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UOB MAYBANK

Kimly (KMLY SP)

Operationally Resilient; Maintain BUY On Share Price Pullback

 

Since its IPO in March, share price has retreated nearly 30% from ytd peak. The stock is now trading at an 11% discount to consumer peers’ FY18F PE. With a strong cash balance of S$83.7m (20% of market cap), potential M&As could be a compelling catalyst for earnings growth for FY18-19. Kimly remains operationally resilient, and we expect continued organic expansion through the opening of new outlets. Maintain BUY with a lower DCF-based target price of S$0.45 (previously S$0.46).

 

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GuocoLand (GUOL SP)

Accumulate on Weakness

 

Falling share price at odds with stronger data points

GuocoLand’s share price fell 12% over the past month, underperforming the Developer Index (FSTREH), which fell by a smaller 4%. This is at odds with stronger data points that have emerged: [1] Stronger-than-expected pace of sales at Martin Modern, [2] Strong land bid for Jiak Kim site and [3] Wallich Residence hit SGD4,000 psf. We fine-tune sales and raise ASP assumptions for Martin Modern and Wallich Residence by SGD100-150 psf. We lift TP to SGD2.95 (from SGD2.90), based on a 20% discount to its revised RNAV of SGD3.68. Stock is attractively priced at 43% RNAV discount. Maintain BUY. Risks from a sharp fall in property prices.

 

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OCBC

Roxy-Pacific Holdings: Upgrade to BUY

 


Roxy-Pacific announced that it will acquire for A$33.0m a six-storey commercial and retail building, known as Melbourne House, in Melbourne’s CBD. We understand that it is in a mixed-use zone, where commercial retail, hotel and residential uses may be accommodated, and Roxy intends to redevelop the property to a mixed use development comprising hotel and retail units. In Singapore, we see Roxy to be well positioned to benefit from a turnaround in the domestic property market. The group has a landbank that can potentially generate over 400 homes in seven sites, with approximately 271k of GFA, including Dunearn Court that was recently acquired for S$36.3m through a collective sale. Our valuation model is updated with these latest acquisitions and firmer residential sales and ASP assumptions, and our fair value estimate increases to S$0.60 from S$0.52 previously. Upgrade from HOLD to BUY.


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.1300.040
Alliance Mineral0.345-
AusGroup0.036-0.001
Avi-Tech Electronics0.380-
Best World Int.1.330-0.030
China Sunsine1.410-0.020
DISA Limited0.009-
Dutech Holdings0.285-
Federal Int. (2000)0.275-
Food Empire0.635-0.005
Geo Energy0.215-
Golden Energy0.335-
GSS Energy0.141-
Heeton Holdings0.530-
ISOTeam0.3300.005
KSH Holdings0.615-
Lian Beng Group0.500-0.005
Miyoshi0.055-0.001
Nordic Group0.505-
Oxley Holdings0.360-0.005
REX International0.043-0.001
Riverstone1.0600.010
Roxy-Pacific0.430-
Serial System0.136-
Sing Holdings0.395-
Sino Grandness0.210-
Straco Corp.0.7650.010
Sunningdale Tech1.370-0.010
Sunpower Group0.6100.005
The Trendlines0.120-
Tiong Seng0.385-
Trek 2000 Int.0.111-0.014
Uni-Asia Group1.310-
XMH Holdings0.2400.005
Yangzijiang Shipbldg0.880-0.005

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