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Alpha Picks: Kicking Off In 2018

Adding Keppel Corp and SIA but removing SATS after its outperformance.


• Reflation theme stands out. Our reflationary picks such as Wing Tai and City Developments delivered positive returns (+5.1% and +3.1% mom respectively) compared to the 0.9% mom pull-back in the broader FSSTI market. Thai Beverage underperformed (-4.7% mom) as the market did not view its investment in Sabeco positively, though we believe this could be partially due to its misperception of the funding for the stake. Citic also played catch-up in December, rising 4.2% mom as investors factored in its recent contract wins and strong earnings expectations in 2018.


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ComfortDelGro Corp Ltd

Earnings to bottom out in FY17e



 Earnings to bottom in FY17e due to three factors: 1.) Recognition of higher bus revenue, 2.) Narrowing of DTL losses and 3.) Strategic alliance with Uber.

 Maintain Buy; unchanged target price of $2.63

Earnings for ComfortDelGro (CD) over the last few quarters had been eroded by competition from ride-hailing apps, start-up costs for Downtown Line Stage 3 (DTL3) and negative currency impact. In this report, we highlight the three swing factors which in our view will lead to FY18e earnings growth.


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Jumbo Group Ltd (JUMBO SP)

NDR Highlights: Growth Targets and Operations Update


Franchising, China expansion and operations update

We hosted a NDR for JUMBO in Singapore. Key discussions included: 1) franchising growth strategy, which is expected to accelerate after laying a firm foundation for the system and staff; 2) expansion goals in China, after building a reputable brand name and system to ensure consistent quality; and 3) operations update, especially new outlets in China and Taiwan that have been delivering good performance. Maintain BUY and DCF TP of SGD0.70, implying 26x FY18E EPS, on par with regional peers.


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This Year, We Spend


This year, we expect to see domestic spending picking up in Singapore as well as the region, reversing the past three years’ muted consumer sentiment. We think consumer cyclical stocks with exposure to the market in Singapore could look interesting this year. In addition, with the World Cup coming this year, we expect sales of snacks as well as alcoholic and non-alcoholic beverages to spike in the months of June and July. Food Empire is our Top Pick for 2018. With large exposure to Russia, the host of the 2018 World Cup, the company is likely to benefit from an increase in the country’s economic activities this year.


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Perennial Real Estate Holdings (PREH SP) : BUY

Expanding via a ‘healthcare fund’


 PREH (45%) partners Shun Tak (30%) to lead a consortium to invest in high-speed railway healthcare integrated projects with up to US$1.2bn capital commitment

 First close of capital commitment of US$500m

 Positive move for PREH in moving its healthcare portfolio into an asset-light model and building recurring income

 Separately, PREH and Pontiac Land have signed a settlement agreement, expected to complete within 19 weeks


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings7.470-0.120
Alliance Mineral0.385-0.010
Avi-Tech Electronics0.525-0.005
Best World Int.1.830-0.010
China Sunsine1.4900.040
DISA Limited0.009-
Dutech Holdings0.270-
Federal Int. (2000)0.360-
Food Empire0.680-
Geo Energy0.225-0.005
Golden Energy0.3800.010
GSS Energy0.171-0.001
Heeton Holdings0.575-
KSH Holdings0.700-0.010
Lian Beng Group0.6750.005
Nordic Group0.575-0.005
Oxley Holdings0.530-0.025
REX International0.051-0.002
Serial System0.172-
Sing Holdings0.4300.005
Sino Grandness0.196-0.004
Straco Corp.0.785-0.010
Sunningdale Tech2.0100.010
Sunpower Group0.5700.005
The Trendlines0.130-0.001
Tiong Seng0.390-
Trek 2000 Int.0.260-
Uni-Asia Group1.430-0.020
XMH Holdings0.250-
Yangzijiang Shipbldg1.3400.040

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