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UOB KAYHIAN

DBS VICKERS

STRATEGY – SINGAPORE

Alpha Picks: Positive Start To The Year

Most of our alpha picks recorded gains in January. We see further upside to the target prices for our stocks.

 

WHAT’S NEW

 A good month. Most of our picks notched up gains in January, except OCBC. Our portfolio gained 5.7% mom, vs the FSSTI’s +4.0% for the month. The most notable outperformer within our picks was CSE Global which gained 13.2% mom as it secured infrastructure projects worth S$84.8m in 4Q18, bumping up its full-year order wins to S$150.5m (+43.6% yoy). Small-cap manufacturing companies in our portfolio also delivered strong gains (Fu Yu: +7.9%, Valuetronics: +6.8%).

 

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Ezion Holdings

Not out of the woods yet

 

Downgrade to HOLD; TP reduced to S$0.06, after pegging a lower target multiple of 0.3x on FY19F book value (vs 0.8x previously), given potential asset impairments and slower-thanexpected ramp up in utilisation and revenue. While it is darkest before dawn and the stock’s valuation has been greatly discounted for the slow recovery, clearer signs of a turnaround are required to re-rate the stock. Downgrade to HOLD.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.040-0.030
Alliance Mineral0.168-0.002
Anchor Resources0.018-
AusGroup0.0310.002
Avi-Tech Electronics0.280-0.010
Best World Int.1.780-0.110
China Sunsine1.200-0.030
CSE Global0.515-0.005
Food Empire0.5600.005
Geo Energy0.178-0.002
Golden Energy0.220-
GSS Energy0.1030.002
HMI0.545-
ISDN Holdings0.225-0.005
KSH Holdings0.520-0.010
Miyoshi0.054-0.002
Moya Asia0.087-0.001
Nordic Group0.325-
Oxley Holdings0.295-
REX International0.0810.002
Riverstone1.080-
Roxy-Pacific0.405-0.005
Sing Holdings0.405-
SingMedical0.4650.005
Sino Grandness0.053-0.002
Straco Corp.0.8000.020
Sunningdale Tech1.330-0.010
Sunpower Group0.525-
The Trendlines0.0870.001
Tiong Seng0.2500.005
Uni-Asia Group1.170-0.010
XMH Holdings0.163-0.022
Yangzijiang Shipbldg1.5900.010

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