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CGS CIMB

UOB KAYHIAN

ESR-REIT

Revitalising its portfolio

 

■ EREIT announced the proposed acquisition of 49% of PTC Logistics Hub for S$44.4m and two proposed AEIs for S$45.7m.

■ The transactions will be funded with an equity fund raising of up to S$150m, part of which will also be used to repay debt.

■ We maintain our Add call with a TP of S$0.60 pending greater clarity following the EGM for the preferential offering.

 

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Health Management International (HMI SP)

Potential Share Offer On The Horizon?

 

HMI announced a possible share transaction with a third party. While discussions have not been finalised, the stock is up 18% since 18 May and 5% in the past week. Current valuation at 25.6x 2020F PE is only at a slight discount to peers’ and this indicates that any potential takeover premium will not be large. We have a BUY for its positive longer-term prospects, with a DCF-based target price of S$0.73.

 

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MAYBANK KIM ENG RHB

ComfortDelGro (CD SP)

Singapore taxi doesn’t drive the bus

 

Taxi pressure likely in the price; HOLD

Although risks in Singapore’s taxi space continue to pile revenue and margin pressure on CDG, we believe our below-consensus -5% taxi-EBIT CAGR for FY18-21E already factors this in. Expansion into overseas public transport remains key to its revenue and core-profit growth. Although we view its business restructuring and healthy balance sheet favourably, we think valuations are reflective of these positives. Maintain HOLD and DCF-based (WACC 9.0%, LTG 1%) TP of SGD2.45. Irrational taxi competition remains a risk to our outlook while significant acquisitions could provide upside.

 

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ComfortDelGro (CD SP)

Positive On Long-Term Outlook; NEUTRAL

 

 Upgrade to NEUTRAL, SGD2.65 TP, 3% upside with 4% yield. We remain confident over ComfortDelGro’s (CD) earnings growth recovery, aided by contributions from recent acquisitions and its public transport unit’s growth. The stock looks fairly priced now, ie trading at 17.3x 2019 P/E (5-year average: 15x). While we like the defensive nature of its earnings, investors should consider buying at a lower price (c.SGD2.40). Increased competition in the taxi business present downside risks, while earnings-accretive acquisitions offer upside risks.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.1300.030
Alliance Mineral0.125-0.003
Anchor Resources0.014-
AusGroup0.027-
Avi-Tech Electronics0.2850.015
Best World Int.1.360-
China Sunsine1.1400.010
CSE Global0.480-0.005
Food Empire0.495-
Geo Energy0.157-
Golden Energy0.2050.005
GSS Energy0.0840.003
HMI0.715-
ISDN Holdings0.235-
KSH Holdings0.420-
Miyoshi0.043-
Moya Asia0.076-
Nordic Group0.2900.005
Oxley Holdings0.330-
REX International0.0680.001
Riverstone0.915-0.005
Roxy-Pacific0.390-0.005
Sing Holdings0.405-
SingMedical0.380-0.005
Sino Grandness0.0500.004
Straco Corp.0.755-0.005
Sunningdale Tech1.4000.010
Sunpower Group0.480-
The Trendlines0.078-0.002
Tiong Seng0.230-
Uni-Asia Group0.7550.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.010

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