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EuroSports Global Ltd

Venturing into electric motorcycles


■ EuroSports Global Limited (ESG) distributes and provides after-sales services for luxurious automobiles in Singapore.

■ New business development: since 2018, ESG has commenced the development of its own-brand fully electric motorcycle.

■ ESG reported a net loss of S$3.4m in FY3/21.


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Making a Beeline For Thailand


SATS has made a small but likely strategic investment into a food manufacturer. While Food City has been operating in the red for the past three years, SATS’ announcement hints at a ramp-up in production as well as expansion into aviation food services, which could potentially reverse losses. We believe that SATS, with its business links to AirAsia, could garner a share of the airline catering market which is presently dominated by Thai Airways and Bangkok Air Catering, and also expand its product offering in the Thai retail scene. Maintain HOLD. Target; S$4.09.


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Yinson Holdings Bhd

TotalEnergies beckons; FPSO awards rising


■ Reiterate Add as Yinson is on track to secure the FPSO PDB award by 3Q21F, with an unchanged SOP-based target price of RM6.10.

■ Other good news include Yinson’s selection as one of the contractors for the pre-FEED work for TotalEnergies’ Angola and Suriname FPSOs.


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Top Glove (TOPG MK)

3QFY21: An End To An Unprecedented Run


3QFY21 earnings were below expectations off the back of US CBP weighing on volume sales and resulting in ASPs normalising. The eventual lifting of the WRO by the US CBP should uplift sentiment and boost volume sales. This is however against the backdrop of rationalised earnings and lower severe COVID-19 cases in key markets. Hence, we downgrade our recommendation to HOLD from BUY with a lower target price of RM5.15 as we trim our earnings. Entry price: RM4.00.


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