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RHB

CGS CIMB

 

Telecom Sector

Re-setting expectations

 

• Assuming COVID-19’s impact lingers throughout 2020, we cut our earnings forecasts by 9-10% for Singtel and StarHub

• Netlink is our top pick for earning resilience and ~5.8% yield. We also like Singtel for ~5.4% dividend yield, nearly +2 standard deviation (SD) of its mean and StarHub for 7% yield (near +1SD of its mean)

• Key risk will be stocks dropping to our bear-case valuation leading to a potential loss of 10% to 15%.

 

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CSE Global

Covid-19 and low crude oil prices; priced in

 

■ We think value in CSE is emerging as it now trades below its 2014-19 average 12M forward mean, and closer to trough of 7.9x P/E in Dec 2018.

■ Lower crude oil prices and capped activity levels warrant conservatism in our forecasts. But the c.36% share price plunge YTD has likely priced this in.

■ We think the risk-reward ratio is favourable at current levels. Reiterate Add, with a lower TP of S$0.45, now based on 11x CY21F EPS.

 

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DBS VICKERS  DBS VICKERS

Singapore retail landlords

In for a rough ride

 

• Suspension of Entertainment and Leisure businesses till end April-20 will impact overall retail scene

• Retail landlords face operational uncertainties as malls cope with tighter measures (shorter operating hours and higher social distancing measures) or closures

• Affected businesses may seek more help and rebates in our view

• Sensitivity analysis: Our FY20F DPU estimates could drop by 4-13% (vs 2-4% previously) to factor in the impact of above measures

 

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ESR-REIT (EREIT SP) : BUY

Enough Selling al-Ready!

 

• Interest expense savings from early refinancing; no refinancing in 2020

• Earnings relatively sheltered for now; retail tenants facing more challenges

• Long-term goals still intact despite a pause in near-term inorganic growth plans

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.9900.030
AusGroup0.0250.001
Avi-Tech Electronics0.3450.015
Best World Int.1.360-
CEI0.8550.030
China Sunsine0.3400.005
CNMC GoldMine0.1820.005
CSE Global0.3900.015
Eagle HTrust USD0.137-
Food Empire0.5250.020
Golden Energy0.185-0.001
GSS Energy0.0570.004
ISDN Holdings0.1700.018
ISOTeam0.1280.005
JB Foods0.4500.025
KSH Holdings0.2900.005
Miyoshi0.0260.001
Moya Asia0.0580.003
Nordic Group0.2200.010
Oxley Holdings0.2250.015
Procurri0.2400.005
REX International0.1200.010
Riverstone1.1400.020
Roxy-Pacific0.3300.020
Sing Holdings0.3250.015
SingMedical0.2200.015
Straco Corp.0.480-0.010
Sunningdale Tech0.9200.045
Sunpower Group0.4150.025
The Trendlines0.089-0.002
Tiong Seng0.148-0.002
Uni-Asia Group0.4300.030
Yangzijiang Shipbldg0.920-

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