buy sell hold  

CGS CIMB CGS CIMB

Sheng Siong Group

Well stocked for now

 

■ 1Q21 net profit of S$30.8m was in line at 28.4%/29% of our/consensus fullyear forecasts; held up by robust GPM and other income.

■ While we are heartened by SSG’s GP margins, store openings may only emerge in 4Q21F as HDB construction still faces delays.

■ With few earnings catalysts in sight, we downgrade SSG from Add to Hold. We lower our TP to S$1.60, based on 22x CY22F P/E (1 s.d. above mean).

 

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ISDN Holdings Ltd

Reimagine manufacturing

 

■ ISDN’s 1Q21 revenue/net profit at 26%/25% of our full-year forecast was in line with our expectations.

■ The company continues to benefit from the secular transformation from labour-intensive manufacturing to automated manufacturing.

■ We reiterate our Add call with a higher TP of S$0.84, based on Singapore tech sector’s CY22 average P/E of 12.5x.

 

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UOB KAYHIAN

UOB KAYHIAN

MM2 Asia (MM2 SP)

Singing To A Blockbuster Recovery

 

mm2 Asia is a media player with film production, cinema, post production and concerts/events production businesses. Hard hit by the COVID-19 pandemic, the group is a good proxy for the recovery in activities, including the resumption of concerts/events and normalisation of seating capacity in cinema theatres with a bumper slate of blockbusters in 2021. Its core film business has produced award-winning films. Initiate coverage with BUY. Target price: S$0.098, with 35% upside.

 

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ARA LOGOS Logistics Trust (ALLT SP)

1Q21: Sustainable Growth And Transformation By Tapping On Sponsor Pipeline

 

ALLT’s 1Q21 business update continues to demonstrate a turnaround to sustainable growth. With LOGOS installed as its new sponsor, ALLT has access to a sizeable acquisition pipeline with an AUM of US$10.2b, of which more than half is located in Singapore, Australia and China. We expect continued expansion as ALLT taps on its sponsor pipeline. ALLT provides an attractive distribution yield of 6.7% and yield spread of 5.1% for 2022. Maintain BUY. Target price: S$0.89.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.560-0.070
Avarga0.320-0.005
Avi-Tech Electronics0.400-
BH Global0.320-
China Sunsine0.5450.010
Food Empire0.8900.010
Fortress Minerals0.5750.030
Golden Energy0.153-0.004
GSS Energy0.060-
InnoTek0.9500.005
ISDN Holdings0.6400.005
ISOTeam0.135-
IX Biopharma0.245-
KSH Holdings0.365-
Leader Env0.132-0.008
Medtecs Intl1.040-0.030
Moya Asia0.068-
Nordic Group0.245-0.010
Oxley Holdings0.245-
Procurri0.335-
REX International0.1800.001
Riverstone1.340-0.030
Roxy-Pacific0.355-0.005
Southern Alliance Mining0.9650.005
Sri Trang Agro2.1100.020
Straco Corp.0.555-
Sunpower Group0.8900.015
The Trendlines0.1060.001
UG Healthcare0.660-0.040
Uni-Asia Group0.665-
Wilmar Intl4.980-
Yangzijiang Shipbldg1.5100.050
Yinda Infocomm0.1490.001

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