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HRnetGroup Limited

Better risk-reward


■ Upgrade HRNET from Hold to Add on valuations (more than 1.s.d. below historical mean, 3.9x ex-cash P/E) and gradual core earnings improvement.

■ The group had S$286m net cash (zero debt) as of end-Jun 20 and offers a c.5% dividend yield, higher than most global recruitment firms.

■ Despite macro uncertainty, we think it is well-positioned to benefit from job creation (relocation of more foreign companies) and overseas expansion.


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Wilmar International

YKA gets green light for China listing


■ Wilmar’s subsidiary YKA has received final registration approval for listing on SZSE ChiNext Board. The listing could take place by mid-Oct 2020.

■ We are positive on this as the listing of YKA will help unlock value for the group’s assets in China and catalyse its share price.

■ Market could be underestimating YKA’s potential value as the implied P/E for YKA at Wilmar’s current price is 19.4x, against its comparable peers’ of 38x.


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Sembcorp Industries

Completes demerger of Sembcorp Marine



 Distribution-in-specie of the capital of Sembcorp Marine (SCM) to all Sembcorp Industries (SCI) shareholders completed.

 Entitled SCI shareholders will have received 4.911 of SCM shares for every 1 SCI shares held, amounting to about S$0.89, based on 10 September share price.

 We maintain our BUY recommendation with an unchanged target price of $1.75 on standalone SCI (ex. SCM).


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LendLease Global Commercial REIT

Lotus flower in bloom

Investment Thesis


Undervalued Gem.

We like Lendlease Global Commercial REIT (LREIT) for its compelling valuation of 0.78x P/NAV (retail peer average of 0.94x P/NAV), yield of 7.7%, anchored by resilient earnings. Rocking to a new beat at 313@Somerset. We see more upside from the repositioning 313@Somerset’s tenant mix in view of its enlarged footprint to c.330k sqft and shopper base following the launch of Grange Road carpark redevelopment in 2Q22. With projected returns of 18% from the redevelopment, we see DPU growing by 3% CAGR in FY21-22.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.8500.220
Avi-Tech Electronics0.4400.010
Best World Int.1.360-
China Sunsine0.3400.005
CNMC GoldMine0.265-
CSE Global0.465-
Food Empire0.6000.010
Golden Energy0.164-
GSS Energy0.052-0.002
ISDN Holdings0.400-
IX Biopharma0.230-
JB Foods0.575-
KSH Holdings0.315-0.010
Medtecs Intl1.110-
Moya Asia0.063-
Nordic Group0.200-
Oxley Holdings0.220-
REX International0.142-
Sing Holdings0.380-
Straco Corp.0.490-
Sunningdale Tech1.440-0.010
Sunpower Group0.540-
The Trendlines0.0890.001
Tiong Seng0.140-
Uni-Asia Group0.420-0.005
Yangzijiang Shipbldg0.990-0.005

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