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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) Attractive Privatisation Candidate
YZJ is a deep-value stock as its potential net cash is greater than its current market capitalisation. In effect, a privatisation could see an investor walking away with the company’s four world-class shipyards for free. We also point out that YZJ recently won US$183m of new orders, bringing its total order wins ytd to US$714m - this is greater than Keppel’s and Sembcorp Marine’s ytd combined order wins. Maintain BUY. Target price: S$1.17.
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Sembcorp Industries Charting a new course SINGAPORE | ENERGY | INITIATION
SCI shareholders could realise a total of $2.72 per share. IPO of Sembcorp Energy India Limited (SEIL) to crystalise value of SCI’s India business unit, which we estimate to have a value of about about INR98bn or S$1.8bn. Potential positive re-rating of SCI following the demerger as profitability and return on equity improves in FY21e. Initiate with a BUY recommendation and a target price of $2.72.
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DBS VICKERS |
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iFAST Corporation What’s New • Expect iFAST to grow faster than the industry, riding on its scalable business model and expanded product range • Pace of digital adoption increases; AUA growth assumption raised to 15% • FY20F/FY21F earnings upped by 8%/11% • Maintain BUY, TP raised to S$2.60. Catalysts: award of MPFA project, digital bank licence; China turnaround
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Check out our compilation of Target Prices
