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Sembcorp Industries (SCI SP)

Energy Business Affected By COVID-19


 Keep BUY, with new SOP-derived SGD2.00 TP from SGD2.33, 29% upside and c.3% yield. In a recent Sembcorp Industries update, management indicated that its FY20 energy business underlying performance would be lower than in FY19. While we cut FY20F earnings, SCI’s recent share price weakness has already factored in the negatives.


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Singapore Press Holdings (SPH SP)

Strategy In Place To Unlock Value


SPH continues to adopt its capital recycling approach with the recent divestment of its AXA Tower stake and Buzz chain. Given the trend in place, SPH looks set to further unlock value from its non-core assets. On the media front, the group has also recently partnered Google in a bid to improve ad spend. Its student accommodation business is receiving healthy bookings and the retail properties in Australia are seeing a recovery in footfall. Maintain HOLD with a slightly higher target price of S$1.52. Entry price: S$1.30.


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PropNex Ltd

Earnings almost tripled but outlook cloudy



 1Q20 PATMI jumped almost 3x YoY to S$7.6mn. It beat our expectations. The growth came from three-fold spike in project marketing (i.e. new launches) revenue.

 The outlook will be weak for this year. The circuit breaker, weaker economic conditions and higher priced projects will lead to a contraction in the number of transactions. We cut our FY20e earnings by 19%. Earnings impact will only be registered in 2H20e.  Net cash continues to pile up to S$89.8mn (+S$10mn YoY) in 1Q20 and almost 50% of the market capitalisation.

 We maintain our BUY recommendation. Our target price is lowered to S$0.60 (previously S$0.70). The outbreak has tempered any growth expectations we had for the company. PropNex retains a healthy market share of around 50% and we expect dividends (S$13mn p.a.) can be maintained with the large cash hoard of S$89.8mn.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.1400.020
Avi-Tech Electronics0.4000.010
Best World Int.1.360-
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
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
REX International0.1950.011
Sing Holdings0.330-
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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