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CGS CIMB CGS CIMB

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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CGS CIMB

 

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 Holdings3.980-0.070
Avarga0.305-
Avi-Tech Electronics0.405-
BH Global0.295-
China Sunsine0.495-
Food Empire0.850-
Fortress Minerals0.620-0.020
Golden Energy0.380-0.005
GSS Energy0.0670.001
InnoTek0.860-0.025
ISDN Holdings0.710-0.015
ISOTeam0.123-0.011
IX Biopharma0.230-
KSH Holdings0.365-0.005
Leader Env0.0780.004
Medtecs Intl0.800-0.010
Moya Asia0.0680.001
Nordic Group0.310-0.005
Oxley Holdings0.2250.005
Procurri0.330-
REX International0.205-
Riverstone1.240-0.040
Roxy-Pacific0.395-
Southern Alliance Mining1.0000.010
Sri Trang Agro1.560-
Straco Corp.0.520-0.010
Sunpower Group0.665-0.015
The Trendlines0.1030.001
UG Healthcare0.560-0.015
Uni-Asia Group0.950-0.015
Wilmar Intl4.410-0.050
Yangzijiang Shipbldg1.3900.010
Yinda Infocomm0.2350.005

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