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UOB KAYHIAN DBS VICKERS
Singapore Exchange (SGX SP)
Trading Momentum Eases; Growth Plans Are Set In Place.
SGX saw slight easing of trading velocity in Jun 21, though volumes remain elevated above pre-pandemic levels. Hedging continues to be in demand as total open interest in futures increased 2.2% mom. The group continues to outline its growth plans, through potential acquisitions as well as development of new market opportunities. Maintain BUY with a target price of S$12.35.
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Starhill Global Reit

 

Our Views

Upgrade to BUY on higher TP of S$0.75. 

 

Starhill Global REIT’s (SGREIT) portfolio operational metrics should improve as the economy re-opens. With the worst potentially behind us, we see DPUs hitting close to pre-pandemic levels earlier than anticipated. We upgrade our call on SGREIT to BUY, with the return of tourist-led spending as a catalyst for the REIT. The stock offers an attractive c.7.0% yield and trades at 0.7x P/NAV.

 

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CGS CIMB

CGS CIMB

Raffles Medical Group

1H21F preview: Gradual return of patients

 

■ We expect RFMD to beat consensus earnings forecasts in 1H21 amid higher healthcare services revenue from more specialist outpatient clinic visits.

■ Covid-19 testing numbers continue to hold up despite the faster vaccination rates, underscoring the importance of PCR testing to reopening measures.

■ We lift our FY21-23F EPS by 7.5-15.6% to account for higher patient numbers. We reiterate our Add call with a higher SOP-based TP of S$1.40.

 

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Rubber Gloves

Halting operations in EMCO areas

 

■ UGHC was spared from the imposition of EMCO in Selangor, but the extension of EMCO to Seremban caused it to temporarily halt operations.

■ RSTON remains the least impacted glovemaker (by the EMCO) under our glove coverage, as most of its operations are located in Taiping, Perak.

■ We see limited share price reaction to UGHC’s latest announcement, as it has trended in line with peers since announcement of Selangor EMCO.

 

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  • Lionel Lim