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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 Holdings0.9050.005
Alliance Mineral0.240-0.010
Anchor Resources0.027-
AusGroup0.035-
Avi-Tech Electronics0.290-0.010
Best World Int.2.7100.030
China Sunsine1.300-0.020
CSE Global0.4300.010
Food Empire0.535-
Geo Energy0.190-0.001
Golden Energy0.225-
GSS Energy0.1020.001
HMI0.540-
ISDN Holdings0.198-0.002
KSH Holdings0.525-0.010
Miyoshi0.043-
Moya Asia0.079-
Nordic Group0.390-
Oxley Holdings0.300-
REX International0.074-
Riverstone1.090-0.010
Roxy-Pacific0.405-
Sing Holdings0.395-
SingMedical0.425-
Sino Grandness0.117-
Straco Corp.0.700-0.015
Sunningdale Tech1.4800.010
Sunpower Group0.4050.010
The Trendlines0.0950.002
Tiong Seng0.275-
Uni-Asia Group1.2000.020
XMH Holdings0.161-
Yangzijiang Shipbldg1.300-

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