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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 Holdings1.1600.030
Alliance Mineral0.123-
Anchor Resources0.0140.001
AusGroup0.0280.002
Avi-Tech Electronics0.2900.005
Best World Int.1.360-
China Sunsine1.1300.010
CSE Global0.480-
Food Empire0.500-
Geo Energy0.1570.002
Golden Energy0.200-
GSS Energy0.084-
HMI0.7200.005
ISDN Holdings0.230-0.005
KSH Holdings0.415-0.010
Miyoshi0.0450.002
Moya Asia0.0770.002
Nordic Group0.2850.005
Oxley Holdings0.330-
REX International0.068-0.001
Riverstone0.915-0.005
Roxy-Pacific0.385-0.015
Sing Holdings0.405-
SingMedical0.380-
Sino Grandness0.0510.001
Straco Corp.0.750-0.010
Sunningdale Tech1.4100.010
Sunpower Group0.5250.010
The Trendlines0.0910.013
Tiong Seng0.220-
Uni-Asia Group0.750-
XMH Holdings0.154-
Yangzijiang Shipbldg1.520-

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