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Banking – Singapore

Risk On The Upside For Domestic Interest Rates


The correction in the bond market and the resultant higher yields for government bonds and corporate bonds would have a positive impact on pricing for corporate loans. Recent strength in the US dollar, if sustained, should also be a booster for SOR and SIBOR. We believe the risk for domestic interest rates is on the upside. Maintain OVERWEIGHT. BUY DBS and OCBC.


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ComfortDelGro: Waiting for the light to turn green



ComfortDelGro (CDG) recently announced that it has reached a mutual agreement with Uber to terminate the sale and purchase agreement for the proposed acquisition of a 51% stake in Uber’s car rental arm in Singapore, Lion City Holdings, which in turns operates Lion City Rental (LCR). Given Grab’s acquisition of Uber’s Southeast Asia operations, CDG’s acquisition of LCR no longer make sense since it was based on a partnership with Uber’s drivers renting vehicles from LCR. Hence, we view this termination of LCR acquisition positive for CDG, as it frees up S$295m in cash that may potentially be deployed to make other accretive acquisitions to grow its businesses, potentially outside of the disrupted taxi segment. Nonetheless, CDG has reiterated that it still intends to go into the private hire car (PHC) space. Go-Jek is also reported to be in discussions with CDG in a potential partnership in Singapore but it remains a speculation at this stage. All considered, given the fluid situation, we prefer to wait for better clarity over CDG’s strategy competing in the PHC space as well as Grab’s response to new competitors. Hence, we downgrade CDG from BUY to HOLD, with an unchanged FV of S$2.50.


Land Transport Sector

Industry restructuring and levelling the playing field for Taxis



 Taxi population still contracting, and rental cars YoY growth continues to moderate

 Deadline for attending training and passing the test approaching, yet 40% of drivers have not attained their PDVLs

 Maintain Overweight on the Land Transport Sector, on the positive industry restructuring and regulatory action coming into effect which levels the playing field

 Maintain Accumulate on ComfortDelGro; higher target price of $2.69 (previously $2.48)


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.9000.030
Alliance Mineral0.1890.002
Anchor Resources0.0100.001
Avi-Tech Electronics0.275-
Best World Int.1.360-
China Sunsine1.1700.010
CSE Global0.480-0.005
Food Empire0.520-
Geo Energy0.148-
Golden Energy0.1990.001
GSS Energy0.071-
ISDN Holdings0.2300.005
KSH Holdings0.465-
Moya Asia0.0780.001
Nordic Group0.270-
Oxley Holdings0.3050.005
REX International0.0630.001
Sing Holdings0.380-
Sino Grandness0.0590.002
Straco Corp.0.760-
Sunningdale Tech1.3100.020
Sunpower Group0.4500.015
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group1.120-
XMH Holdings0.163-
Yangzijiang Shipbldg1.370-0.010

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