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UOB KAYHIAN |
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Unusual (UNU SP) Long Term Prospects Intact Despite Headwinds
Keep BUY with unchanged SGD0.16 TP , 23% upside. Management has highlighted it expects some concert activities to resume from 3QFY21 (Mar). However, social distancing measures will likely impact the capacity of these concerts but the loss could be made up by the artists, performing additional nights at a reduced fee. Majority of the concerts should likely be resumed in 2021 onwards. Earnings ahead will likely continue to be ugly but we maintain BUY due to the long term prospects.
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Wilmar International (WIL SP) Performance Momentum To Continue With Good Earnings Outlook
We have revised up fair value for Wilmar after rolling over valuation to 2021 with an expectation of 14% yoy increase in core net profit for 2021. We expect higher core net profit, driven again by China operations supported by steady demand growth for its consumer food products and better animal feed demand. Indicators that we monitor point towards Wilmar’s earnings remaining resilient in 2Q20, and also indicate a good start for 3Q20 as well. Maintain BUY. Target price: S$4.80.
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CGS CIMB |
DBS VICKERS |
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Innotek Limited Precision component maker
■ We initiate coverage on Innotek with an Add rating and TP of S$0.579. ■ We forecast prospective dividend yields of 3.95% over FY20-22F which are backed by its strong net cash balance sheet. ■ Accretive M&A are upside share price catalysts.
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APAC Realty 3Q to be dragged by weak 2Q sales
Adverse financial impact in 3Q20 from weak 2Q20 sales. ERA’s market share in the residential property market has improved to 39.8% in 1Q20. However, weak property sales during the lockdown period in April to May, and June as real estate activity remains suspended in Phase One, would adversely affect the financial performance in 3Q20, given the time lag in revenue recognition. Hence, we anticipate 3Q20 to be loss-making.
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Check out our compilation of Target Prices
