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UOB KAYHIAN |
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Retailing Phase 2 Begins This Friday
Maintain NEUTRAL; Top Pick: Sheng Siong. Singapore will start its Phase 2 reopening on 19 Jun with the resumption of most activities, subject to some safe distancing measures. Small-group gatherings of up to five persons can resume. All retail businesses may reopen physical outlets. Food & beverage (F&B) dine-ins will be allowed for up to five/table. Overseas travel and large-scale gatherings remain prohibited.
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Riverstone Holdings (RSTON SP) Uptrend In ASPs Likely To Continue; Raise Target Price By 24.7%
As countries start to ease social distancing measures and reopen their economies, Riverstone is set to benefit from a rise in COVID-19 infections as second waves of infections have started to hit some countries. The ASP uptrend is expected to continue until 4Q20 while upcoming capacity expansion is set to help absorb overwhelming demand. Thus, we raise our 2020F EPS by 24.3% and PE-based target price by 24.7% to S$3.15 (23.1x 2020F PE). Maintain BUY.
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DBS VICKERS |
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DBS Equity Picks Riding on COVID-19 volatility to a record-high return The STI has risen 1.63% since our 14 May update. While May was quiet, stocks rallied at the start of June led by cyclicals, spurred by optimism on the reopening of global economies before falling in recent sessions on concerns about a second wave of US COVID-19 infections.
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Check out our compilation of Target Prices
