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PHILLIP SECURITIES

RHB

YOMA STRATEGIC HOLDINGS LTD.

Acquiring more Money

SINGAPORE | REAL ESTATE | UPDATE

 

 Acquisition of Telenor’s 34.2% stake in Wave is at an attractive price of $76.5mn, a 20% discount to our projected valuation of Wave.

 Yoma will become the controlling shareholder of Wave through Wave Holdco at 63.7%. Yoma’s effective stake to increase up to 40.7% with a further US$25mn investment. We expect deeper collaboration and integration with Yoma’s other consumer businesses.

 Maintain BUY with an unchanged target price of $0.46.

 

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Singapore Exchange (SGX SP)

Continued SADV Robustness a Catalyst; U/G BUY

 

 Upgrade to BUY from Neutral, with new SGD9.20 TP from SGD8.60, 15% upside, supported by c.4% FY21F (Jun) yield. Our TP is pegged to 24x FY21F EPS. In this report, we raised Singapore Exchange’s assumed FY21 securities average daily value (SADV) by 15% to SGD1.32bn, given the recent weeks’ SADV strength. We believe the economic recovery from COVID-19 could give rise to more volatility in the equities market and hence increase trading.

 

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UOB KAYHIAN

CGS CIMB

Offshore & Marine ‒ Singapore

Looking To 2021 For A Slight Recovery

 

Rig day rates and utilisation rates deteriorated in 1H20 and chances of a recovery in the O&M sector in the near term remain low in our view. The industry outlook remains challenging and new order flow may only re-surface in 1H21 in our base-case scenario. This reinforces our view that an upcycle is 2+ years away. Maintain MARKET WEIGHT.

 

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Koufu Group Ltd

Hunger games

 

■ We like Koufu’s net cash position, strong cash generation, and superior ROE and net margins vs. its peers.

■ Potential beneficiary of pent-up demand post phase 2 reopening, it expects average store sales to recover to 80-85% of pre-outbreak levels by Jul.

■ Our channel checks over the weekend also saw stronger footfall at some of its outlets. Catalysts: more store wins and opening of its integrated facility.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.1600.010
AusGroup0.027-
Avi-Tech Electronics0.4200.010
Best World Int.1.360-
CEI0.8450.005
China Sunsine0.3650.005
CNMC GoldMine0.2400.010
CSE Global0.4200.005
Food Empire0.530-0.015
Golden Energy0.164-
GSS Energy0.066-0.001
ISDN Holdings0.215-
ISOTeam0.150-0.009
IX Biopharma0.245-
JB Foods0.585-
KSH Holdings0.340-0.005
Medtecs Intl0.5000.035
Moya Asia0.064-
Nordic Group0.235-
Oxley Holdings0.2400.005
Procurri0.285-
REX International0.180-
Riverstone2.7700.010
Roxy-Pacific0.3450.005
Sing Holdings0.355-0.005
SingMedical0.245-
Straco Corp.0.505-
Sunningdale Tech0.9800.005
Sunpower Group0.455-
The Trendlines0.1110.002
Tiong Seng0.162-
Uni-Asia Group0.535-0.005
Yangzijiang Shipbldg0.945-0.005

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