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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)

Fundamentals Remain Strong – Re-iterate BUY

Rating Steel prices, representing one-third of YZJ’s costs, have stabilised while iron ore prices have collapsed, thus implying higher margins going forward, especially as more of YZJ’s high-margin containership orders are built. On the demand side, shipowners are experiencing bullish industry conditions, which will potentially underpin order flow into 2022. We remain comfortable with YZJ’s low loan-to-valuation for its property collateral within its debt investments business. Maintain BUY. Target price: S$2.00.

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City Developments Limited

Recovery and assets monetisation underway SINGAPORE | REAL ESTATE | RE-INITIATE

 Catching Singapore property upcycle with a strong development pipeline of 1,746 units, translating to FY22e/23e GDV of S$2.1b/S$1.0bn.

 Impending recovery of hospitality sector and monetisation of assets through potential SREIT listing to improve financial position.

 Re-initiate with BUY and RNAV-derived TP S$9.19 (35% discount). CDL is trading at an attractive 49% discount to our RNAV/share of S$14.14.

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CTOS Digital Berhad (CTOS MK)

Credit Analytics Leader


Initiate with BUY, TP MYR2.17 CTOS Digital is the leading credit rating agency (CRA) and credit-related data solutions provider in Malaysia, with over 70% market share. Strong organic growth potential is underpinned by new verticals, especially upside from pending launch of digital banks, while inorganic expansion is happening in parallel per the acquisition of stakes in Basis Corporation (Basis) and Business Online (BOL), notable credit rating companies in Malaysia and Thailand, respectively. These partnerships, in our view, are synergistic to the overall group operating footprint and will facilitate accelerated expansion within ASEAN. We initiate coverage with a BUY and MYR2.17 TP, based on a peer basket-comparable 2.6x FY22 PEG multiple.


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Plantation – Malaysia

More Foreign Workers To Come, But Only Likely To See Improvement In 2H22


Malaysia will let in 32,000 foreign workers to ease the labour crunch in the sector. The process is likely to take a few months to complete. We are only expecting the positive contributions from this relaxation to come in during 2H22 provided all 32,000 workers come by 1Q22. However, more severe shortage is likely to come first with vaccinated workers requesting to leave. Other headwinds for the sectors are flooding due to high rainfall and spikes in fertiliser cost. Maintain UNDERWEIGHT.


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  • Lionel Lim