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CGS CIMB

UOB KAYHIAN

CEI Limited

Hold for dividends

 

■ We provide an update on CEI post our company visit last Thursday (our last update on CEI was on 12 Feb 2018).

■ We believe it is well positioned to benefit from the US-China trade tensions as its factories are in Vietnam and Indonesia.

■ Maintain Hold but lower TP to S$0.97, based on 10x (3-year historical average P/E) FY20F core EPS.

 

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Sembcorp Industries (SCI SP)

Sheer Overhang; Downgrade To HOLD

 

SEIL Project 1 PLF worsened in Feb 19 despite Unit #1 resuming operations, while SEIL Project 2 showed yoy weakness. Dark spread is narrowing as India spot electricity prices are declining more than coal prices. Earnings are lowered 1-3% as a result. At the same time, balance sheet concerns for SMM have created an overhang. We lower our non-marine PE multiple and downgrade SCI to HOLD. Target price: S$2.80. Entry price: S$2.35.

 

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DBS VICKERS RHB

Wilmar International (WIL SP) : BUY

Building an Asia-Pacific consumer food empire

 

• Acquiring remaining 50% stake in Goodman Fielder Pty Limited

• Deal for US$180m cash; also acquiring existing shareholder loans for US$95m, with another US$50m payable by Wilmar subject to performance

• Wilmar continues to build its consumer food business

• Maintain BUY, TP S$3.60

 

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Singapore Equity Strategy

Headwinds Persist; Stick With Quality!

 

 Earnings downgrade continues after weak FY18 results.

Dairy Farm, Genting Singapore (GENS), and Golden Agri reported FY18 results that missed expectations, while Best World, Raffles Medical and Thai Beverage’s results beat. StarHub (+7%) and Thai Beverage (+6%) had highest earnings upgrades, while GENS (-7%) saw earnings downgrade. Earnings revisions for STI remained negative, with 2019’s consensus EPS downgraded by 2% in the last four weeks. Post results, we upgraded ComfortDelGro to BUY from Neutral and downgraded Ascendas REIT to NEUTRAL from Buy.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.2400.050
Alliance Mineral0.181-0.001
Anchor Resources0.021-0.001
AusGroup0.028-
Avi-Tech Electronics0.2900.010
Best World Int.2.440-0.110
China Sunsine1.2000.030
CSE Global0.5400.005
Food Empire0.5600.025
Geo Energy0.1860.001
Golden Energy0.235-
GSS Energy0.102-0.002
HMI0.535-0.005
ISDN Holdings0.240-
KSH Holdings0.5100.005
Miyoshi0.045-
Moya Asia0.080-
Nordic Group0.330-
Oxley Holdings0.320-
REX International0.081-0.001
Riverstone1.100-
Roxy-Pacific0.400-
Sing Holdings0.390-
SingMedical0.455-
Sino Grandness0.043-
Straco Corp.0.7900.010
Sunningdale Tech1.360-
Sunpower Group0.5800.005
The Trendlines0.089-0.001
Tiong Seng0.215-
Uni-Asia Group1.220-0.020
XMH Holdings0.200-
Yangzijiang Shipbldg1.510-

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