ANALYSTS SAY: Buy, Sell, Hold (20 June)

buy sell hold 2021

PHILLIP SECURITIES	CGS-CIMB
Singapore REITs Monthly – Temporary pain; impending rally Recommendation: OVERWEIGHT (Maintained) FTSE S-REIT Index dipped 1.3% MoM, as interest rates climb. Hospitality REITs led the pack while overseas industrial SREITs were the biggest losers (-11.4ppts MoM) due to refinancing jitters surrounding EC World REIT (ECWREIT SP Equity, Not Rated) and a high proportion of unhedged interest rate and higher interest costs. Based on the median FOMC member’s Fed fund rate forecast of 3.4% at year end, we could see another 165 bps increase in the Fed rate. Our research team believes that the rate of interest rates would likely peak in 3Q22 before moderating. We remain OVERWEIGHT on the REIT sector with preference on the office and hospitality sectors. SREITS under our coverage are expected to deliver FY22e DPU yields of 4.3-9.9%. We remain OVERWEIGHT on the REIT sector as we think REITs could rally once central banks begin lowering rates. Read more...	APAC Realty Ltd Supported by attractive valuations and yield ■ 1Q22 net profit up 20% yoy to S$9m, making up 31% of our FY22F forecast. ■ Higher share of resale/rental market offset by lower share of new home sales. ■ Reiterate Add rating, with a lower TP of S$0.84. Read more...
KGI	MAYBANK KE
UnUsUaL Limited (UNU SP/UNUS.SI) Novem Acquisition to boost top and bottom-line growth On the edge of glory. After two years of forced hibernation, UnUsUaL (UNU), a live entertainment producer and promoter, is on the cusp of a recovery from both a demand and supply perspective. Pre-pandemic, UNU produced and promoted more than 20 shows across over 10 cities annually. We see scope for UNU to return to such levels in the near-term and advocate investors to build long positions in this unnoticed recovery trade. Return to profitability. We expect UNU to return to the black in FY23F with revenue/PATMI of SGD45.6m/SGD5.2m, a stunning turnaround from FY22A’s SGD3.6m/-SGD4.2m. Subsequently, we pencil in 4-year revenue/PATMI CAGRs of 28.1%/54.5% on reattainment of pre-pandemic margins. We initiate with an Outperform recommendation and a blended peer and DCF-backed TP of SGD0.192 apiece. Read more...	ViTrox Corp (VITRO MK) ABI segment resumes growth trajectory Mixed developments in 2Q22, but thesis intact Despite potential hiccups in ViTrox’s MVS segment from subdued Chinese demand, the ABI segment is expected to fare sequentially better in 2Q22 following the resolution of supply bottlenecks last month. Our BUY call, TP (pegged to 41x FY23 PER, at +1SD to the 5Y mean) and earnings forecast are maintained. ViTrox remains our top MY ATE pick owing to its dominant position in machine vision tech, diversified customer base and exposure to high-growth sectors such as EVs/5G/IR4.0; accumulate on weakness. Read more..

Counter Name	Last	Change
AEM Holdings	2.360	0.010
Best World	2.470	0.010
Boustead Singapore	0.965	0.005
Broadway Ind	0.129	0.001
China Aviation Oil (S)	0.920	0.015
China Sunsine	0.415	0.005
ComfortDelGro	1.500	0.010
Delfi Limited	0.905	0.005
Food Empire	1.270	0.020
Fortress Minerals	0.310	-
Geo Energy Res	0.310	-
Hong Leong Finance	2.490	-0.010
Hongkong Land (USD)	3.070	0.040
InnoTek	0.525	-
ISDN Holdings	0.310	0.005
ISOTeam	0.041	-0.002
IX Biopharma	0.043	-
KSH Holdings	0.250	-
Leader Env	0.051	0.001
Ley Choon	0.046	0.003
Marco Polo Marine	0.066	0.001
Mermaid Maritime	0.141	0.003
Nordic Group	0.340	-
Oxley Holdings	0.089	-
REX International	0.137	0.001
Riverstone	0.820	0.020
Southern Alliance Mining	0.445	0.015
Straco Corp.	0.500	0.010
Sunpower Group	0.210	0.010
The Trendlines	0.069	-
Totm Technologies	0.022	-
Uni-Asia Group	0.825	-0.010
Wilmar Intl	3.480	0.030
Yangzijiang Shipbldg	1.780	0.060

Counter Name

Last

Change

AEM Holdings

2.360

0.010

Best World

2.470

0.010

Boustead Singapore

0.965

0.005