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Alpha Picks: Adding UMS, Removing Frencken


Our portfolio gained 5.2% mom in Mar 21 but was outdone by the STI’s gain of 7.3% mom due to strong share price performance by the Jardine companies. Notable outperformers for Mar 21 included Yangzijiang (+19.6% mom), Frencken (+13.3% mom) and Far East Hospitality Trust (+10.5% mom) while GHY (-3.4% mom) and our short call on SIA (+11.4% mom) worked against us. For Apr 21, we add UMS while removing Frencken.


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Multi-Chem Limited

Cybersecurity product distributor


■ Multi-Chem Limited (Multi-Chem) distributes and offers training for Information Technology (IT) security products via subsidiary, M.Tech Group.

■ The group achieved a net profit of S$17.8m in FY20 and ended Dec-2020 with a net cash balance of S$77.8m.

■ Multi-Chem trades at a historical FY20 P/E of 7.1x and P/BV of 1.10x.


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Singapore Press Holdings Ltd

Singapore | Communication Services Research Team

Rating BUY (as at 5 April 2021)

Last Close SGD 1.67 Fair Value SGD 1.92 Undergoing a strategic review


• 1HFY21 operating profit of grew 16.6% yoy, driven by improved performance from non-media businesses while media continued to drag.

• The company has started a strategic review to consider options for its businesses, highlighting a challenging operating outlook for its media business due to structural headwinds but stressed there is no assurance of a definitive conclusion at this point.

• Fair value is lifted to SGD1.92 as we adjust our estimates following the latest results and apply a smaller holding company discount to its sum of partsbased valuation, reflecting further recovery expected for most of its non-media businesses and potential catalysts from future value unlocking initiatives.




Frasers Centrepoint Trust

Leaner and keener to excel


Investment Thesis

Maintain BUY and TP of S$3.00. Despite rising divergence in views on FCT as the economy reopens, we remain convinced that the REIT can continue to deliver a potent mix of growth and stability, anchored by a portfolio of largely dominant malls that are well integrated in the future retail eco-system. We project DPU in FY21 to be c.4% higher than pre-COVID19 levels, ahead of its peer growth rate. We maintain our TP at S$3.00, implying a target yield of 4.2%.


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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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