buy sell hold  


Sembcorp Marine (SMM SP)

Things Can Only Get Better


We upgrade SMM to a BUY as we believe much of the negatives surrounding the company are priced in at current levels. Post its S$1.5b rights issue, SMM should be in better shape to weather market conditions over the next 12-18 months and hopefully enable it to garner new orderflow. Our new P/B-based target price of S$0.11 uses a 0.74x target multiple for 2022 which is a 30% discount to the company’s past-five-year average P/B of 1.07x.


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Yangzijiang Shipbuilding

Captain of the ship


■ YZJ has secured US$534m of new contracts, bringing YTD order wins to US$7.21bn and estimated order book to a record of US$9.18bn.

■ Near-term catalyst is clarity in debt investment division spinoff structure.

■ Reiterate Add and SOP-based TP of S$1.91.


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Aztech Global Ltd

Opportunity to add on weakness


■ Aztech’s share price has fallen 16.4% from its IPO price of S$1.28, and 15.7% from its 1H21 results announcement’s closing price of S$1.27.

■ We think Aztech is currently managing the Covid-19 challenge and component shortages well though these do pose earnings downside risks.

■ Hence, we reiterate our Add call and TP of S$1.82 as we expect stronger 2H21F earnings to re-rate its share price.


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Singapore Exchange

A SPAC-tacular initiative


■ SGX pulls ahead of regional rivals in allowing SPAC listings from 3 Sep.

■ Its SPAC framework has been revised to be more market-friendly, aligned closer to US SPAC listing rules, allowing a level playing field to entice listings.

■ Reiterate Hold. Incremental listing fees from SPACs are not likely to be material in the near term but add to SGX’s long-term competitiveness.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.180-0.070
Avi-Tech Electronics0.395-
BH Global0.260-
China Sunsine0.490-0.010
Food Empire0.760-0.010
Fortress Minerals0.365-0.025
Golden Energy0.290-0.015
GSS Energy0.073-0.004
ISDN Holdings0.645-0.030
IX Biopharma0.225-
KSH Holdings0.350-
Leader Env0.079-
Medtecs Intl0.370-0.055
Moya Asia0.065-0.001
Nordic Group0.355-
Oxley Holdings0.200-0.010
REX International0.189-0.010
Southern Alliance Mining0.960-0.030
Sri Trang Agro1.340-0.050
Straco Corp.0.4750.005
Sunpower Group0.625-0.010
The Trendlines0.100-0.002
UG Healthcare0.345-0.060
Uni-Asia Group1.050-0.050
Wilmar Intl4.080-0.030
Yangzijiang Shipbldg1.440-0.040
Yinda Infocomm0.215-0.005

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