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Koufu Group (KOUFU SP)

Proposed Acquisition To Provide Synergistic Effects


Koufu recently announced a proposed acquisition of Deli Asia, a traditional food and dough products group and one of Koufu’s largest suppliers. Apart from complementing Koufu’s current range of products, the acquisition would provide operating synergies through the consolidation of manufacturing capabilities of Deli Asia group within Koufu’s new integrated facility in 2H20. We estimate earnings accretion of 8.2% in 2021. Maintain BUY and raise target price by 13% to S$0.78.


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Bearing the brunt of Covid-19


■ 3QFY20 DPU of 0.5 Scts came in below expectations. We cut FY20-22F DPU by 3-29%, to reflect more rental waivers, weaker rent, and lower payout.

■ 3Q occupancy was high with shopper traffic recovering gradually. We expect a more challenging lease renewal process in FY21F.

■ Reiterate Add with a lower TP of S$1.10. We believe the market has priced in Covid-19 impact. It is trading at 0.82x P/BV, below -2 s.d. of 5-year mean.


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Still Bullish On Semiconductors; Still O/W


Maintain sector OVERWEIGHT, semiconductor industry recovery expected. Sustained capital equipment spending and the global memory rebound can be expected for 2H20, too. Inventories are stabilising, and dynamic random-access memory (DRAM) pricing is likely to rise. SEMI also expects equipment sales to grow 5.5% YoY to USD60.8bn in 2020, on advance logic and foundry spending and new projects in China. Chip sales have bottomed out, and should improve, but the industry is unlikely to see a V-shaped recovery, as moderated growth is more plausible.


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Singapore Monthly Strategy

Gradual recovery ahead


• 2Q was the inflexion point, gradual recovery ahead

• COVID resilient stocks holding firm heading to results season

▪ Pullback in ‘Phase 2 beneficiaries’ an opportunity

• Travel/tourism stocks will lag ‘Phase 2 beneficiaries’

• Yield stocks still in favour


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.1900.530
Avi-Tech Electronics0.4550.010
Best World Int.1.360-
China Sunsine0.315-0.005
CNMC GoldMine0.310-0.010
CSE Global0.5300.020
Food Empire0.5200.010
Golden Energy0.155-
GSS Energy0.0620.001
ISDN Holdings0.3000.010
IX Biopharma0.2950.015
JB Foods0.595-
KSH Holdings0.330-
Medtecs Intl0.985-0.025
Moya Asia0.069-0.003
Nordic Group0.210-
Oxley Holdings0.210-
REX International0.1830.002
Sing Holdings0.370-
Straco Corp.0.470-
Sunningdale Tech1.1400.100
Sunpower Group0.5100.050
The Trendlines0.1060.001
Tiong Seng0.160-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.9100.015

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