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Suntec REIT (SUN SP)
Awaiting Australian Acquisition; NEUTRAL


 Maintain NEUTRAL, SGD1.90 TP, 1% downside with 5.3% FY19F yield. Suntec REIT’s (Suntec) recent placement exercise gears up its balance sheet for potential acquisitions, but is dilutive to unitholders in the near term. While operational weakness is expected to persist in the near term, a turnaround is expected in 2H20 post-completion of its development projects. Valuations are reasonable, at 0.9x P/BV with a FY19F dividend yield of 5.3%. We maintain our call pending deployment of proceeds.


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Wilmar International (WIL SP)

Another Step Closer To China A-share Listing


Wilmar’s China subsidiary Yihai Kerry had completed the guidance process required by CSRC and is on track to meet Wilmar’s target to be listed in 4Q19. This would likely make it one of the largest listed vegetable oil and food ingredient producers by market capitalisation. Current China operations contribute about 60% of group PAT. The IPO proceeds would be utilised for the expansion of wheat flour, rice milling and soybean crushing capacities in China. Maintain BUY. Target price: S$3.90.


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Enough pie to be shared, virtual bank or not


■ Our recent Singapore strategy marketing tour saw investors finding their feet at more attractive entry levels after the 12-16% sell-down in May 2019.

■ Concerns centered around a Fed rate cut (could de-rate sector), the threat of virtual banks (low in near term), and NIM expansion (optimistic for 2Q19).

■ Maintain Neutral. Cross border business flows and loan growth still muted. Strong asset quality and robust capital are main support pillars for the sector


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GSS Energy (GSSE SP)

Oil & Gas Unit Going On Hiatus; Stay NEUTRAL


 Maintain NEUTRAL, DCF-based TP of SGD0.08, nil upside. While we think farming out the oil & gas arm will be positive for GSS Energy’s (GSS) shareholders, it also indicates the business has not performed as well as anticipated. We would like to see a concrete upturn in its engineering business, as well as the monetisation of its oil & gas segment before revising our estimates.


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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-
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
ISDN Holdings0.235-
KSH Holdings0.420-
Moya Asia0.076-
Nordic Group0.2900.005
Oxley Holdings0.330-
REX International0.0680.001
Sing Holdings0.405-
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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