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CGS CIMB

UOB KAYHIAN

Mapletree Commercial Trust

Growth with downside protection

 

■ MBC II is ripe for acquisition. On a base-case scenario, the acquisition would raise FY20-21F DPU by about 4.8-4.9% and total return to a strong 17%.

■ We expect stronger reversion for VivoCity and MBC I. Lower supply and AEI benefits VivoCity; MBC I to see stronger demand from decentralisation.

■ MCT is now our preferred retail REIT, given its growth potential and consistent DPU growth. Maintain Add with a higher target price of S$1.94.

 

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Wilmar International (WIL SP)
 
Back to Basics
 
 
Over 28 years, Wilmar has grown from just a palm oil refiner and trader to one of the global leaders in the processing and merchandising of agricultural products with a strong presence across 33 countries (mainly emerging markets such as China, India, Indonesia, Indochina and Africa). Soon, its China operation will be listed on the Shanghai Stock Exchange and is potentially the largest vegetable oil and food ingredient producer with a market cap of US$12b-13b. Maintain BUY. Target price: S$3.90.
 
PHILLIP SECURITIES RHB

Singapore Exchange Limited

Derivatives growth the slowest in almost two years

SINGAPORE | FINANCE |UPDATE

 

 HKEX announced the launch of futures contracts on MSCI China A Index.

 SGX’s February Derivatives Daily Average Volume (DDAV) growth was flat at 1.4% YoY, the lowest in almost two years.  SGX’s derivatives business accounts for c.49% of total revenue in 6M19.

 We downgrade to Accumulate at a lower TP of S$8.17 (previously S$8.36) and lowered our FY19e earnings by 2%. We peg our TP to 23.2x P/E, at SGX’s 5-year mean.

 

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Dairy Farm (DFI SP)

Accumulate For Longer Term; Upgrade To BUY

 

 Upgrade to BUY from Neutral with new USD8.25 TP, from SGD8.64, 11% upside plus 3% yield. It has been challenging for the supermarket/hypermarket division over the past four years. Share price saw a sell-down after the group made major write-downs and provisions to this division in 4Q18. YTD, share price has plunged 19%, underperforming the STI considerably. We believe share price is at its trough, and long-term investors may look to accumulate the stock at its low.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.070-0.010
Alliance Mineral0.170-
Anchor Resources0.018-
AusGroup0.029-
Avi-Tech Electronics0.290-
Best World Int.1.870-0.060
China Sunsine1.2300.020
CSE Global0.520-
Food Empire0.5550.010
Geo Energy0.1800.003
Golden Energy0.220-0.005
GSS Energy0.1010.001
HMI0.545-0.005
ISDN Holdings0.2300.005
KSH Holdings0.530-0.015
Miyoshi0.0560.004
Moya Asia0.088-
Nordic Group0.3250.005
Oxley Holdings0.295-0.005
REX International0.0790.001
Riverstone1.080-0.030
Roxy-Pacific0.410-
Sing Holdings0.405-
SingMedical0.460-0.010
Sino Grandness0.055-0.001
Straco Corp.0.780-
Sunningdale Tech1.3400.010
Sunpower Group0.525-0.010
The Trendlines0.0860.001
Tiong Seng0.2450.005
Uni-Asia Group1.180-
XMH Holdings0.185-
Yangzijiang Shipbldg1.580-0.020

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