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Jiutian Chemical Group Ltd

Riding the upturn


■ Benefiting from robust downstream demand, DMF prices have continued on a strong uptrend YTD to Rmb11,000/ton (+40% YTD, +120% yoy).

■ We forecast a record quarter in 1Q21F, with core net profit of Rmb78.5m (>28-fold increase yoy) as ASP hikes outpace raw material cost increases.

■ Maintain Add with an unchanged TP of S$0.135 (5.7x FY22F P/E).


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Singapore Fund Flows


In March, the banking and shipbuilding sectors saw the most fund inflows by institutional investors; however retail investors were net sellers. In particular, DBS remained a heavily-traded stock for both groups of investors. Five notable stocks with institutional and retail investors taking opposing views were DBS, SIA, OCBC, YZJ and Ascendas REIT. WHAT’S NEW • A busy start to the month of March. We note that the first two weeks of March saw the most movement in net buys and sells (week of 1 Mar 21 and week of 8 Mar 21). Interestingly, institutional investors were active throughout the month while retail investors’ activity tailed off markedly after the first two weeks of March. In addition, retail investors appeared to take a risk-off mentality based on trading value of the top 25 stocks, buying S$741m worth of stocks but selling S$1.5b, whereas institutional investors were more balanced, buying S$1.27b and selling S$1.35b.


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Malayan Banking Bhd

Pushing for ROE expansion in 2021-25


■ We are more positive on Maybank following its Investor Day on 9 Apr 21 as it is guiding for a high ROE target of 13-15% in 2025.

■ We raise our DDM-based target price from RM7.90 to RM9.30 due to higher EPS and 0% discount on our DDM value due to strong provision buffer.

■ Upgrade Maybank from Hold to Add given (1) our projected recovery in FY21 net profit growth, and (2) expected ROE expansion in FY21-25.


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Strong output growth lifts palm inventories


■ Malaysian palm oil stock levels grew 11% mom to 1.45m tonnes as at endMar 2021. This was 10% above our forecast due to higher output and import.

■ Signs of better-than-expected recovery in palm oil output could limit price upside for CPO in the near term.

■ We project palm oil stocks to rise by 6.2% mom to 1.54m tonnes by end-Apr 2021F. Reiterate Neutral rating as CPO prices may have peaked.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.560-0.070
Avi-Tech Electronics0.400-
BH Global0.320-
China Sunsine0.5400.005
Food Empire0.8850.005
Fortress Minerals0.5700.025
Golden Energy0.153-0.004
GSS Energy0.060-
ISDN Holdings0.6400.005
IX Biopharma0.240-0.005
KSH Holdings0.365-
Leader Env0.133-0.007
Medtecs Intl1.040-0.030
Moya Asia0.068-
Nordic Group0.245-0.010
Oxley Holdings0.245-
REX International0.1800.001
Southern Alliance Mining0.9650.005
Sri Trang Agro2.1100.020
Straco Corp.0.555-
Sunpower Group0.8900.015
The Trendlines0.104-0.001
UG Healthcare0.665-0.035
Uni-Asia Group0.665-
Wilmar Intl4.970-0.010
Yangzijiang Shipbldg1.5200.060
Yinda Infocomm0.1490.001

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