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Riverstone Holdings (RSTON SP)

Expect Outperformance Due To Rising ASPs; Raise Target Price By 14.1%


Recently, we had a call with Riverstone’s CEO to get a business update about the company’s performance in 2Q20. We highlight three points made by Riverstone’s CEO: a) demand for healthcare gloves remains robust; b) positive surprise for ASP from new tier pricing; and c) capacity expansion remains on track with the first production line commencing production in Jul 20. We raise our 2020F EPS by 14% and PE-based target price by 14.1% to S$3.60 (based on an unchanged 23.1x 2020F PE). Maintain BUY.


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Avi-Tech Electronics (AVIT SP)

Strong 2H20F Expected


Maintain BUY with an unchanged DCF-based SGD0.50 TP, 11% upside with c.6% FY20F (Jun) yield. The semiconductor sector’s slowdown has likely bottomed out, and the company’s quarterly performance should improve ahead. Early this year, Avi-Tech Electronics reported a strong 2Q20, with PATMI surging 46.7% YoY to SGD1.4m. We expect a strong 2H20F and overall estimate FY20 will be a much better year, as earnings likely bottomed out in FY19.


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Genting Singapore

A longer-term chip


■ We think GENS offers compelling value to longer-term investors - its CY21F EV/EBITDA is still below long-term mean, and it offers 5.1% dividend yield.

■ We reiterate Add, with a higher 12-month TP of S$0.84, now based on 8.5x CY21F EV/EBITDA (7x previously), close to -0.5 s.d. from long-term mean.

■ Given the later-than-expected opening and return of tourists, we cut our FY20- 21F adjusted EBITDA forecasts.


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Singapore REITs

The next chapter


• Broadening rally expected in 2H20 as investors’ confidence returns aided by “lower-for-longer” rates.

• Employing a rotational strategy amongst the industrial SREITs to capture alpha.

• Commercial properties with dominant characteristics set to ride past structural headwinds.

• Acquisition momentum to fuel next leg up


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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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