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Property Devt & Invt

Strong private home price showing in 1Q


■ 1Q21 flash estimate for private home prices was up 2.9% qoq.

■ Continued strong uptick in prices could heighten risk of new cooling measures..

■ Reiterate sector Overweight on valuations. Preferred picks: CAPL, UOL, CIT. Flash estimate for private home prices shows stronger qoq growth

● According to the Urban Redevelopment Authority (URA), the property price index flash estimate for 1Q21 showed that private home prices rose 2.9% qoq vs. the 2.1% qoq increase in 4Q20. Prices in the Rest of Central Region (RCR) delivered the strongest improvement of +6.1% qoq vs. the +0.9% rise in Outside Central Region and the 0.3% qoq decline in private home prices in the Core Central Region. Meanwhile, the Housing Development Board resale price flash estimate showed that HDB resale prices rose 2.8% qoq in 1Q21.


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Phillip 2Q21 Singapore Strategy

Music is still playing



1 April 2021 Review: Alas, the STI turned in a respectable performance in 1Q21. Its 11.3% gain outperformed most global equity indices and asset classes, except commodities (Figure 4). Leading the rally were cyclical stocks: shipping, transportation and finance. REITs were the major underperformers (Figure 2). DPUs in FY20 were cut by 16%. The recovery in most sub-sectors such as retail, office and industrial was lacklustre. Rising interest rates further dampened investor appetite for the sector.


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Singapore Banking Monthly

Extending their green shoots



 Current interest rates of 0.42% are 11bps higher than the start of the year.

 Loans fell 0.88% YoY in February but grew 0.46% MoM, the fourth consecutive month of growth.

 SGX’s SDAV was third-highest on record but down YoY alongside DDAV asthere was an anomalous selloff during the COVID-19 outbreak last year.

 Maintain Overweight. Loans remain on path for recovery and interest rates are stable with a positive economic outlook. We continue to prefer OCBC (OCBC SP, BUY, TP: S$13.65) for its WM and insurance franchises.


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Samudera Shipping Line (SAMU SP)


Beneficiary Of Favourable Container Freight Rate, Trading At A Huge Bargain

With a fleet of 24 container ships, Samudera provides container shipping transportation of cargo in Asia. Samudera is benefitting from a rise in container freight rates to a multi-year high since 2H20 due to high demand in e-commerce trade and supply disruption due to port congestion. Its 2020 core net profit grew 330% yoy, excluding impairments. For 2020, Samudera is trading at 6.5x PE and 0.6x P/B vs peers’ average of 12.1x PE and 3.1x P/B. Net cash forms 50% of its market cap.


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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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