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ST Engineering (STE SP)

Looking More Attractive Post 7.8% Decline And New Order Wins


It is an appropriate time to relook at STE, following the 7.8% post results decline. While there is a concern about the pace of recovery in commercial aviation, STE continues to secure new PTF orders with a backlog till 2025. STE has also secured a rail maintenance contract as well as a sizeable but undisclosed lift maintenance and monitoring solutions contract. At the current level, STE also offers an attractive dividend yield of 3.99%. Upgrade To BUY with a target price of S$4.25.


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Property – Malaysia

A Tale Of Two Halves


Developers’ 2Q21 earnings were largely below estimates amid lower-than-expected margins due to lockdowns. Yet sales take-up remains healthy with a 31% qoq and >200% yoy growth, buoyed by pre-lockdown pent-up demand. Ongoing vaccination progress could see a tale of two halves in 2H21 - a subdued 3Q21 followed by a potentially strong recovery in 4Q21. Maintain MARKET WEIGHT. Top picks: Sunway, SP Setia.


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ISDN Holdings Ltd

Light at the end of the tunnel


■ ISDN started its foray into the mini-hydropower plant business in Indonesia around 2012-2013.

■ Last week, ISDN announced that 2 of its mini-hydropower plants have been commissioned. The next step is to obtain permits for commercial operations.

■ If successful, the mini-hydropower business could be EPS accretive for FY22F-23F. Spinning off this business is also a possibility


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Singapore Exchange

Treading lightly


■ Aug 21 SDAV of S$1.25bn marked a modest start to FY6/22F, but derivatives DAV was steady at 930k contracts, with highest open interest since Nov 20.

■ We cut FY22-24F EPS by c.2-3% to factor in the loss of revenues and market share from the launch of HKEx’s competing China A50 index futures product.

■ Reiterate Hold, with a lower TP of S$10.40. We think share price could trade sideways as investors await a clearer picture of HKEx’s A50 product impact.


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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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