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UOB KAYHIAN

DBS VICKERS

Takeover Could Drive Re-rating Of Deep-Value SmallCap Manufacturing Stocks

 

The takeover offer of PCI on 4 Jan 19 at an attractive premium and TTM EV/EBITDA of 5.5x could lead to a re-rating of deep-value manufacturing stocks. We re-iterate BUY on deep-value manufacturing names trading at below-industry EV/EBITDA backed by high cash balances and stocks offering high dividend yields. Our top picks are Fu Yu (2019F EV/EBITDA of 2.9x and yield of 8.7%) and Valuetronics (2019F EV/EBITDA of 2.7x and yield of 6.3%). Assuming 5.5x EV/EBITDA, both stocks could offer about 80% upside.

 

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Singapore Monthly

 

Handshake or cold stare?

• STI rangebound at 2960-3190 pending outcome of US-China trade talks

• Adding a Bull-case scenario of STI at 3500

• Transiting to mid-contraction phase - SembCorp Industries, Netlink

• S-REITs still in favour as FED turns dovish - CMT, MCT, MLT, FLT MAGIC

• Sticking to defensives - ST Engineering, Yangzijiang, ComfortDelgro, CMT, MLT, Netlink Trust, UOB

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.190-0.030
Alliance Mineral0.1790.001
Anchor Resources0.0210.001
AusGroup0.028-
Avi-Tech Electronics0.285-
Best World Int.2.390-0.030
China Sunsine1.150-0.030
CSE Global0.5450.005
Food Empire0.5650.005
Geo Energy0.182-
Golden Energy0.2350.005
GSS Energy0.1010.002
HMI0.5400.005
ISDN Holdings0.240-
KSH Holdings0.505-0.005
Miyoshi0.043-0.002
Moya Asia0.077-
Nordic Group0.325-
Oxley Holdings0.310-0.005
REX International0.0770.001
Riverstone1.100-
Roxy-Pacific0.3950.005
Sing Holdings0.3900.005
SingMedical0.4500.005
Sino Grandness0.058-0.003
Straco Corp.0.780-0.010
Sunningdale Tech1.350-
Sunpower Group0.5750.005
The Trendlines0.0870.001
Tiong Seng0.2400.005
Uni-Asia Group1.220-
XMH Holdings0.200-
Yangzijiang Shipbldg1.500-

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