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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



 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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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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