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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 Holdings1.210-0.030
Alliance Mineral0.178-0.003
Anchor Resources0.021-
AusGroup0.028-
Avi-Tech Electronics0.285-0.005
Best World Int.2.410-0.030
China Sunsine1.180-0.020
CSE Global0.5450.005
Food Empire0.560-
Geo Energy0.182-0.004
Golden Energy0.235-
GSS Energy0.100-0.002
HMI0.535-
ISDN Holdings0.240-
KSH Holdings0.505-0.005
Miyoshi0.045-
Moya Asia0.077-0.003
Nordic Group0.325-0.005
Oxley Holdings0.320-
REX International0.077-0.004
Riverstone1.100-
Roxy-Pacific0.390-0.010
Sing Holdings0.385-0.005
SingMedical0.445-0.010
Sino Grandness0.0590.016
Straco Corp.0.790-
Sunningdale Tech1.350-0.010
Sunpower Group0.565-0.015
The Trendlines0.086-0.003
Tiong Seng0.2350.020
Uni-Asia Group1.220-
XMH Holdings0.200-
Yangzijiang Shipbldg1.490-0.020

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