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CGS CIMB

UOB KAYHIAN

Yongnam Holdings

Poised for robust recovery this year

 

■ Yongnam’s orderbook ended 2018 at close to S$400m (highest in last three years) after winning S$127m worth of contracts in 4Q18.

■ We anticipate robust profit recovery in FY19F with further strut works (at least c.S$260m) potentially up for grabs this year.

■ Maintain Add with a lower TP of S$0.40.

 

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Alpha Picks: Kicking Off 2019

 

Overall, our alpha picks outperformed the broader market in 2018. As for Dec 18, our picks endured a tough month with the FSSTI declining 1.6% mom. We made changes to our alpha picks portfolio as we added NetLink NBN Trust (NetLink) and tactically removed DBS in preference for OCBC.

 

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OCBC PHILLIP SECURTIES

Keppel Corporation: Still active in China

 

Keppel Corporation (KEP) recently announced that Keppel Land China has secured a 4.7ha residential site in Chengdu, Sichuan province in China for RMB889.7m (~S$183.4m) via a government land tender. Keppel has a good history of building homes in Chengdu with six residential projects there; it has launched about 17,800 homes in Chengdu, which are almost all sold out. A unit of Keppel Land has also entered into an agreement to acquire a completed commercial property in Haidian District, Beijing, for RMB555m cash (~S$111m). As for the O&M division, it should continue its gradual recovery in 2019. We tweak our estimates and update the market values of KEP’s listed entities, such that our SOTP-based fair value estimate slips from S$7.97 to S$7.25. Maintain BUY.

 

 

Singapore Telecom Sector

Better than it appears

SINGAPORE | TELECOMUNICATIONS | SECTOR UPDATE & INITIATION 4 January 2019

 

 Impact of TPG Telecom entrance into Singapore is contained

 Enterprise segment a growth driver for telcos

 CAPEX for 5G should be gradual and not be a cause for concern

 We Initiate the telecommunications sector with an OVERWEIGHT rating

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings0.9500.015
Alliance Mineral0.2300.005
Anchor Resources0.024-0.003
AusGroup0.0350.002
Avi-Tech Electronics0.3000.010
Best World Int.2.720-0.010
China Sunsine1.300-
CSE Global0.4300.005
Food Empire0.525-
Geo Energy0.1960.007
Golden Energy0.2250.005
GSS Energy0.1060.004
HMI0.540-
ISDN Holdings0.200-
KSH Holdings0.5250.005
Miyoshi0.043-0.003
Moya Asia0.0800.001
Nordic Group0.4000.020
Oxley Holdings0.295-
REX International0.0810.006
Riverstone1.100-
Roxy-Pacific0.405-
Sing Holdings0.390-
SingMedical0.420-0.005
Sino Grandness0.1180.001
Straco Corp.0.730-
Sunningdale Tech1.4900.010
Sunpower Group0.4000.010
The Trendlines0.1010.006
Tiong Seng0.270-
Uni-Asia Group1.190-
XMH Holdings0.1800.019
Yangzijiang Shipbldg1.3500.030

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