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UOB KAYHIAN |
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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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Check out our compilation of Target Prices
