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RHB

CGS CIMB

CSE Global (CSE SP)
System Resilient Against Virus; Stay BUY

 

 Maintain BUY, DCF-based TP of SGD0.69, 30% upside plus c.5% yield. CSE Global secured new orders worth SGD230m in 4Q19, bringing the full-year order intake to SGD580m. With a sizeable orderbook of >SGD300m, we expect the company to continue performing well in FY20. We also anticipate FY19 net profit (recurring) to be in line with our SGD24m estimate.

 

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Frasers Property Limited

Boosted by China residential

 

■ 1QFY9/20 EPS of 4.2 Scts beat our expectations, at 46% of our FY20F.

■ Better China and Singapore residential contributions as well as higher Thailand performance boosted bottomline.

■ We reiterate our Add rating with an unchanged TP of S$2.08, based on a 35% discount to RNAV.

 

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CGS CIMB   MAYBANK KIM ENG

ComfortDelGro

Taxi disrupted

 

■ Earnings decline in FY20F (-3% yoy) is inevitable as taxi operations are likely to be hit by coronavirus, with CD potentially giving out rental rebates.

■ We reiterate Hold but lower TP to S$2.09. CD trades at 15.5x CY21F P/E, below historical average (16x), pricing in some taxi disruptions, in our view.

■ Dividend yield of 4.8% is supported by strong FCF. Downside risk: erosion of taxi margin from shrinking taxi fleet /higher-than expected rebates.

 

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Singapore Semicon Equipment

Milestones on track

 

Progressing to plan; BUY the dips

We believe our BUY theses for UMS and AEM are progressing well. Lam Research (AMAT’s top competitor) remains optimistic of 2020 prospects – reaffirming our view that UMS is a beneficiary of recovering semiconductor capex in 2020-21. For 2020, Intel reiterated plans to expand capacity by another 25%, and also launch nine 10nm products – positive drivers for AEM, in our view. As we believe our FY20E earnings are currently intact, we see the recent sector sell-off as a reason to accumulate on dips. Our channel checks suggest production at AEM/UMS is so far unaffected by 2019-nCoV. Stay POSITIVE.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings2.2700.050
AusGroup0.052-
Avi-Tech Electronics0.4400.020
Best World Int.1.360-
CEI1.010-
China Sunsine0.4550.010
CNMC GoldMine0.2600.005
CSE Global0.565-0.005
Eagle HTrust USD0.525-0.005
Food Empire0.750-0.015
Golden Energy0.1700.001
GSS Energy0.098-0.005
ISDN Holdings0.1990.001
ISOTeam0.215-
JB Foods0.625-0.010
KSH Holdings0.4000.005
Miyoshi0.0310.004
Moya Asia0.080-0.002
Nordic Group0.300-0.005
Oxley Holdings0.345-
Procurri0.325-0.005
REX International0.200-0.005
Riverstone1.0500.040
Roxy-Pacific0.370-
Sing Holdings0.410-
SingMedical0.3200.015
Straco Corp.0.570-
Sunningdale Tech1.290-0.010
Sunpower Group0.560-
The Trendlines0.1310.001
Tiong Seng0.2000.002
Uni-Asia Group0.690-
Yangzijiang Shipbldg1.0400.020

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