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Hong Leong Asia (HLA SP)

Riding A Strong Recovery Wave And Accelerating Demand From A Low Base


HLA’s building materials segment is set to benefit from a strong recovery in 2021, after suffering from a significant period of lockdown in 2020. Also, the diesel engines segment will experience robust growth in 2021 as consumers start purchasing a new version of engine. In 2020, HLA closed down its loss-making segments. We estimate a strong EPS growth 52% yoy in 2021. We initiate coverage with a BUY and target price of S$1.38, pegged to 12x 2022F PE (+1SD above mean PE).


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Mapletree Commercial Trust (MCT SP)

2HFY21: Weathered The Storm, Riding The Recovery


MCT reported DPU of 5.32 S cents (+57.9% yoy) for 2HFY21, which is slightly above our expectation. VivoCity maintained stable occupancy of 97.1%. Tenant sales reversed to expansion of 5.2% yoy in 4QFY21. Occupancy at MBC II temporarily dropped 5ppt qoq to 90.2% in 4QFY21 but the new tenant will start contributing in 1QFY22. MCT’s properties are strategically located to benefit from the Sentosa-Brani Master Plan and GSW. Maintain BUY. Target price: S$2.50.


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Jiutian Chemical Group Ltd

A flying start


■ 1Q21 net profit was above expectations at Rmb90m (+42% qoq, a 31-fold increase yoy), driven by higher-than-expected ASPs.

■ DMF prices remained high at Rmb11k/ton (+40% YTD, +120% yoy), thanks to robust downstream demand; we raise our FY21F NP forecast by 41%.

■ We see possibility of a maiden dividend (since 2008) to be declared this year. Reiterate Add with a higher TP of S$0.15, still pegged to 5.7x FY22F P/E.


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Sheng Siong Group Ltd

Resilience despite no new shops



▪ 1Q21 revenue and earnings were within expectations, at 27%/30% of forecasts. 1Q21 benefitted from festive spending.

▪ Gross margins remained elevated at 27.6% vs. pre-pandemic’s 26.8%.

▪ No new stores were opened in past six months. Tenders of new HDB stores have been delayed, except for one large upcoming bid.

▪ Our FY21e PATMI and target price of S$1.71 are unchanged, at 25x P/E, its 5-year historical average. Maintain ACCUMULATE. With international borders still closed, revenue should remain above pre-pandemic levels. FY22e to benefit from accelerated rollout of new stores. 1Q21 annualised revenue per sq ft was S$2,363, towering above S$1,916 in pre-pandemic 2019.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.600-0.030
Avi-Tech Electronics0.400-
BH Global0.320-
China Sunsine0.5450.010
Food Empire0.8900.010
Fortress Minerals0.5800.035
Golden Energy0.153-0.004
GSS Energy0.060-
ISDN Holdings0.6450.010
IX Biopharma0.245-
KSH Holdings0.365-
Leader Env0.135-0.005
Medtecs Intl1.040-0.030
Moya Asia0.068-
Nordic Group0.245-0.010
Oxley Holdings0.245-
REX International0.1810.002
Southern Alliance Mining0.9650.005
Sri Trang Agro2.1000.010
Straco Corp.0.555-
Sunpower Group0.8950.020
The Trendlines0.1060.001
UG Healthcare0.660-0.040
Uni-Asia Group0.665-
Wilmar Intl4.9900.010
Yangzijiang Shipbldg1.5200.060
Yinda Infocomm0.148-

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  • Lionel Lim