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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.
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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.
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Check out our compilation of Target Prices