronger pipeline of events in 3QFY20F and expectation of more potential positive development in the concert and family entertainment space, we believe the company will see strong growth in FY20F.


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UMS Holdings (UMSH SP)

Earnings upcycle underway


Early innings of cyclical upturn; initiate BUY

UMS is a beneficiary of the WFE spending uptick through key customer Applied Materials (AMAT US, Not Rated). We project FY19-21E earnings CAGR of 28% driven by AMAT’s expectations of sustained spending in logic/ foundry, and a recovery of memory spending led by NAND, followed by DRAM. Longer-term prospects are supported by: i) sticky relationship with AMAT; and ii) diversification into other markets. Initiate BUY with ROE-g/COE-g TP of SGD1.13, based on 2.2x FY20E P/B.


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Alpha Picks: Strong Outperformance Led By Large Caps


Our portfolio had a good month, increasing 3.3% mom vs the FSSTI’s decline of 1.1% mom in November. For December, we take profit on Wilmar and remove it from our portfolio post its solid performance – its share price increased 21.1% over the Jun-Nov 19 period. We see further potential upside to the target prices for the rest of our picks.


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LionelLim8.16Check out our compilation of Target Prices

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