buy sell hold 

 

UOB KAYHIAN MAYBANK KIM ENG

Singapore Airlines (SIA SP)

Likely To Be In The Red In 3QFY21 As Load Factors Dip qoq

 

SIA’s latest operating statistics, not surprisingly, offers little to cheer and the carrier is likely to report a similar core loss of approximately S$470m for 3QFY21. For FY22 and FY23, we have assumed that group pax traffic will amount to 33% and 85% respectively of pre-pandemic levels and have factored in a 43% rise in pax yields for the parent airline in FY22. For now, we maintain our fair value valuation at S$3.80, valuing the company at 0.9x FY22F’s book value. Maintain SELL.

 

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Wilmar International (WIL SP)

Strengthening momentum

 

Potential surprises on the way?

We see four areas where WIL can potentially surprise in 4Q20: (i) record soybean crush margins, (ii) rising palm oil prices, (iii) normalising postCOVID activities in China and (iv) margin accretive Indonesian export taxes. Yet the Group is trading at a 75% discount to its own Chinese listed subsidiary. We believe, over the longer term, this may trigger further actions to unlock value such as more asset carve outs or even privatisation. While WIL has re-rated 21% in the past 1-month, we believe significant upside exists as they execute. Raise TP to SGD6.80. BUY.

 

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CGS-CIMB

 CGS-CIMB

iFAST Corporation Ltd

Keeping up the trading momentum

 

■ We forecast iFAST to report another quarter of record earnings in 4Q20F, with net profit rising 16% qoq/140% yoy on the back of robust AUA growth.

■ We think the uneven pace of regional economic recovery and hybrid WFH measures should support txn. volumes in FY21F, and normalise thereafter.

■ Reiterate Hold. Barring a market downturn, elevated AUA balances should sustain recurring revenues. Winning the e-MPF licence is a key catalyst

 

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Oil & Gas
- Overall End of demand destruction, start of brighter days

 
■ Global crude oil prices should be well supported by the continued crude stock draw. We prefer PTT in the upstream oil & gas segment.

■ Recovery in demand for durable goods should boost downstream chemical spreads. We prefer PTTGC in the chemicals segment.

■ Refining margin should recover mildly in 2021F. Top pick - SPRC.

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.9100.020
Avarga0.335-
Avi-Tech Electronics0.460-
Best World Int.1.360-
CEI1.140-
China Sunsine0.4900.005
CNMC GoldMine0.275-
CSE Global0.485-
Food Empire0.7500.005
Golden Energy0.168-0.004
GSS Energy0.0590.001
ISDN Holdings0.630-
ISOTeam0.129-
IX Biopharma0.255-
JB Foods0.570-
KSH Holdings0.3650.005
Medtecs Intl1.1200.020
Moya Asia0.073-0.003
Nordic Group0.2450.005
Oxley Holdings0.230-0.010
Procurri0.290-
REX International0.156-0.001
Riverstone1.5000.010
Roxy-Pacific0.3550.005
SingMedical0.335-0.005
Sri Trang Agro1.2800.010
Straco Corp.0.5800.005
Sunningdale Tech1.5600.020
Sunpower Group0.945-0.030
The Trendlines0.096-
UG Healthcare0.7200.005
Uni-Asia Group0.600-0.010
Yangzijiang Shipbldg1.070-

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