buy sell hold 

 

CGS CIMB RHB

 

China Sunsine Chemical Holdings

ASP uptrend points to a stronger 4Q20F

 

■ Sunsine provided a positive 3Q business update, in our view, with strongerthan-expected sales volumes and margin expansion.

■ We expect an even better 4Q20F, as ASPs are observed to be on an uptrend, helped by stronger downstream demand and rising raw material costs.

■ Reiterate Add with a higher TP of S$0.55 (0.92x FY21F P/BV).

 

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TalkMed (TKMED SP)

Recovery Not Imminent; D/G To NEUTRAL

 

Downgrade to NEUTRAL from Buy with a lower DCF-backed SGD0.49 TP from SGD0.53, 9% upside and c.3% yield. Travel restrictions barring all short-term global visitors from entering Singapore has caused the stoppage of international medical tourists – this forms the bulk of TalkMed’s portfolio of patients. We think recovery will not be imminent, as the formation of travel bubbles with other countries will likely be slow. As a result, we lower our FY20F-21F earnings by 13%.

 

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UOB KAYHIAN

UOB KAYHIAN

REITs – Singapore

S-REITs Bi-Weekly Updates (1-13 Nov 20)

 

S-REITs gained 9.0% during 1-13 Nov 20. The stock market gyrated from gloom before the US Presidential Election to euphoria after Pfizer announced that its BNT162b2 COVID-19 vaccine demonstrated 90% efficacy. Recovery is on track with the gradual easing of safe distancing measures. Maintain OVERWEIGHT. BUY AREIT (Target: S$3.68), FCT (Target: S$3.15), FEHT (Target: S$0.74) and SUN (Target: S$1.75).

 

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CapitaLand Integrated Commercial Trust (CICT SP)

Bigger Scale But Slower Growth; Downgrade To HOLD

 

The merger of CMT and CCT creates a behemoth in CICT, which is double in size with 24 properties valued at S$22.4b. However, the increased diversification means that asset enhancements for existing properties will have a smaller impact due to the larger base. Furthermore, post-merger aggregate leverage of 41.8% leaves little debt headroom for future acquisitions. We see 2021F distribution yield of 5.5% as fair (FCT: 5.9%, SUN: 6.4%). Downgrade to HOLD. Target price: S$2.25. Entry price: S$2.00.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.510-0.090
Avarga0.250-
Avi-Tech Electronics0.420-0.005
Best World Int.1.360-
CEI0.9700.010
China Sunsine0.510-0.005
CNMC GoldMine0.2800.010
CSE Global0.465-
Food Empire0.590-0.005
Golden Energy0.153-0.002
GSS Energy0.0570.001
ISDN Holdings0.410-0.010
ISOTeam0.1470.002
IX Biopharma0.245-
JB Foods0.5600.005
KSH Holdings0.335-0.005
Medtecs Intl0.955-0.065
Moya Asia0.070-
Nordic Group0.2600.020
Oxley Holdings0.220-0.010
Procurri0.310-
REX International0.145-0.006
Riverstone1.280-0.030
Roxy-Pacific0.355-
SingMedical0.255-
Sri Trang Agro1.140-0.020
Straco Corp.0.585-
Sunningdale Tech1.520-
Sunpower Group0.7300.030
The Trendlines0.090-0.001
UG Healthcare0.655-0.025
Uni-Asia Group0.6350.025
Yangzijiang Shipbldg0.910-0.010

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