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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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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 Holdings3.9100.020
Avi-Tech Electronics0.460-
Best World Int.1.360-
China Sunsine0.4900.005
CNMC GoldMine0.275-
CSE Global0.485-
Food Empire0.7500.005
Golden Energy0.168-0.004
GSS Energy0.0590.001
ISDN Holdings0.630-
IX Biopharma0.255-
JB Foods0.570-
KSH Holdings0.3650.005
Medtecs Intl1.1200.020
Moya Asia0.073-0.003
Nordic Group0.2450.005
Oxley Holdings0.230-0.010
REX International0.156-0.001
Sri Trang Agro1.2800.010
Straco Corp.0.5800.005
Sunningdale Tech1.5600.020
Sunpower Group0.945-0.030
The Trendlines0.096-
UG Healthcare0.7200.005
Uni-Asia Group0.600-0.010
Yangzijiang Shipbldg1.070-

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