buy sell hold 2021




Noontalk Media Ltd
Events and entertainment solutions provider

■ NTM is a local media entertainment company with diverse offerings ranging from management and events to production of movies and TV dramas.
■ NTM intends to pay out at least 20% of net profit as dividends in FY23F and FY24F.
■ Its orderbook stood at S$1,580k as at end-Oct 22, as per its IPO prospectus


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Shopee to exit its last test market, Poland

■ Shopee is pulling out of Poland, its last-standing e-commerce test market, in line with its strategic focus to improve profitability and limit cash burn.
■ After a slew of cost-cutting measures in 2022, we think SEA Ltd is at the tail end of corporate changes. We forecast adj. EBITDA breakeven by 2Q23F.
■ Reiterate Add with TP of US$75 on attractive risk-reward at current valuation.


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Building Materials
On the path to recovery

■ The BCA projects construction output rising to S$30bn-33bn in 2023F (+4% yoy from midpoint), the highest level in 7 years.
■ We expect construction activities to improve further in 2023F, supported by healthy public demand, elevated order books, and improving productivity.
■ Reiterate sector Overweight. BRC is our sector top pick on the back of attractive valuations (6x CY24F P/E, 10% dividend yield).


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Singapore Post (SPOST SP)
Expanding Down Under


SPOST announced that the group plans to acquire another 37% stake in FMH, increasing its stake to 88% and expanding its operations in Australia. To combat higher operating costs, the group has also increased postage rates across its DPP segment. China’s relaxation of its COVID-19 policies provides favourable tailwinds for its IPP segment that has faced depressed volumes. We maintain HOLD with a slightly higher
target price of S$0.58 (S$0.52 previously). 


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Public Bank (PBK MK)
Opportunity To Accumulate On Recent Weakness

Public Bank’s share price has experienced a slight overhang as ownership of its late founder’s stake remains in flux. We see this as an opportunity to accumulate on weakness as the bank’s strategic focus remains intact, led by a strong management team. Maintain BUY. Valuations remain relatively attractive at -1.0SD to historical mean PBV. The group has the largest headroom for potential provision write-backs when macroeconomic conditions permit.


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Homegrown building construction and property development company Lian Beng Group / LBG ($0.515, unchanged) has recorded a 48.0%
increase in profit attributable to shareholders to S$22.0 million in the six months ended 30 November 2022 (“1H2023”), from S$14.9 million in the previous corresponding period (“1H2022”). This came amid a 11.6% rise in revenue to S$421.0 million in 1H2023, from S$377.3 million in 1H2022. Earnings per share thus rose to 4.40 Singapore cents, compared
to 2.98 Singapore cents a year ago. The Group’s board of directors has recommended an interim dividend of S$0.01 per share, which is
consistent with that declared in 1H2022, translating to a payout ratio of 23%. 

While construction activity following the lifting of pandemic-related restrictions has led to an increase in business activity in this segment,
the Group is mindful that the construction industry continues to be constrained by rising labour and raw material costs and supply chain
disruptions, which will put the industry under pressure to complete existing projects on time. The Group’s strong construction order book will
provide a steady flow of activity through FY2027.

The Group will closely monitor the delivery of these projects, while prudently tendering for public and private sector contracts as and when such opportunities arise. It will also closely monitor the construction progress of the projects in its Property Development Segment to ensure smooth development. Barring unforeseen circumstances, the Group expects the Investment Holding and Dormitory Segments to continue generating stable recurring income.
At 51.5 cents, LBG is capitalized at $257 million & trades at undemanding 5x P/E, 6% yield, 0.3x P/B.

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China Aviation Oil (S)0.8700.005
China Sunsine0.4000.010
Delfi Limited0.875-
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KSH Holdings0.2500.005
Leader Env0.049-
Ley Choon0.054-0.001
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Oxley Holdings0.087-0.003
REX International0.1260.002
Southern Alliance Mining0.4850.005
Straco Corp.0.480-0.010
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Totm Technologies0.0200.001
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