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CGS CIMB CGS CIMB

Avi-Tech Electronics Limited

Net cash dividend yield play

 

■ FY6/20 revenue 10% below our and consensus expectations.

■ Excluding government grants, FY20 net profit was in line with our and consensus expectations.

■ Reiterate Add with a higher TP of S$0.492 as we roll over our valuation to FY21F.

 

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iFAST Corporation Ltd

Too fast, too furious

 

■ iFAST’s collaborations with top-tier digital players in bidding for high-profile government contracts and licenses entrench its franchise value in the region.

■ We up FY20-22F EPS for higher stock trading volumes and lower opex from government grant. iFAST has outperformed the FSSTI by c.117% since Jun.

■ At 35x FY21F P/E, we think SG digital bank license optimism and HK digital pension system bid have been priced in. Downgrade to Hold (TP: S$2.44).

 

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PHILLIP SECURITIES

 

Clearbridge Health Limited

Revenue tripled in 1H20

SINGAPORE | HEALTHCARE | 1H20 RESULTS

 

 1H20 revenue and EBITDA were within our expectation. 1H20 more than tripled to S$21.4mn and EBITDAR was a positive S$3.6mn. Operating cash-flow was $4.5mn in 1H20, a turnaround from the negative S$3.6mn in 1H19.

 Growth in 1H20 was driven by the acquisition of nine Singapore dental clinics in August 2019 and distribution of Biolidics COVID-19 Antibody Test Kits.

 Maintain BUY with an unchanged target price of S$0.26. We expect a stronger recovery in 2H20 for CBH. Almost all business segments suffered lower patient load in 1H20 due to the lockdown. Only renal care operations in Indonesia (i.e. TMJ) fared better as the daily dialysis treatment is essential for patients. The ability of CBH to widely and rapidly distribute the new test kit across their medical network in SE Asia was a positive surprise and represents a new growth opportunity for future products.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.6900.260
AusGroup0.021-
Avi-Tech Electronics0.425-
Best World Int.1.360-
CEI0.890-
China Sunsine0.340-
CNMC GoldMine0.2650.010
CSE Global0.4600.005
Food Empire0.595-
Golden Energy0.164-
GSS Energy0.052-
ISDN Holdings0.405-
ISOTeam0.149-0.001
IX Biopharma0.235-
JB Foods0.5700.015
KSH Holdings0.325-0.005
Medtecs Intl1.160-0.060
Moya Asia0.063-
Nordic Group0.200-
Oxley Holdings0.2200.005
Procurri0.315-
REX International0.1460.004
Riverstone3.450-0.100
Roxy-Pacific0.320-0.005
Sing Holdings0.380-
SingMedical0.2550.010
Straco Corp.0.490-
Sunningdale Tech1.4700.020
Sunpower Group0.5350.010
The Trendlines0.090-
Tiong Seng0.140-
Uni-Asia Group0.420-
Yangzijiang Shipbldg1.0000.005

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  • Lionel Lim