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RHB

UOB KAYHIAN

Silverlake Axis (SILV SP)

Outlook Dims On Headwinds; Stay NEUTRAL

 

Maintain NEUTRAL, new DCF-based TP of SGD0.24 from SGD0.26, 4% downside with c.3% FY20F (Jun) yield. Silverlake Axis reported a weaker 3QFY20, below our estimate. It also guided for a weaker 4Q20, due to the Movement Control Order (MCO) in Malaysia. Large deals continue to be a challenge to close, with many delayed by MCO measures or economic uncertainties. As a result, we cut FY20F and FY21F EPS by 6% and 10%, to reflect lesser licensing and project service revenue.

 

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Sunpower Group (SPWG SP)

1Q20: Soft Results Due To COVID-19 Outbreak; Expect A Strong Recovery In 2Q20

 

Sunpower posted lacklustre results for 1Q20, on the back of temporary closure of its plants due to the COVID-19 outbreak. 1Q20 PATMI came in at Rmb51.1m, forming 13.7% of our full-year forecasts. The 15.6% yoy drop in PATMI was largely caused by a drop in revenue from both the GI and M&S segmenta. Looking forward, resumption of full production and ramp-up of existing GI projects will continue to drive earnings growth from 2Q20 onwards. Maintain BUY with SOTP-based target price of S$0.88.

 

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UOB KAYHIAN

CGS CIMB

ComfortDelGro Corporation (CD SP)

Priced For Recovery; Upgrade To BUY

 

While a pick-up in commuter numbers is likely to be gradual, CD’s share price appears to have largely priced in the weakness in transportation services due to stay-home measures, from both its taxi segment as well as from rail ridership. If there are further transport disruptions, downside is fairly limited. 1H20 will see lessthan-stellar performance, but the road ahead is likely to be more positive. Upgrade to BUY with a PE-based target price of S$1.82 (previously S$2.15).

 

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AEM Holdings Ltd

Progress in diversification

 

■ UTAC and AEM have announced a partnership to develop test solutions for complementary metal-oxide-semiconductor (CMOS) image sensors.

■ We view the partnership as being incrementally positive for AEM’s efforts to diversify its revenue stream.

■ Reiterate Add and TP of S$3.58.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.1400.020
AusGroup0.0280.001
Avi-Tech Electronics0.4000.010
Best World Int.1.360-
CEI0.890-0.010
China Sunsine0.3800.010
CNMC GoldMine0.2200.005
CSE Global0.4750.025
Food Empire0.5350.015
Golden Energy0.170-
GSS Energy0.0770.004
ISDN Holdings0.235-0.005
ISOTeam0.1320.005
IX Biopharma0.2800.010
JB Foods0.490-
KSH Holdings0.3300.020
Medtecs Intl0.265-0.005
Moya Asia0.0670.002
Nordic Group0.2350.010
Oxley Holdings0.2450.005
Procurri0.270-0.010
REX International0.1950.011
Riverstone2.240-0.170
Roxy-Pacific0.370-0.005
Sing Holdings0.330-
SingMedical0.2450.005
Straco Corp.0.505-
Sunningdale Tech0.980-0.005
Sunpower Group0.4800.025
The Trendlines0.1110.001
Tiong Seng0.1620.002
Uni-Asia Group0.6200.030
Yangzijiang Shipbldg0.9950.025

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