ANALYSTS SAY: Buy, Sell, Hold (15 Oct '20)

ARA LOGOS Logistics Trust

Committed to grow

■ ALOG is committed to growing its portfolio likely in Australia and Singapore, as well as in the same asset class which is seeing strong demand.

■ LOGOS would further beef up ALOG’s capability in asset management while providing cross-selling opportunities and a large acquisition pipeline.

■ Reiterate Add. The stock is trading at an attractive 7.6% yield.

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Singapore Press Holdings (SPH SP)

FY20: Hard-Pressed For Better Days

SPH announced headline net loss of S$84m, dragged by revaluation losses and impairments. While core earnings were in line with expectations, the final dividend of 1 S cent came in below expectations. Negatives have been largely priced in, with the group trading at an undemanding 0.5x FY20 book value. A re-rating for the counter remains elusive as further risk of lockdown measures remain on the back of surging COVID-19 cases in the UK. Maintain HOLD with lower SOTP target price of S$1.12. Entry price: S$1.00.

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 RHB

Frencken Group (FRKN SP)
Twin Drivers To Boost EPS; Stay BUY

 BUY, DCF-based TP of SGD1.16, 8% upside with c.3% FY20F yield. 2020 should be a muted year for Frencken due to the drop in its industrial automation business, as the group’s key customer is likely to launch a new product in FY21. However, we expect this segment to recover in FY21, while the group should enjoy strong growth in its semiconductor division. FY21F should be a better year, and we expect Frencken to record decent EPS growth of 12.3% YoY then.

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