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Keppel Corp (KEP SP)

Small But Important Order


KEP reported a S$200m order win which, while relatively small, is an important one in the current bearish industry environment as it enables the company to continue to generate much-needed cashflow for its O&M division. We lower earnings for 2020-22F. Maintain BUY. Target price lowered slightly to S$6.30.


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Thai Beverage

Back to Happy Hour


■ Thai alcohol volumes rose yoy in Jul 20; we think upcoming government packages may aid consumer purchasing power in FY21F.

■ The number of new daily Covid-19 cases in Thailand and Vietnam (THBEV’s major markets) is dwindling. This bodes well for a recovery in those markets.

■ The share price is trading below its -2 s.d. levels, making it an opportune time to accumulate the stock, in our view. Upgrade to Add with unchanged TP.


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Singapore Strategy

Returning to the new normal


■ Singapore is easing the Phase 2 circuit breaker as employees can return to the office from 28 Sep with limitations (not more than half of the working hours/staff strength).

■ This move is not a surprise given the low community cases (about 1/day). Some beneficiaries: CD, SBS Transit, LREIT, CMT, MCT, FCT, Koufu.

■ FSSTI trades close to -0.5 s.d. of mean with c.40% of the stocks at -1 and -2 s.d. of mean. We think the easing of measures could re-rate some value stocks (Fig 1).


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ComfortDelGro (CD SP)

Steering into a green economy


Rising exposure to public transport As a global land transport operator, CDG is exposed to multiple ESG risks, particularly environmental risks. CDG is focused on tackling emissions issues through a fleet replacement programme. It is also exposed to social risks through welfare initiatives for its taxi drivers, especially during the current COVID-19 environment. Nevertheless, ESG imperatives will continue to structurally favour public transport over private vehicle ownership, we believe. CDG offers exposure to this theme and is trading at 1.2x P/B, or 2 s.d away from mean. Maintain BUY with DCF-based TP of SGD1.76 (WACC: 8.2%, LTG: 1%).


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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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