| UOB KAYHIAN | UOB KAYHIAN |
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Singapore Medical Group (SMG SP) Fundamentals Remain Intact With Sustained Recovery In Patient Load
We are upbeat on SMG’s stellar growth prospects, in terms of organic clinic growth, expansion overseas and telehealth, which are underappreciated by the market. SMG also announced that it will not be proceeding with a transaction of the group’s shares at this stage, though the group continues to explore various avenues to enhance shareholder value. Maintain BUY with an unchanged PE-based target price of S$0.46.
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Telekom Malaysia (T MK) Good Growth Prospects
We remain positive on TM's near-term prospects, which are underpinned by: a) double-digit subscriber growth; b) good cost discipline; c) encouraging regulatory framework; and d) it being a key beneficiary of the JENDELA and MyDigital government initiatives. We believe TM will benefit from 5G rollout in Malaysia given its extensive fibre-optic asset footprint in Peninsular Malaysia. Maintain BUY with an unchanged DCF-based target price of RM7.00.
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CGS CIMB |
DBS VICKERS |
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Property Devt & Invt Good take-up at new launches boosts sales
■ Mar 2021 ex-EC home sales surged 96% yoy and doubled mom. ■ We expect home sales of 9k-10k and 0-5% hike in home prices in 2021F. ■ Reiterate sector Overweight on valuations. Preferred picks: UOL, CIT, CAPL Mar home sales boosted by new project launch ● Mar monthly home sales came in at 1,373 units, or 1,296 units excluding executive condominiums (EC). Excluding ECs, volume transaction was 96% higher yoy and double that of Feb 2020, due mainly to the launch of Midtown Modern, which made up 28% of total monthly sales. Other top selling projects include Treasure at Tampines, Amber Park and Ki Residences at Brookvale. ● Core Central Region (CCR) projects made up 42% of the monthly volume transactions while city fringe projects made up 30%, and suburban projects accounted for the balance 28%
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Singapore Property Strong property sales may be a double-edged sword
• Robust rebound in primary home sales in March 2021 make 1Q21 the best quarter in recent years • Singaporean buyers remain dominant buyers, with a focus on smaller units • Developers with dwindling unsold inventories and upcoming completions will be looking to redeploy capital to add to their land-bank • Policy measures remain a key risk for the sector; buy on dips. Our picks are CDL and Bukit Sembawang
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Check out our compilation of Target Prices
