buy sell hold 2021



Fortune favours those who Dare+


■ New Dare+ plan targets sizeable run-rate net benefit of S$80m p.a. by FY26.

■ Ensign’s orderbook now covers a big portion of its budgeted FY22 revenue.

■ Reiterate Add with unchanged DCF-based TP of S$1.70. New 5-year Dare+ transformation & growth programme unveiled StarHub held its annual Investor Day yesterday, where it unveiled its Dare+ 5-year strategic transformation and growth programme (FY22-26). The new plan focuses on driving sustainable topline growth via its Consumer Infinity Play strategy (offering diverse digital products/services and expanding into new verticals) and next-generation 5G enterprise products/solutions, supported by continued investment in 5G network rollout. StarHub will also focus on implementing its ongoing IT Transformation project to drive digitalisation/simplification and deliver further cost savings.


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Singapore Strategy

ComfortDelgro could be taken out of STI


■ Based on its closing price and market cap on 22 Nov, CD (ranked 42nd) could be replaced by Olam (ranked 23rd) in the Straits Times Index (STI) by FTSE Russell.

■ This would represent a return of Olam since it was dropped in Sep 2015. CD dropped out of MSCI Singapore in May 2020.

■ We recently removed CD as our country top pick due to the shelving of its Australian IPO. We believe this and the dropout from STI could cap share price in the near term.


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Centurion Corp (CENT SP)

3Q21: Resilience And Recovery


Centurion reported a strong 3Q21 with revenue up 20% yoy to S$35.3m, helped by its PBWA segment as occupancy and portfolio expansion both increased at a healthy clip. Its 9M21 revenue was stronger than expected at S$99.9m (+4% yoy), making up over 80% of our full-year 2021 estimates. As international travel progressively picks up in its key markets, we remain cautiously optimistic on the recovery of its PBSA assets and 2022 outlook. Maintain BUY. Target price: S$0.430.


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Keppel Corporation Ltd

Stay on top of latest developments affecting the company

Another windfarm substation contracts in the bag
  • Secure contracts to build two offshore windfarm substations worth S$110m, lifting YTD wins to S$3.21bn
  • A testament to KOM’s execution and capability in offshore windfarm solutions
  • KOM to benefit from anticipated O&G capex increase
  • Reiterate BUY; TP S$6.20


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LionelLim8.16Check out our compilation of Target Prices

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