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Thai Beverage (THBEV SP) Thailand protests: No significant direct impact currently
Although the current political situation in Thailand may present potential uncertainty in consumer sentiment, we believe that with initiatives to spur domestic consumption still in place, current direct effects are not too significant. In addition, Vietnam has also begun its second wave recovery. THBEV is attractively priced, currently trading at 14x FY21F PE (-2SD to its 5-year mean PE). Maintain BUY with a target price of S$0.78.
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UG Healthcare Corp Ltd Faster pace of ASP hikes
■ We remain positive on UG Healthcare (UGHC) as the global shortage of gloves continues to drive an uptrend in average selling prices. ■ We expect UGHC to record stronger earnings in quarters ahead. For 1QFY21F, we forecast a 50x yoy jump in net profit to S$15.7m. ■ Reiterate Add with an unchanged TP of S$4.80 (15x CY21F P/E). UGHC remains our preferred pick among Singapore-listed glove companies.
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DBS VICKERS |
DBS VICKERS |
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Frasers Logistics & Commercial Trust The pipeline others can only dream of
Investment Thesis Pricing in higher growth in FY21. Having been on the growth trajectory over the past few years, we believe that Frasers Logistics & Commercial Trust (FLCT), given its enlarged portfolio, can continue to dream big. We have assumed S$600m (c.10% of AUM) of acquisitions by the end of FY21. We maintain our BUY call and raise our TP to S$1.85.
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Mapletree North Asia Commercial Trust Heading to Gangnam in style
Investment Thesis Negatives priced in at trough valuations. We maintain our BUY call on Mapletree North Asia Commercial Trust (MNACT) at a target price of S$1.05. At 0.6x P/NAV and forward yield of >8.0% vs sector average of 5.5%, we believe returns are attractive at current levels.
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Check out our compilation of Target Prices
