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RHB

UOB KAYHIAN

Bumitama Agri (BAL SP)

Valuation Attractive, Look To FY21F; U/G To BUY

 

 Upgrade to BUY from Neutral, higher SGD0.60 TP from SGD0.48, 20% upside and c.3% yield. With the markets in a liquidity-driven rally, we believe cyclical sectors like plantations could be the next play, providing investors with a relatively safe haven, in terms of earnings. Nevertheless, we caution of a possible pullback in CPO prices in 4Q20 and continue to advocate buying stocks which are still trading at decent valuations. We believe Bumitama Agri, being a pure planter, would benefit from the recent price rise, while valuation remains attractive.

 

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Mapletree Commercial Trust (MCT SP)

1QFY21: Offices And Business Parks Saved The Day

 

MCT’s 1QFY21 business update was in line with our expectations. Gross revenue from VivoCity dropped 56.7% yoy to S$23.1m, mitigated by newly-acquired MBC II, which contributed S$21.1m. MCT’s office/business parks portfolio provides resiliency and income stability, while we await recovery at VivoCity to gather momentum. Maintain BUY. Target price: S$2.35.

 

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UOB KAYHIAN

RHB 

Frasers Centrepoint Trust (FCT SP)

Relative Stability in 3QFY20 Amidst Prolonged COVID-19 Pandemic

 

Portfolio occupancy eased marginally by 1.5ppt qoq and 2.2ppt yoy to 94.6% despite the onslaught of COVID-19 pandemic. Shopper traffic rebounded after the commencement of Phase 2 of Safe Re-opening, and recovered to 61.1% of last year’s level in Jul 20. Recovery is slowly but surely taking root. Its focus on suburban retail malls and necessity spending, including F&B, enables FCT to weather a prolonged COVID-19 pandemic. Maintain BUY. Target price: S$2.90.

 

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First Resources (FR SP)

Good Company, Fair Valuation

 

 Maintain NEUTRAL, with new SGD1.45 TP from SGD1.35, 4% upside. With markets in a liquidity-driven rally, we believe cyclical sectors like plantations could be the next play, providing investors with a relatively safe haven, in terms of earnings. Nevertheless, we caution of a possible pullback in CPO prices in 4Q20 and continue to advocate buying stocks which are still trading at decent valuations. We believe First Resources is already trading at a relatively fair value, at its historical mean of 14x

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.050-0.100
AusGroup0.0250.002
Avi-Tech Electronics0.450-0.005
Best World Int.1.360-
CEI0.8850.025
China Sunsine0.320-
CNMC GoldMine0.305-
CSE Global0.530-0.005
Food Empire0.600-0.020
Golden Energy0.164-
GSS Energy0.0620.001
ISDN Holdings0.360-0.025
ISOTeam0.148-0.002
IX Biopharma0.265-0.015
JB Foods0.560-0.020
KSH Holdings0.3500.015
Medtecs Intl1.6100.050
Moya Asia0.064-0.004
Nordic Group0.2250.010
Oxley Holdings0.2150.005
Procurri0.320-0.005
REX International0.168-0.013
Riverstone4.060-0.090
Roxy-Pacific0.325-
Sing Holdings0.3700.005
SingMedical0.245-0.010
Straco Corp.0.495-
Sunningdale Tech1.140-0.010
Sunpower Group0.575-0.005
The Trendlines0.100-0.002
Tiong Seng0.160-
Uni-Asia Group0.470-0.015
Yangzijiang Shipbldg0.950-0.005

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