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Penguin Int'l Ltd

Safer haven till crude oil price recovery


■ Delays in stock sales and deliveries pushed down 1H20 net profit. 2H20F is likely to be sequentially positive but still weaker yoy. We cut FY20-22F EPS.

■ PBS sailed through the last oil crisis and will likely do so again given its padded net cash position and diversified portfolio, in our view.

■ Reiterate Add with an unchanged TP of S$0.55, still on 0.7x FY20F P/BV (FY09-19 average). The stock is currently trading at forward P/BV of 0.48x.





Small Mid-Cap Results Round-Up – Singapore


1H20 Results: More Beats Than Misses; Stay Selective On Quality Names

The majority (40%) of the companies under our small-mid cap coverage that reported 2Q20 results met expectations this earnings season while 40% surprised on the upside; beats were higher compared to misses at 20%. Notable beats include Riverstone, Sheng Siong, Sunningdale Tech, Food Empire and Propnex. We continue to recommend investors selectively accumulate deep-value names with good track records. Our top picks are Riverstone, Food Empire and Frencken Group.


Read More ...




LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.6600.230
Avi-Tech Electronics0.425-
Best World Int.1.360-
China Sunsine0.340-
CNMC GoldMine0.2650.010
CSE Global0.4600.005
Food Empire0.6000.005
Golden Energy0.164-
GSS Energy0.0530.001
ISDN Holdings0.4100.005
IX Biopharma0.235-
JB Foods0.5700.015
KSH Holdings0.325-0.005
Medtecs Intl1.140-0.080
Moya Asia0.0640.001
Nordic Group0.200-
Oxley Holdings0.2200.005
REX International0.1460.004
Sing Holdings0.380-
Straco Corp.0.490-
Sunningdale Tech1.4700.020
Sunpower Group0.5300.005
The Trendlines0.090-
Tiong Seng0.140-
Uni-Asia Group0.420-
Yangzijiang Shipbldg1.0000.005

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  • Lionel Lim