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CGS CIMB

OCBC

Banks

O&G trouble could be one-off

 

■ We think that further widespread deterioration of the O&G sector following Coastal Oil’s liquidation is unlikely.

■ In the worst case scenario of incurring full provisions, credit costs could rise by 1-6bp. We believe the NPL implication is not material at 1-6bp.

■ Stay sector Overweight. OCBC is our top pick for continued NIM upside and attractive valuation of 1.1x CY19 P/BV - below long-term mean of 1.4x.

 

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Ascott Residence Trust: New Year, New Look

Yesterday, Ascott Residence Trust (ART) announced that it has entered into a sale and purchase agreement with an unrelated third party (the “Purchaser”) to divest Ascott Raffles Place Singapore for S$353.3m, which is 64.3% above the independent valuation of S$215.0m as at 31 Dec 2018. On a pro forma basis, FY17 DPU would fall 2.4% from 7.09 S cents (actual) to 6.92 S cents, while FY17 NAV per share would increase 4.8% from S$1.25 (actual) to S$1.31. While we were not surprised by the Ascott Raffles Place divestment per se given ART’s active asset recycling strategy, we were impressed that ART has managed to sell such a substantial asset significantly above its book value. After adjustments, our fair value increases to S$1.18. We continue to like ART’s portfolio of assets with its strong brand recognition and high geographical diversification. Given the increase in fair value, we upgrade ART from Hold to BUY.

RHB UOB KAYHIAN

Wilmar International (WIL SP)

Upside From Potential China IPO

 

 Maintain BUY and SGD3.58 TP, 13% upside, with 3% FY19F yield. Wilmar is our Top Pick for exposure to the plantation sector. Given an unexciting year ahead for CPO prices, we believe Wilmar will outperform the sector as its exposure to the downstream space could help to mitigate the lower earnings in the plantation segment. In addition, the potential A-share listing of its China operations could unlock some latent value in the stock through special dividends and a share price rerating.

 

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Sunpower Group (SPWG SP)

Addressing Concerns Of Unauthorised Share Transfers

 

Sunpower’s 32% share price correction since its substantial shareholders fell prey to unauthorised share transfers on 17 Oct 18 appears to be overdone. Total exposure is limited to only 3.8% of issued shares; downside is limited as legal actions have been taken against their borrower and Sunpower has started buying back shares in 2019. Core business remains robust and current valuation is attractive at 5.8x 2018F PE. Maintain BUY and SOTP-based target price of S$0.76.

 

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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.2.7000.020
China Sunsine1.320-
CSE Global0.4250.005
Food Empire0.535-
Geo Energy0.190-0.001
Golden Energy0.225-
GSS Energy0.1020.001
HMI0.540-
ISDN Holdings0.198-0.002
KSH Holdings0.520-0.015
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 Group0.4000.005
The Trendlines0.0950.002
Tiong Seng0.275-
Uni-Asia Group1.1900.010
XMH Holdings0.161-
Yangzijiang Shipbldg1.290-0.010

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