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UOB KAYHIAN 

ComfortDelGro (CD SP)

Bumpy ride, BUY on dips

 

1HFY20 net loss, as expected; BUY on weakness ComfortDelGro issued a profit warning. BUY on weakness. 1HFY20 losses were likely due to impairment in its taxi division. We had already factored in operation weakness into our forecasts. Structural growth is intact, while CDG remains a key beneficiary from rising ridership as Singapore emerges from the lockdown. Maintain DCF-based SGD1.98 TP. 2QFY20 results in midAug. Downside risk: negative operating leverage.

 

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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)

New Orders Slowly Trickling In

 

While YZJ’s US$102m order win last week was small, we note that the company continues to add to its orderbook in a difficult year. The company now has 16 options worth nearly US$1.2b if exercised, with ytd orders totalling US$531m. In the medium term, share price will likely be supported by its S$0.045/share dividend which we do not believe is at risk of being cut. Maintain BUY. Target price: S$1.22.

 

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 KGI

 

YANLORD

- We initiate coverage of Yanlord with an OUTPERFORM recommendation and a target price of S$1.30. Our TP is based on a Sum-of-the-Parts valuation between Yanlord’s development and rental businesses.

- The Chinese property market is one of few sectors that continued producing steadfast results amidst a recovering Chinese economy.

- Yanlord’s target market segment has also been relatively unaffected, as luxury home purchases continue to rise. Recent 5M20 data shows promise, and management is confident of hitting pre-sale targets given earlier in the year.

- Yanlord’s expansion into Singapore could be helpful for local investors to gain a better understanding of the company, which currently has the highest dividend yield across SGX-listed property developers, and a very fair dividend payout ratio.

 


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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