buy sell hold 2021





Offshore Marine – Singapore
Continued Healthy Demand For Production Assets, Helped By Strong Oil Prices

The rig market, particularly the semi-submersibles segment, has continued to gain strength in 2022 with higher utilisation and day rates. On the production side, it is notable that both of Singapore’s shipyards have won large orders in 2H22 and we expect more of such in 2023, underpinned by oil prices that will be well supported above US$100/bbl in the near to medium term.

Our sector rating remains OVERWEIGHT, and our top picks are Keppel Corp and Sembcorp Marine.

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Yangzijiang Financial Holding ($0.34, down 0.5 cents) announced that
it will partner with Heliconia Capital to invest in promising SMEs in Singapore and other Southeast Asian countries. Heliconia Capital is a wholly owned subsidiary of Temasek Holdings.

The newly launched private equity fund, Heliconia Generation Fund Limited Partnership, will have a target fund size of up to S$150 million. Yangzijiang Financial will contribute S$80 million to the Fund, as the anchor limited partner of the Fund.

At 34 cents, Yangzijiang Financial is capitalized at S$1.25bln and trades at forward P/E of 5.96x and 0.32x P/B. Based on a 40% dividend payout ratio, estimated yield stands at 6.7%. Consensus target price stands at S$0.74, representing 118% upside from current share price.



Sime Darby Plantation (SDPL MK)
3Q22: Result Within Our Expectations But Lower Than Consensus’

SDPL’s 9M22 results came in within our expectations but are lower than consensus’.
The weaker 3Q22 results were mainly dragged by the Malaysia upstream operations.
However, this was partially offset by stronger Indonesia upstream operations and
record-high downstream earnings in 3Q22. Maintain HOLD as investors remain
concerned about its US CBP and RSPO issues as well as the huge labour shortage
faced by its Malaysia operations. Target price: RM4.75.


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 Uni-Asia Group Ltd – Locked in attractive freight rates
BUY (Maintained); TP S$1.26, Last close: S$0.79

  • The average charter rate in 3Q22 for Uni-Asia was US$19,609/day, an increase of 37% YoY. We believe the jump in freight rates will drive similar growth rates for charter income. Charter income is around 85% of FY22e total revenue.
  • Improvement in Hong Kong property projects in terms of units sold and construction progress.
  • We are maintaining our FY22e forecast. Despite the Baltic Exchange Handysize index declining 45% YoY in 3Q22, Uni-Asia has locked in attractive freight rates. Our FY23e PATMI is lowered by 13% to US$19.2mn. Unless freight rates recover in 1Q23, there is a risk the next renewal cycle will be a major drag to revenue.

    We maintain our BUY recommendation and target price of S$1.26. The target price is pegged to 3x P/E FY22e, in line with industry peers. The soft economic conditions in China have led to softer demand for bulk commodities. Nevertheless, supporting longer-term freight rates will be the 30-year low in new dry bulk vessels of only 7% of fleet capacity.

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