buy sell hold 2021

 

UOB KAYHIAN

UOB KAYHIAN

 

Property – Singapore
Developers: Increased Residential Supply Likely To Hit The Market Soon


Public and private property prices remain strong in Singapore in 2022. However, we note that higher interest rates have resulted in a real estate downturn in other developed markets.

Importantly, the Singapore government has doubled GLS in 2022 vs 2021, potentially injecting significant levels of supply in the near to medium term. We prefer CLI which does not have exposure to the Singapore residential market. Maintain OVERWEIGHT on the sector.

 

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Scientex (SCI MK)
Appealing Mid- To Long-term Prospects


With resin costs retracing >20% from the ytd peak, Scientex’s manufacturing segment is poised to deliver better margins in coming quarters, with resilient export sales amid the global economic reopening.

Meanwhile, the property segment is set to record robust growth with more project launches despite higher material costs compressing bottom line margins. Scientex offers decent mid- to long-term prospects alongside palatable valuations. Maintain HOLD. Target price: RM4.01.

 

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CGS CIMB

PHILLIP SECURITIES

Property Devt & Invt
Slower new home sales in Aug


■ There was a mom decline in Aug home sales due to lack of new launches.
■ Two new project launches in Sep should boost upcoming new sales.
■ We stay sector Overweight due to inexpensive valuations. Our sector top picks: CIT, CLI and UOL.

 

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Frasers Centrepoint Trust
Retail recovery offset by macroeconomic headwinds


SINGAPORE | REAL ESTATE (REIT) |Update

 Occupancy and tenant sales have recovered above pre-pandemic levels.

 Moderately protected from rising interest rates, with 69% of total borrowings hedged to a fixed rate. Every 50bps increase in SOR/SORA is estimated to impact DPU by c.1.3%.

 Maintain ACCUMULATE, DDM TP (COE 7.08%) lowered from S$2.64 to S$2.38. No change in DPU estimates. Cost of equity increased from 6.41% to 7.08% on higher riskfree rate assumption.

The current share price implies a FY22e DPU yield of 5.7%. However, the yield spread has narrowed significantly since the start of the year from 4.36% to 2.65%.

 

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CGS CIMB CGS CIMB

Yangzijiang Shipbuilding
GTT is a big deal; LNG orders incoming?


■ Latest industry newsflows suggested that YZJ is in negotiation for LNG carriers. This follows its recent GTT license announcement.

■ YZJ’s GTT licence allows it to build large LNG carriers, including >100,000 CBM vessels. Only 29 shipyards in the world have a GTT licence.

■ Order wins, especially of LNG vessels, are key catalysts for the stock. YZJ is one of our SG country top pick. Reiterate Add and TP of S$1.63.

 

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Minor International
Concerns on higher electricity costs priced in


■ Although higher electricity costs and wages are likely to burden MINT’s FY23F core net profit, we believe it can pass on higher costs.

■ A 6% increase in room rate would neutralise the impact of a 100% increase in electricity prices and a 10% increase in wages in FY23F, in our view.

■ We reiterate our Add call with an unchanged THB46 target price (14x FY23F EV/EBITDA, -0.5 s.d.). 

 

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Share Prices

Counter NameLastChange
AEM Holdings4.040-0.090
Avi-Tech Electronics0.2850.005
Broadway Ind0.137-0.001
China Sunsine0.460-0.005
DISA0.003-
Food Empire0.505-0.005
Fortress Minerals0.310-0.030
Geo Energy Res0.365-0.005
Golden Energy0.800-0.010
GSS Energy0.050-
InnoTek0.435-
ISDN Holdings0.440-0.015
ISOTeam0.104-
IX Biopharma0.135-0.004
Jiutian Chemical0.079-
KSH Holdings0.340-0.005
Leader Env0.0500.001
Medtecs Intl0.112-0.002
Meta Health0.029-
Moya Asia0.088-0.001
Nordic Group0.495-0.010
Oxley Holdings0.158-0.002
REX International0.225-0.005
Riverstone0.545-0.010
Sinostar PEC0.180-0.010
Southern Alliance Mining0.630-
Straco Corp.0.410-
Sunpower Group0.285-0.005
The Trendlines0.086-0.003
Totm Technologies0.124-0.002
UG Healthcare0.179-0.001
Uni-Asia Group0.890-0.030
Wilmar Intl3.8900.010
Yangzijiang Shipbldg1.050-0.030

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