buy sell hold 2021

Offshore Marine – Singapore
Onwards And Upwards

The rig market appears to have turned a corner in 2021 with oil prices exceeding US$80/bbl – this has resulted in stronger rig utilisation rates and a firming of rig dayrates vs 2020. The higher offshore activity expected in 2022 and 2023 underpins our positive view on the sector, especially given that meaningful rig supply was removed globally. We retain our OVERWEIGHT view on the sector, and our top picks
remain Yangzijiang, Keppel Corp and Sembcorp Marine.
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We highlight the key points raised in Jumbo Group’s (31.5 cents, unchanged) latest FY annual report:
We started the year hoping that things would be more optimistic by year-end. Unfortunately, the environment remained depressed due to the Delta variant. COVID-19 had almost effectively reduced global travel to non-existent. Coupled with safe-distancing measures and dinein restrictions, the Group’s dominant brands, namely JUMBO Seafood and Zui Teochew Cuisine, which are predominantly communal sharing concepts and popular with larger social groups, were badly affected.

At 31.5 cents, Jumbo is capitalized at S$202.3mln and is currently loss making. It trades at 4.6x price to book ratio and does not pay dividends. Based on consensus 12 months target price of S$0.31, there seems to be no signifi cant upside. We are neutral on Jumbo as valuations look depressed, its outlook still remains uncertain given the recent surge in Omicron cases globally, including in Singapore.



Totm Technologies ($0.195, down 1.5 cents) announced that the Group has recorded revenue of S$10.1 million for the half year ended 30 November 2021 (“1H2022”), represenƟ ng a 263.2% jump year-onyear (“yoy”), as compared to S$2.8 million for 1H2021.
The higher revenue was mainly due to the contribuƟ on from the IdenƟ ty Management and Biometrics business of S$8.0 million, which was derived from the provision of technical support to Indonesia’s Ministry of Home Aff airs, maintenance of Indonesia’s current biometric naƟ onal idenƟ ty system as well as the supply of a security plaƞ orm to the Indonesian government.

Totm Technologies’ market cap stands at S$165.6mln, is currently loss making and trades at 2.4x PB. Totm Technologies does not pay dividends and there are currently no analysts covering ToTm Technologies.



Digital Core REIT

A premier global data-centre play

• Initiate with a BUY, TP of US$1.40, offering a c.18% upside
• Pure-play data centre, REIT backed by the largest global owner and operator of data centres
• Full portfolio occupancy to provide stable income and annual rental escalations to provide some organic growth
• Low initial gearing to pave the way for c.US$250m debt-funded acquisition


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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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