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MAYBANK KIM ENG

UOB KAYHIAN

SATS (SATS SP)

In a spending mood

 

Investments and capex to materially ramp-up. BUY

The key takeaway from SATS’ recently held Capital Markets Day was the guidance of spending to rise to c2.5x the level witnessed in recent years. While positive for medium term growth, profits will be weighed for a couple of years with upfront costs during the gestation period characteristic in new investments. Hence we cut our FY20E/21E PATMI by 13-15% but our DCF based TP has increased 5% to SGD6.10 factoring medium term contributions and a more efficient balance sheet.

 

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Assessing Scope For Valuation Expansion Among NonREIT Stocks

 

High-yield stocks under our coverage offer dividend yields of 3.8-6.2 %. While some of these stocks appear attractive relative to 10-year SGS, we believe only ComfortDelgro and Netlink NBN Trust offer scope for appreciation beyond our respective target prices due to higher dividend yields. We have BUY ratings on both stocks.

 

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RHB  DBS VICKERS 


Frencken Group (FRKN SP)

Robust Outlook Despite Trade War; Stay BUY 

 

 Stay BUY, SGD0.82 DCF-based TP, 30% upside with 4.4% FY19F yield. Frencken has been unaffected by the US-China trade war, since most of its factories and business activities are in Europe. Management’s outlook remains positive, and 2Q should see robust YOY growth for its industrial automation division, as well as continued expansion in the analytical and medical segments. We expect FY19F PATMI to surge 12.7% YoY. At 6.9x FY19F P/E (peer average: 9.9x), this stock is an undervalued gem.

 

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Singapore Property

Double Prosperity

 

• CRCT proposed the acquisition of three fast-growing retail assets in China from CAPL-managed funds

• Move is mutually beneficial, leading to improved financial metrics for both, in our opinion

• CRCT to benefit from immediate yield and DPU accretion; a larger market cap also awaits

• CAPL on track to meet divestment and ROE targets while demonstrating in-house recycling capabilities

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.000-0.050
Alliance Mineral0.145-0.006
Anchor Resources0.013-
AusGroup0.026-0.002
Avi-Tech Electronics0.2800.015
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.475-0.015
Food Empire0.495-0.005
Geo Energy0.150-0.001
Golden Energy0.215-0.010
GSS Energy0.086-0.002
HMI0.6500.005
ISDN Holdings0.230-
KSH Holdings0.415-0.005
Miyoshi0.043-0.001
Moya Asia0.075-0.003
Nordic Group0.280-0.020
Oxley Holdings0.325-0.005
REX International0.073-0.001
Riverstone0.9950.010
Roxy-Pacific0.390-0.005
Sing Holdings0.3950.010
SingMedical0.385-0.005
Sino Grandness0.042-0.002
Straco Corp.0.750-
Sunningdale Tech1.330-0.010
Sunpower Group0.470-0.005
The Trendlines0.077-
Tiong Seng0.2300.005
Uni-Asia Group0.755-0.005
XMH Holdings0.153-
Yangzijiang Shipbldg1.520-

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