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Singapore Press Holdings

In pressing need for diversification

■ SPH-Kajima JV was the highest bidder for the first Bidadari mixed development.

■ S$1,181 psf bid comes with the advantages of first-mover status and prime location.

■ We are positive on SPH’s continual efforts to diversify earnings. Maintain Hold with unchanged FY8/17F-19F forecasts and target price.


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"Made in China 2025" And "Belt and Road" To Power Growth

With the advent of Industry 4.0, China’s Belt and Road and the global semiconductor recovery, we believe ISDN’s net profit will grow at an astounding 44% CAGR in 2016-19 (in part thanks to a low 2016 base) with its solid leadership position in the motion control market. Despite strong growth and net cash representing 29.2% of market cap, this laggard play is trading at much lower valuation than peers. Initiate coverage with BUY and target price of S$0.35, based on peers’ average of 10.6x FY18 PE.


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Singapore Post: Good execution required

Since our last report on 15 May, “eCommerce needs time to deliver”, in which we downgraded Singapore Post (SingPost) to Sell, the stock price has corrected by about 8% vs. the STI’s flattish performance. At one point, the stock closed as low as S$1.235, which was on 6 Jun. This is likely attributed to the group’s disappointing FY17 results, poor performance from TradeGlobal, as well as uncertainty relating to this entity. Given the share price correction, we upgrade our rating to HOLD, keeping our fair value estimate unchanged at S$1.20. Looking ahead, there are several things to look out for: 1) level of improvement in volumes from the collaboration with Alibaba, 2) results from the review of the circumstances relating to SingPost’s consideration and approval of the TradeGlobal acquisition, 3) utilization levels at the new ecommerce logistics hub, 4) any escalation of losses from the ecommerce division.


LionelLim8.16Check out our compilation of Target Prices

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