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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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- 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

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