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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

Share Prices

Counter NameLastChange
AEM Holdings6.620-0.400
Alliance Mineral0.370-0.010
Avi-Tech Electronics0.495-0.010
Best World Int.1.700-0.070
China Sunsine1.380-0.070
DISA Limited0.0090.001
Dutech Holdings0.250-0.010
Federal Int. (2000)0.385-
Food Empire0.660-0.015
Geo Energy0.220-0.005
Golden Energy0.375-0.005
GSS Energy0.167-0.004
Heeton Holdings0.565-0.005
KSH Holdings0.670-0.020
Lian Beng Group0.655-0.005
Nordic Group0.560-0.015
Oxley Holdings0.515-0.010
REX International0.049-0.002
Serial System0.172-
Sing Holdings0.425-0.005
Sino Grandness0.198-0.002
Straco Corp.0.765-0.010
Sunningdale Tech1.870-0.060
Sunpower Group0.545-0.035
The Trendlines0.125-0.002
Tiong Seng0.3950.005
Trek 2000 Int.0.245-0.015
Uni-Asia Group1.410-
XMH Holdings0.255-0.005
Yangzijiang Shipbldg1.220-0.050

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