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RHB

RHB 

Wilmar International (WIL SP)

Risks From COVID-19; Maintain BUY

 

 Maintain BUY with new TP of SGD4.43, from SGD4.75, 8% upside plus c.3% yield. As Wilmar’s FY19 results announcement draws near, we now expect the group to receive the CSRC approval post-results, and the valuation of its China unit should roll over, with FY19 as the base year. Amidst the COVID-19 outbreak, we do not expect demand for staples to be severely impacted. However, there could be some downward pressure on margins due to disruptions in the global supply chain.

 

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UnUsUaL (UNU SP)

Weaker-Than-Expected 3QFY20; Still BUY

 

 Keep BUY with a new SGD0.35 TP from SGD0.38, 67% upside. UnUsUaL reported a weaker-than-expected 3QFY20 (Mar), with PATMI and revenue up 15.4% and 66.4% YoY. Margins were lower, mainly on reduced margins from overseas projects and higher costs – this was partially due to upfront costs being booked ahead of delayed or postponed concerts and shows. Tough times lie ahead for UnUsUaL due to the current COVID-19 virus outbreak, but we are still confident on the long-term viability of the business and maintain our call on this counter.

 

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RHB CGS CIMB

Singtel (ST SP)

NBN Respite, Guidance Tempered (Again)

 

 Maintain NEUTRAL with new SOP TP of SGD3.45 from SGD3.50, 5% upside and 5.3% yield. 9MFY20 (Mar) core earnings missed our/consensus estimates as the enterprise business remained soft alongside heightened mobile competition in Indonesia. Post results call, we cut FY20F-22F core earnings by 4-12%. We expect the recovery in enterprise revenue to be pushed back due to the Covid-19 outbreak and still challenging business dynamics in Australia. Key risks: competition in key markets, continued enterprise weakness and lower prospective dividends.

 

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Genting Singapore

Covid-19 headwinds in ST but good LT play

 

■ FY19 adjusted EBITDA of S$1.19m was ahead of our FY19 forecast (S$1.10bn) on lower opex but in line with consensus’s S$1.17bn.

■ The covid-19 outbreak will have short-term repercussions on FY20F EPS given fewer incoming tourists. We cut our FY20F EPS by 15.7%.

■ We still like GENS’s longer-term prospects. Maintain Add. Our TP is still S$1.00, based on 8x (close to -0.5 s.d. below mean) CY21F EV/EBITDA.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.110-0.020
AusGroup0.024-0.001
Avi-Tech Electronics0.380-0.005
Best World Int.1.360-
CEI0.860-0.040
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
ISOTeam0.125-
JB Foods0.490-0.015
KSH Holdings0.3050.005
Miyoshi0.0290.002
Moya Asia0.063-0.001
Nordic Group0.225-
Oxley Holdings0.235-0.005
Procurri0.265-0.010
REX International0.140-0.003
Riverstone2.1900.010
Roxy-Pacific0.3450.010
Sing Holdings0.320-0.010
SingMedical0.245-0.015
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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