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UOB KAYHIAN

RHB

Avi-Tech Electronics (AVIT SP)

Industry Resilient, Demand Still High For Burn-in Specialists

 

The structural growth of automotive electronic components is ongoing despite the COVID-19 pandemic. Channel checks indicate that demand for burn-in testing remains elevated although some supply chain-related disruptions could result in a slight dip in FY20F revenue. Nevertheless, we reiterate BUY and target price of S$0.57. Current price translates into an attractive entry at 2.6x FY21F EV/EBITDA and 8.9x PE.

 

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Kimly (KMLY SP)

Valuation Very Attractive; U/G To BUY

 

 Upgrade to BUY from Neutral, with new DCF-backed TP of SGD0.26 from SGD0.24, 13% upside and c.5% yield. With Singapore at Phase 2 of the CB, we believe Kimly will benefit from larger crowds going outdoors. Also, the acquisition of four coffee shops, three industrial canteens and a restaurant unit, should contribute positively to its PATMI. Despite the impact of COVID-19 on F&B business, the company’s defensive qualities are likely to enable it to still enjoy PATMI growth over the next few years.

 

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RHB

RHB

Bumitama Agri (BAL SP)

Bearing The Brunt Of Higher Export Tax Levy

 

 Maintain NEUTRAL with new roll-forward TP of SGD0.48 from SGD0.43, 9% upside. We believe the recent change in export tax structure may be negative for Bumitama Agri as a pure upstream player, which will have to bear the brunt of the higher taxes. Valuation is fair at current levels, trading at close to its historical mean.

 

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First Resources (FR SP)

Downstream Division Gains Competitive Advantage

 

Maintain NEUTRAL, new rolled-forward TP of SGD1.35 from SGD1.25, 2% upside with c.2% FY20F yield. We expect First Resources to see stronger downstream contributions in the near term, from improved margins on the back of the recent change in export duty structure. However, this would be partially offset by weaker biodiesel margins. FR is trading close to its historical mean currently, implying fair valuations.

 

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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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