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Your financier, developer and landlord SINGAPORE | REAL ESTATE | INITIATION


 Unrecognised property development revenue of S$586mn with another S$1.95bn worth of gross development value (GDV) to be unlocked, equivalent to 5 years of sales.

 Property financing loan book grew at 19% CAGR in the past 5 years. These securitised loans offer recurring income at low to mid-teens returns. We are estimating loan book growth of around 8% for FY20e and FY21e.

 Initiate coverage with BUY and target price of S$1.65.


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United Overseas Bank (UOB SP)

Work in progress


Some catching up to do on Green banking strategy

As a bank with a wide ASEAN footprint, UOB is exposed to multiple ESG risks including contagion from customers. Additionally, as a group with a large SME customer base, UOB is particularly exposed to social risks in terms of balancing shareholder returns and supporting small business owners in a backdrop of COVID-19. Its ESG financing portfolio and certain diversity metrics lag Singapore banking peers. Nevertheless, we believe UOBs ESG risks are typical for a D-SIB with a regional presence. Near term asset quality risks and weak operating conditions lowers earnings visibility. Maintain HOLD. We prefer DBS for North Asia growth, client mix.


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Looking North For Opportunities


Data coming out of China in the past few weeks has shown that the economy is experiencing a rebound post-COVID-19 slowdown. Importantly, this rebound is ahead of other countries, as seen most clearly in the PMI numbers vs that in Singapore and other developed markets. For Singapore-listed China economic-rebound plays, we highlight Sasseur REIT, Yangzijiang, Wilmar and Fu Yu as are beneficiaries, given that >50% of their revenue is from China.


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SBS Transit Ltd

Time to hop on


■ We are the first to initiate on SBUS, with an Add rating and TP of S$3.40. We believe market hasn’t priced in its recovery scenario and potential catalysts.

■ We expect public transport ridership to return to c.90% of pre-Covid levels by FY21F, which could drive net profit recovery (+35% yoy) for the year.

■ Compared to ComfortDelgro, SBUS offers direct exposure to potential catalysts such as bus package tender wins and rail financing policy reform.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.470-0.120
Avi-Tech Electronics0.435-
Best World Int.1.360-
China Sunsine0.4350.015
CNMC GoldMine0.3000.005
CSE Global0.460-
Food Empire0.5900.005
Golden Energy0.1550.004
GSS Energy0.0530.003
ISDN Holdings0.390-0.015
IX Biopharma0.255-0.005
JB Foods0.560-
KSH Holdings0.330-
Medtecs Intl1.140-0.040
Moya Asia0.066-
Nordic Group0.215-
Oxley Holdings0.225-
REX International0.136-
Sri Trang Agro1.390-
Straco Corp.0.480-
Sunningdale Tech1.640-0.030
Sunpower Group0.5900.010
The Trendlines0.0890.001
UG Healthcare0.910-0.010
Uni-Asia Group0.405-0.005
Yangzijiang Shipbldg0.9750.010

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