buy sell hold 2021


Sea Ltd (SE US)
Tencent pares stake

Stake sale is unrelated to fundamentals; BUY

Sea’s share price fell 11.4% to USD197.84 following Tencent’s decision to pare its stake in the company from 21.3% to 18.7%. Sentiment for preearnings stocks tend to be fragile and this move adds to the overhang.
Nevertheless, this does not take away long-term growth prospects given Shopee’s position as ASEAN’s top e-commerce player and potential from Garena Free Fire MAX. Maintain BUY and SOTP-TP of USD379


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REITs – Singapore
Hospitality: Recovery Is Delayed But Not Derailed

Existing VTLs have been kept open although capacity will be scaled down by half starting 21 Jan 22. Singapore has to weather a new wave of Omicron variant infections in 1Q22. We expect the reopening of borders with expansion of capacity for existing VTLs and introduction of new VTLs to resume in 2H22. BUY ART (Target: S$1.29), CDREIT (Target: S$1.42) and FEHT (Target: S$0.74), which trade atdiscou nts to NAV of 11%, 7% and 24% respectively. Maintain OVERWEIGHT. 


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ISDN Holdings Ltd
Automation cannot be stopped

■ ISDN has appointed the general manager of its software business subsidiary
as its CTO.
■ We think the significance of this appointment is that ISDN could focus more
on growing its software offerings which could help expand margin.
■ We reiterate our Add call with a TP of S$1.00.


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Sembcorp Industries
625MW contract to turn SEIL 2 profitable

■ SEIL has secured a 12-year PPA to supply 625MW of power to Andhra
Pradesh; with this contract, 77% of SEIL will be contracted (previously 50%).
■ No tariff was disclosed but we believe it should be close to market rate. IEX
spot prices in Nov-Dec 21 averaged 3.33 Rs/kWh.
■ The contract will begin in 2023 and could turn SEIL plant 2 profitable after
being loss-making since 2016. Reiterate Add and TP of S$2.51.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings5.130-
Avi-Tech Electronics0.000-
China Sunsine0.485-
Food Empire0.7650.010
Fortress Minerals0.4200.005
Geo Energy Res0.330-
Golden Energy0.290-
GSS Energy0.071-0.001
ISDN Holdings0.705-
IX Biopharma0.197-0.003
Jiutian Chemical0.0830.001
KSH Holdings0.355-
Leader Env0.066-
Medtecs Intl0.325-0.010
Moya Asia0.062-
Nordic Group0.405-
Oxley Holdings0.187-0.002
REX International0.3450.005
Sinostar PEC0.3000.010
Southern Alliance Mining0.720-
Sri Trang Agro1.240-0.020
Straco Corp.0.430-
Sunpower Group0.470-0.010
The Trendlines0.105-0.002
Totm Technologies0.196-0.004
UG Healthcare0.300-
Uni-Asia Group1.150-0.020
Wilmar Intl4.220-0.060
Yangzijiang Shipbldg1.3400.020

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