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Valuetronics (VALUE SP)

PCBA allocation risks priced in

 

Priced in; maintain BUY

VALUE believes PCBA sales might be pressured if its customer decides to diversify its supplier pool due to the Sino-US trade war. To gauge the downside from such event, we evaluate the impact of an aggressive 50% cut in VALUE’s FY20E PCBA sales. Our simulation suggests a 10% earnings impact, and prospective yield would be 5.9% (current forecast: 6.4%). Given still attractive 41% upside to our ROE-g/COE-g fair value outcome of SGD0.98 (-7% from current TP), we believe such risks are priced in.

 

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Singapore Telecommunications (ST SP)

Stock Trades Below Mean And Offers Diversification Across The Region

 

Singtel will focus on mitigating declining legacy voice revenue by monetising data growth opportunities while keeping a lean cost structure. The ICT and digital businesses will be drivers for the company, albeit accounting for only 21% of group revenue. The subscription of Airtel rights issue will not derail Singtel from its mandate to pay out dividends of 17.5 S cents per year for FY19 and FY20. Maintain BUY as the stock trades below mean EV/EBITDA with a 5.8% dividend yield. Target price: S$3.58.

 

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RHB  

Starhill Global REIT (SGREIT SP)

 

Long Leases Mitigate AEI Impact; Keep BUY

 Still BUY with new TP of SGD0.78 from SGD0.80, 11% upside plus 7% yield. Starhill Global REIT, a sector Top Pick, is among the cheapest SREITs – yield 160bps higher than sector average and P/BV of 0.8x, vs sector’s 1.1x. Its Malaysian master lease extensions of 9-19.5 years provide income certainty at the slight expense of upfront capex for AEI. We believe the new master lease is in the unit holders’ best interest amidst the challenging retail market in KL.

 

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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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