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Grand Venture Technology Ltd

Gearing up for growth


■ FY20 revenue/net profit was 12%/22% above our forecast, driven by strong yoy revenue growth in the semiconductor and life science segments.

■ The company expects the growth momentum in its life sciences and medical segments to continue into FY21F.

■ Reiterate Add with a higher S$0.605 TP as more customer wins drive higher profitability.


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Raffles Medical Group

FY20: In-line; awaiting foreign patients


■ FY20 core net profit of S$42.3m (ex govt grants and some fair value losses) was largely in line with our/consensus’ earnings of S$44.2m/S$42.6m.

■ While we expect an earnings improvement in FY21F, it could be lower vs. FY19’s number on lack of foreign tourists and potential Shanghai losses.

■ Reiterate Hold, as we think the improving local patient volume has been priced in. We lift our SOP-based TP as we roll forward to end-FY21F.


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Wilmar International

Special dividends make up for weaker 4Q


■ Wilmar’s final results were 5% below our forecast due to higher taxes.

■ Positive on strong final and special dividend of S$0.155 (div yield 2.8%).

■ The value of its stake in YKA is worth 3.1x Wilmar’s current market cap. Reiterate Add, with a higher SOP-based TP of S$6.15.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.010-0.020
Avi-Tech Electronics0.405-0.005
Best World Int.1.360-
China Sunsine0.5000.015
Food Empire0.9150.005
Golden Energy0.152-0.003
GSS Energy0.059-0.002
ISDN Holdings0.560-0.015
IX Biopharma0.240-0.005
JB Foods0.5800.015
KSH Holdings0.340-
Leader Env0.170-
Medtecs Intl1.000-0.100
Moya Asia0.071-0.001
Nordic Group0.2450.005
Oxley Holdings0.235-
REX International0.1730.001
Sri Trang Agro2.240-0.010
Straco Corp.0.535-0.025
Sunpower Group0.795-0.005
The Trendlines0.087-0.002
UG Healthcare0.615-0.030
Uni-Asia Group0.605-
Wilmar Intl5.3500.070
Yangzijiang Shipbldg1.0800.010
Yinda Infocomm0.120-

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