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Sembcorp Marine (SMM SP)

1H20: Losses Mount As Shipyard Operations Have Yet To Restart


SMM reported weaker-than-expected 1H20 results with losses that exceeded expectations. Gross margin fell to -22% for 1H20 as the company was unable to book in revenue as its yard was closed due to the COVID-19 pandemic while continuing to incur project costs. Going forward, the key uncertainty is when its yard will resume operations. We increase our loss estimates for 2020-21. Maintain HOLD. Target price: S$0.49. Entry price: S$0.40.


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Sembcorp Marine (SMM SP)

COVID-19 Losses, But Projects Not Cancelled; BUY


 Keep BUY with a new P/BV-based SGD0.55 TP from SGD1.13, 20% upside. 1H20’s SGD192m net loss compares with our and consensus preresults FY20F loss of SGD60m and SGD85m – worse than expectations. Management guided for losses to continue into the foreseeable quarters. We raise our FY20F losses, as we cut our full-year contract wins to SGD600m vs FY19’s SGD1.49bn. Whilst the share price could react negatively in the near term, we view the rights issue as a positive that will strengthen Sembcorp Marine’s balance sheet and help raise orderbook.


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Widening Green Footprint


Green banking prospects, but watch for volatility OCBC has been strategically widening their Green banking franchise through increasing sustainability-linked funding & product volumes. But it is still exposed to multiple ESG risks – particularly contagion from its customers. The group may also face cyber-security and data protection risks as banking increasingly becomes digital, which is being accelerated by COVID-19. Overall, we believe OCBC’s ESG risks are typical for a D-SIB operating in Singapore or Malaysia. Strong capital levels and balance sheet liquidity should provide regional opportunities as economies open up. But volatility in its insurance business and trading income may lower near term earnings visibility. Maintain HOLD.


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Property Devt & Invt

Rebound in June primary home sales


■ Jun ex-EC home sales rebounded mom to 998 units.

■ 1H20 home sales in line with our expectations, even as prices weaken by 1.1% qoq.

■ Maintain sector Overweight on valuations. Preferred picks: CAPL, CIT, UOL.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.710-0.140
Avi-Tech Electronics0.425-0.005
Best World Int.1.360-
China Sunsine0.340-
CNMC GoldMine0.2750.010
CSE Global0.465-
Food Empire0.6000.010
Golden Energy0.1650.015
GSS Energy0.051-0.002
ISDN Holdings0.375-0.010
IX Biopharma0.2350.010
JB Foods0.575-
KSH Holdings0.3300.010
Medtecs Intl1.1100.030
Moya Asia0.063-
Nordic Group0.205-
Oxley Holdings0.2200.005
REX International0.1430.002
Sing Holdings0.380-
Straco Corp.0.490-
Sunningdale Tech1.450-
Sunpower Group0.5350.005
The Trendlines0.087-
Tiong Seng0.140-
Uni-Asia Group0.420-
Yangzijiang Shipbldg0.9950.005

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