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CGS CIMB

UOB KAYHIAN

Japfa Ltd

Peaked for now

 

■ At 9.4x CY20F, the market has priced in weaker Vietnam profits after the African Swine Fever (ASF) outbreak in Vietnam since 19 Feb, in our view.

■ But narrower net profit growth in its Indonesia poultry business post 3Q19F, and larger-than-expected disruption in Vietnam are potential downside risks.

■ Valuations could retrace to the -0.5 s.d. level (c.8.0x), until headwinds dissipate. Downgrade to Reduce from Add with a lower SOP TP of S$0.63.

 

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Thai Beverage (THBEV SP)

Tapping On Brand Value

 

THBEV revealed its business developments in areas such as spirits portfolio management. The group intends to build its brand leadership and distribution reach in 2019. Maintain HOLD with an unchanged SOTP-based target price of S$0.86. Entry price: S$0.78.

 

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RHB DBS VICKERS

CapitaLand Mall Trust(CT SP)

Funan Opening Fully Priced In; Stay NEUTRAL 

 

 Remain NEUTRAL, TP rises by 3% to SGD2.20, 8% downside with 7% FY19F yield. CapitaLand Mall Trust’s share price has performed well YTD – up 6% (S-REITs/STI: +9/+4%), mainly on optimism over Funan Mall’s opening, and the bottoming of retail rental rates. We believe positives are fully priced in and valuations are fair – it is trading at 1.2x P/BV. While retail rental seems to stabilising, we do not expect any strong growth in rates in the near term.

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Frasers Centrepoint Trust

Time to catch them all

 

TP raised to S$2.60 as we see the dual acquisition of stakes in PGIM and Waterway Point revitalising growth. Contrary to market speculation, we believe that FCT has ample capacity to take on both the PGIM investment and its Sponsor’s 33% stake in Waterway Point, and still maintain optimal gearing of c.35%.

 

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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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