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Keppel Corporation

Connecting the dots


■ Facebook, Telekomunikasi Indonesia and Keppel T&T to own/develop a subsea cable connecting Singapore to the West Coast US via Indonesia.

■ Keppel’s key proposition is its ability to fund (via monetisation of other assets) and Keppel Capital’s network of new money.

■ There are synergies to be reaped for KTT, KDC, M1 and expanded product offering, spanning across international connectivity and data services.


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Sembcorp Marine

The power of small beginnings


■ After more than 12 months of order drought, SMM won a contract to design/build/install an offshore converter platform for RWE Renewables.

■ We estimate SMM’s work scope to be in the range of S$200m as the contract is awarded to a consortium with GE Renewable Energy’s Grid Solution.

■ Expect positive share price movement from the news. Retain our TP at S$0.141 on 0.5x CY21F P/BV. Order wins are key catalysts. Reiterate Hold


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Moving towards a recovery


■ SPH REIT’s 1HFY21 DPU of 2.44 Scts (+45.2% yoy, 2Q: +3.3% qoq) came in at 43% of FY21F DPU but we deem this to be in line.

■ Singapore portfolio reported +0.4% rental reversion despite Covid-19; occupancy rate remained high at 97-100%.

■ Reiterate Add. Encouraging tenant sales and positive vaccine development point towards a recovery.


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 Singapore Press Holdings (SPH SP)

Expecting A Property Uplift, Upgrade To BUY

Property assets in SPH have seen improved prospects. SPH REIT’s 1HFY21 DPU was 2.44 S cents (+45% yoy) and we see potential for SPH’s dividends to be reinstated to a larger extent. Student accommodation assets could also see improved demand. Together, these two property assets form a sizeable 93% of revalued assets in our SOTP, which remains discounted by the market. Upgrade to BUY with a 43% higher target price of S$1.74, implying 16% upside.

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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.030-0.040
Avi-Tech Electronics0.405-
Best World Int.1.360-
China Sunsine0.555-0.010
Food Empire0.9400.005
Golden Energy0.148-0.002
GSS Energy0.065-0.002
ISDN Holdings0.635-
IX Biopharma0.245-
JB Foods0.645-
KSH Holdings0.370-
Leader Env0.150-0.001
Medtecs Intl0.9900.020
Moya Asia0.069-0.001
Nordic Group0.255-0.005
Oxley Holdings0.260-0.005
REX International0.1830.002
Sri Trang Agro2.0100.020
Straco Corp.0.575-
Sunpower Group0.9100.035
The Trendlines0.1080.001
UG Healthcare0.600-
Uni-Asia Group0.6050.005
Wilmar Intl5.480-0.020
Yangzijiang Shipbldg1.2900.010
Yinda Infocomm0.1470.005

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