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UOB KAYHIAN

DBS VICKERS

STRATEGY – SINGAPORE

Alpha Picks: Positive Start To The Year

Most of our alpha picks recorded gains in January. We see further upside to the target prices for our stocks.

 

WHAT’S NEW

 A good month. Most of our picks notched up gains in January, except OCBC. Our portfolio gained 5.7% mom, vs the FSSTI’s +4.0% for the month. The most notable outperformer within our picks was CSE Global which gained 13.2% mom as it secured infrastructure projects worth S$84.8m in 4Q18, bumping up its full-year order wins to S$150.5m (+43.6% yoy). Small-cap manufacturing companies in our portfolio also delivered strong gains (Fu Yu: +7.9%, Valuetronics: +6.8%).

 

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Ezion Holdings

Not out of the woods yet

 

Downgrade to HOLD; TP reduced to S$0.06, after pegging a lower target multiple of 0.3x on FY19F book value (vs 0.8x previously), given potential asset impairments and slower-thanexpected ramp up in utilisation and revenue. While it is darkest before dawn and the stock’s valuation has been greatly discounted for the slow recovery, clearer signs of a turnaround are required to re-rate the stock. Downgrade to HOLD.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.020-0.020
Alliance Mineral0.184-0.007
Anchor Resources0.026-
AusGroup0.034-0.001
Avi-Tech Electronics0.295-0.005
Best World Int.3.250-0.020
China Sunsine1.300-0.010
CSE Global0.460-0.010
Food Empire0.5350.005
Geo Energy0.194-0.001
Golden Energy0.245-0.005
GSS Energy0.121-0.002
HMI0.570-0.005
ISDN Holdings0.210-
KSH Holdings0.5300.010
Miyoshi0.0470.002
Moya Asia0.081-0.003
Nordic Group0.380-0.010
Oxley Holdings0.3200.010
REX International0.090-0.003
Riverstone1.1300.010
Roxy-Pacific0.395-0.020
Sing Holdings0.390-
SingMedical0.445-0.010
Sino Grandness0.062-0.001
Straco Corp.0.7750.035
Sunningdale Tech1.560-0.010
Sunpower Group0.525-0.005
The Trendlines0.101-0.001
Tiong Seng0.280-0.005
Uni-Asia Group1.190-
XMH Holdings0.170-0.020
Yangzijiang Shipbldg1.400-0.020

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