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Telecommunications – Singapore


Delay Brings Reprieve

We expect TPG to launch the trial for its 4G mobile network by 4Q18 and mobile services on a commercial basis are to commence in 2Q19. This represents a delay of 4-6 months compared to our original expectations. The delay was caused by: a) delays in gaining access to CAS at commercial buildings and MRT stations, and b) the time-consuming process to integrate and test its network without engaging contractors. Incumbent telcos will have more time to further saturate the market. BUY Singtel and StarHub. Upgrade to OVERWEIGHT.


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Ban Leong Technologies Ltd

25-year track record in IT product distribution


■ Ban Leong has more than 25 years of experience as an IT products distributor, focusing on the Southeast Asian market.

■ The company has been listed on the Main Board of the Singapore Stock Exchange (SGX) since Jun 2005.

■ Ban Leong achieved record-high pretax profit in FY3/18 due to its focus on its core Southeast Asian market and disposal of its Australian operations.

■ Ban Leong is keen to increase its exposure to the China/Hong Kong market in a prudent manner.

■ The stock trades at a historical FY18 P/E of 5.2x, with dividend yield of 7.1%.


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Frasers Logistics & Industrial Trust: A portfolio refresh from capital recycling


We see positives from Frasers Logistics & Industrial Trust’s (FLT) recent capital recycling initiatives with the completion of two divestments and two acquisitions in Australia. The newly acquired properties have an average age of one year and are 100% occupied. Australia also recorded robust GDP growth of 0.9% QoQ and 3.4% YoY in 2Q18, beating the street’s expectations. Meanwhile, household consumption was also firm, rising 0.7% QoQ as the household savings ratio fell to 1%, the lowest level since Dec 2007. We believe these are healthy indicators for the logistics sector. As the Reserve Bank of Australia also recently kept its cash rate unchanged at 1.5%, we believe this would also provide a favourable funding environment in the near-term for FLT to pursue more acquisitions. After incorporating the aforementioned transactions in our model, our fair value estimate inches up from S$1.18 to S$1.19. Maintain BUY.




Silverlake Axis

Key Takeaways From KL NDR


Maintain BUY and SGD0.57 TP, with 27% upside. We brought Silverlake on a full-day NDR with institutional investors in KL. Key takeaways are management remaining bullish, as it believes this is the start of banks’ capex spending cycle. It would also be backed by strong MYR350m orderbook – of which MR200m should be realised in FY19F compared to MYR80m in FY18 under the licensing and project services revenue streams with average gross margins of about 60%. We expect revenue from both streams to surge YoY, and 63.6% PATMI for FY19.


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Phillip Securities


Singapore Coal Monthly

Surge in imported coal by China



China Three-year plan for cleaner air released: In Jul-18, the State Council rolled out the action plan to, namely “Battle for A Blue Sky”, to control air pollution. It aims to reduce the emission of major air pollutants and greenhouse gas. According to the plan, emissions of sulphur dioxide and nitrogen oxides are expected to decrease by 15% from 2015 level. Meanwhile, PM 2.5 density will drop by at least 18%. Percentage of days with good air quality at least reaches 80% annually, and that of heavily polluted days at least decreases by 25% from 2015 level. Three regions including Beijing-Tianjin-Hebei and surrounding areas, the Yangtze River Delta, and the Fenhe and Weihe river plains will be paid closed attention during execution of the plan. The plan also reiterates that natural gas is expected to account for 10% of total energy consumption, out of which coal will drop to 58% by 2020.


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NDR Takeaways: Volatile Singapore market; increasing overseas exposure

• Slowdown in activities in the Singapore private residential market but prices are still relatively stable

• Casting its net wider overseas; penetrating China market with JV in Hainan

• No change in forecasts; maintain HOLD, TP: S$0.62


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.030-0.020
Alliance Mineral0.123-0.007
Anchor Resources0.0150.001
Avi-Tech Electronics0.280-
Best World Int.1.360-
China Sunsine1.130-
CSE Global0.4850.005
Food Empire0.500-
Geo Energy0.161-0.001
Golden Energy0.210-
GSS Energy0.082-0.001
ISDN Holdings0.235-
KSH Holdings0.425-
Moya Asia0.0760.001
Nordic Group0.300-
Oxley Holdings0.3300.005
REX International0.069-
Sing Holdings0.405-
Sino Grandness0.0470.002
Straco Corp.0.775-0.005
Sunningdale Tech1.380-0.020
Sunpower Group0.4900.005
The Trendlines0.080-
Tiong Seng0.2450.010
Uni-Asia Group0.750-
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.030

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