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Jardine Matheson Holdings Ltd

Strong balance sheet to weather Covid-19


■ Jardine Matheson’s 1H20 underlying net profit was below expectations at 24% of our full-year estimate and 27% of consensus’s.

■ The group expects the short-term outlook to be challenging given the Covid19 outbreak but notes some signs of business recovery.

■ Even so, we upgrade the stock from Hold to Add as some of the earnings uncertainty has been priced in.


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Hi-P International (HIP SP)

Worst is over


Improved FY20E outlook priced in; maintain HOLD Hi-P’s 1H20 PATMI was ahead of our expectation, falling only 3.3% YoY to SGD24.2m despite Covid-19 disruptions in 1Q20. This was due to strong production momentum in 2Q20, as well as grants and subsidies. Hi-P also raised guidance for FY20 profit to be similar YoY from lower YoY previously. We raise FY20-22E EPS by 26-48%. We also roll forward our valuation base to FY21E, and our ROE-g/COE-g TP rises to SGD1.23 (1.4x FY21E P/B, prev: 1x FY20E P/B). Given neutral risk-reward, we maintain HOLD.


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Sheng Siong (SSG SP)

An Exceptional 2Q20; Maintain BUY


 Maintain BUY, new SGD1.87 TP from SGD1.72, 10% upside with 3% FY20F yield. Sheng Siong delivered outstanding 2Q20 results. PATMI surged 1.5x to SGD46m. We note that the exceptional earnings were the result of Singapore’s implementation of the “circuit breaker” in Apr-May 2020. We also expect sales growth to taper down, as Singapore moved into the second phase of reopening the economy. Nonetheless, the stock is likely to remain a favourite amongst investors, due to its resilient earnings and strong cash flow.


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Far East Hospitality Trust

Backed by master lease income


■ 1HFY20 DPU of 1.03 Scts (-43% yoy) was in line with our FY20F forecast.

■ Hotel segment supported by master lease income; serviced residence continued to receive variable income due to long stay guests.

■ Reiterate Add. The stock is trading at 0.6x P/BV; Covid-19 impact priced in


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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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