buy sell hold  

CGS CIMB UOB KAYHIAN

Hong Leong Asia

There is more value in the break-up

 

■ We forecast 54% NPAT growth in FY21F for HLA, riding on strong diesel engine sales in China and construction activity recovery in Singapore.

■ Potential secondary listing of its diesel engine arm CYD is a key re-rating catalyst, given CYD is trading at 5.6x CY22F P/E, c.60% discount vs. peers.

■ Initiate with Add (SOP-based TP of S$1.18), valuing engine/building materials at 8/12x FY22F P/E respectively, supported by S$114m ex-CYD net cash.

 

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CSE Global (CSE SP)

Safe Proxy For Oil Recovery Backed By Attractive Dividend Yield Of >5%

 

We turn more positive on CSE as its oil and gas segment could be turning a corner with the rise in oil prices. Its order intake from infrastructure and mining grew 22% yoy in 2020 despite COVID-19. Furthermore, the last time CSE secured a large greenfield order win in the infrastructure space was over two years ago, providing scope for a sizeable infrastructure project win in the near term. Dividend yield is above average at 5.1%. Upgrade to BUY with a 28% higher target price of S$0.68.

 

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CGS CIMB

UOB KAYHIAN

Star Media Group Bhd

Time to lay off the dimsum

 

■ As its print cash cow is further emaciated, Star Media Group made the proactive decision to pull the plug on its video-streaming service dimsum.

■ We suspect that the bulk of the RM12m impairments done in 4Q20 was for the content in dimsum’s library. We now forecast FY22-23F to be profitable.

■ That being said, its print division looks to be further debilitated. Star’s catalysts lie in unlocking its real estate assets and special dividends.

 

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Berjaya Sports Toto (BST MK)

Pricing In Longer-term Catalysts

 

BST appeals as it is a laggard beneficiary of economic reopening and dividend yield compression, although we expect business normalisation at only end-21. Longer-term catalysts include the Gaming Act amendment and the accelerated growth of its Vietnam investment. Meanwhile, the Berjaya Group’s ongoing restructuring, which has benefitted the stock prices of its holding and sister companies, may eventually lift sentiment on BST. Maintain BUY and target price of RM2.46.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.030-0.040
Avarga0.335-
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
InnoTek0.8500.050
ISDN Holdings0.635-
ISOTeam0.140-
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
Procurri0.360-0.005
REX International0.1830.002
Riverstone1.330-
Roxy-Pacific0.360-0.005
SingMedical0.345-0.045
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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