ANALYSTS SAY: Buy, Sell, Hold (22 Oct)

buy sell hold

UOB KAYHIAN	UOB KAYHIAN
Thai Beverage (THBEV SP) Cheers To Thailand’s Reopening Thailand’s government plans to reopen the country’s international borders to 10 countries in a bid to revitalise its battered tourism sector. The authorities are also considering lifting Thailand’s ongoing alcohol ban in restaurants. With the arrival of vaccinated tourists, we think this would help boost alcohol consumption and volume in Thailand. In our view, this remains largely underappreciated by the market given ThaiBev’s attractive valuation. Maintain BUY with a target price of S$0.92. Read more...	Banking – Singapore 3Q21 Results Preview: Resilient Earnings; Stable Asset Quality We expect banks to report resilient earnings. We see a pick-up in loan growth partially offset by NIM compression. With asset quality stabilising, we expect DBS to benefit from write-back in general provisions and OCBC to see moderation in credit costs. We forecast DBS and OCBC to achieve net profit of S$1,622m (+25% yoy and -5% qoq) and S$1,163m (+13% yoy and flat qoq) respectively for 3Q21. BUY DBS (Target: S$35.80) and OCBC (Target: S$15.65). Maintain OVERWEIGHT. Read More ...
CGS CIMB	KGI
Kossan Rubber Industries Attractive valuations at current levels ■ 9M21 core net profit of RM2.7bn (+398% yoy) is at 85% of our full-year forecast. We deem it within expectations, as we expect a weaker 4Q21F. ■ While we expect weaker earnings in FY22F/23F, valuations are appealing, given Kossan’s strong balance sheet and inelastic global glove demand. ■ Reiterate Add, with a lower TP of RM3.00 (16x CY23F P/E). Its net cash of RM2.5bn as at end-3Q21 is equivalent to 43% of its current market cap. Read More ...	ThaiBev (THBEV SP): Reopening play BUY Entry – 0.70 Target – 0.80 Stop Loss – 0.65 ThaiBev is Thailand’s largest and one of Southeast Asia’s largest beverage companies. THBEV has a 28.5% stake in SGX-listed Fraser & Neave Ltd (FNN SP) and a 28.3% stake in Frasers Property Limited (FPL SP). It also has a 53.6% stake in Saigon Beer-Alcohol-Beverage Corporation (SABECO), Vietnam’s largest beer company. ThaiBev has a 90% market share of Thailand’s spirit market. Read more...

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.340	-0.020
Best World	2.460	-0.010
Boustead Singapore	0.960	-0.005
Broadway Ind	0.133	0.004
China Aviation Oil (S)	0.925	0.005
China Sunsine	0.415	-
ComfortDelGro	1.480	-0.020
Delfi Limited	0.895	-0.010
Food Empire	1.260	-0.010
Fortress Minerals	0.305	-0.005
Geo Energy Res	0.310	-
Hong Leong Finance	2.500	0.010
Hongkong Land (USD)	3.120	0.050
InnoTek	0.520	-0.005
ISDN Holdings	0.310	-
ISOTeam	0.043	0.002
IX Biopharma	0.041	-0.002
KSH Holdings	0.250	-
Leader Env	0.051	-
Ley Choon	0.045	-0.001
Marco Polo Marine	0.067	0.001
Mermaid Maritime	0.140	-0.001
Nordic Group	0.310	-0.030
Oxley Holdings	0.089	-
REX International	0.136	-0.001
Riverstone	0.815	-0.005
Southern Alliance Mining	0.430	-0.015
Straco Corp.	0.510	0.010
Sunpower Group	0.205	-0.005
The Trendlines	0.067	-0.002
Totm Technologies	0.022	-
Uni-Asia Group	0.825	-
Wilmar Intl	3.500	0.020
Yangzijiang Shipbldg	1.750	-0.030

Counter Name

Last

Change

AEM Holdings

2.340

-0.020

Best World

2.460

-0.010

Boustead Singapore

0.960

-0.005