| RHB |
CGS CIMB |
|
ComfortDelGro (CD SP) Looking For Growth Overseas; Maintain BUY
Maintain BUY and SGD1.65 TP, 3% upside with c.5% 2021F yield. On Friday, ComfortDelGro announced plans to jointly bid for managing the operations and maintenance (O&M) of Lines 16 and 17 of Grand Paris Express (GPE) along with RATP Dev and Alstom, its JV partners. Given the strong credentials of all three JV partners in managing O&M for metro projects, we see the JV as a strong contender in the tendering process. If successful, CD should see earnings contribution from this project in 2024. Such potential contract wins and/or business acquisitions along with expectation of strong earnings revival in 2021 support our BUY rating.
|
iFAST Corporation Ltd Digital hope
■ iFast offers direct exposure to the fintech and wealth management segments in Singapore. The company boasts +13.3% CAGR in AUA growth since 2014. ■ A virtual wholesale banking licence is a key re-rating catalyst as it has met the MAS eligibility criteria required to progress to the next stage assessment. ■ Strong levels of recurring revenue (>80% of income) should sustain its net cash position. Better market sentiment should drive investor activity and AUA. ■ We initiate coverage on iFast with an Add rating and TP of S$1.65 on SOP.
|
|
UOB KAYHIAN |
PHILLIP SECURITIES |
|
Frencken Group (FRKN SP) Resilient And Stable Portfolio Stands Out In Tough Times
High-tech component manufacturer Frencken is a longer-term beneficiary of positive trends in the technology sector. With a diverse blue-chip clientele, its earnings should be more stable than peers’ amid the temporary slowdown brought about by the Covid19 pandemic, which has affected manufacturing plants worldwide. Initiate coverage with BUY and target price of S$1.15.
|
YOMA STRATEGIC HOLDINGS LTD. Structural growth at a cheap price SINGAPORE | REAL ESTATE | INITIATION
Entrenched foothold in Myanmar’s most attractive and fast-growing consumer segments, namely mobile finance, property, F&B and motor vehicles. Large property land bank worth 10-15 years of sales. Financial services poised for stellar growth on the back of a 5x YoY spike in revenue for Wave Money. F&B growth underpinned by at least 60% growth in KFC stores over the next three years. Initiate coverage with BUY rating and a target price of S$0.46. We view current valuations as depressed given structural growth opportunities ahead.
|
Check out our compilation of Target Prices
