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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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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 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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