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Sheng Siong Group (SSG SP)

Expanding Network Of Outlets


SSG recently completed the acquisition of a HDB commercial property in Aljunied and has commenced operations on the first floor. The GFA of the property is much larger than that of stores opened in 2019, exceeding our 2020 supermarket operations area forecast. We still see opportunities for SSG to expand its network of outlets which is a key earnings growth driver. We lift our 2019-21 net profit estimates by 0.2-1.8%. Maintain HOLD with a higher target price of S$1.29. Entry price: S$1.19.


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Adding A Growth Driver


1Q20 in line, adding Adelaide deal; U/G to BUY

1Q20 DPU, up 3.3% YoY, was in line with consensus and our estimate, driven by stronger performance at Paragon in SG and the Figtree Grove contribution in Australia. We raised FY21 DPU by 2% on the back of the recent Adelaide acquisition and our DDM-based TP 4% to SGD1.15 (COE: 6.7%, LTD: 1.5%). We see DPUs supported by rental recovery at Paragon and higher visibility from its rising Australian contributions. Its strong balance sheet and high SGD1.4b debt headroom supports upside from further deals. At 12% total return, we upgrade (from HOLD) to BUY.


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ST Engineering (STE SP)

Expecting a Strong 2020; Maintain BUY


 Reiterate BUY and SGD4.55 TP, 12% upside plus c.4% yield. ST Engineering – our sector and country Top Picks – should deliver double-digit profit growth in 2020-2021, aided by contributions from earnings-accretive acquisitions and record-high orderbook, which offers more than two years of revenue visibility. Its strong FCF-generation capability should enable it to deliver high dividend yields. We expect its share price to outperform the STI. Earnings contribution from the Newtec and Glowlink acquisitions and continuing strong order wins should remain key re-rating catalysts.


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Stabilising after a wobbly start


• STI support at 3195 as Phase 1 deal in focus and uncertainties did not escalate

• Positive on hospitality sector – CDL HT, FEHT, Genting, Jumbo

• Bombed-out cyclicals with recovery potential – Yangzijiang, Genting, SIA, HK Land


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.110-0.020
Avi-Tech Electronics0.380-0.005
Best World Int.1.360-
China Sunsine0.380-0.005
CNMC GoldMine0.205-
CSE Global0.430-0.005
Eagle HTrust USD0.137-
Food Empire0.5050.005
Golden Energy0.1740.004
GSS Energy0.065-0.002
ISDN Holdings0.2200.022
JB Foods0.490-0.015
KSH Holdings0.3050.005
Moya Asia0.063-0.001
Nordic Group0.225-
Oxley Holdings0.235-0.005
REX International0.140-0.003
Sing Holdings0.320-0.010
Straco Corp.0.505-
Sunningdale Tech0.9450.005
Sunpower Group0.4550.005
The Trendlines0.109-0.004
Tiong Seng0.152-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.935-0.010

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