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Plantation – Singapore

Catching Up On Valuation


Interest in the palm oil sector has improved with the recovery in prices and potentially lower production with the mild El Nino and lack of fertiliser applications in 2018. Finally, Singapore-listed companies are catching up after two years of underperformance vs regional peers. Interest in GGR, FR and BAL will be driven largely by a more positive view on CPO prices. Wilmar has outperformed as it is getting closer to the listing of its China operations. Maintain MARKET WEIGHT.


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Frencken Group Ltd

Year of industrial automation


■ Frencken is a manufacturing solutions provider with a global presence and 2 key divisions – mechatronics and integrated manufacturing services (IMS).

■ We project the company to have a net cash balance sheet by end-FY21F. We estimate dividend yields over FY19-21F of 4.1-4.3%.

■ Initiate with Add and TP of S$0.90. We believe its earnings will be driven by industrial automation segment, where demand from a key customer is strong.


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Japan Foods (JFOOD SP)

Ground Checks: Hototogisu Delivering Growth


 Stay NEUTRAL with SGD0.45 TP, 1% downside, 4.4% FY20F (Mar) yield. We visited Japan Foods’ latest ramen franchise restaurant Hototogisu at Jewel Changi and came back positive about the brand’s potential to generate higher revenue per restaurant. Although the ongoing rationalisation of stores and moderating consumer discretionary spending amidst slowing economic growth should drag profits lower in FY19, contributions from new franchise brands and Japan Foods’ JV with Minor could translate into return of profit growth in FY20.


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Roxy-Pacific Holdings: Not calling the bottom yet


Roxy-Pacific’s project pipeline faces somewhat mixed prospects, in our view. 22 Farrer Road could be a beneficiary from the sale prohibition of units at the former Normanton Park site, while the 15, 17 & 19 Lorong Kismis and Dunearn 386 projects could face keen competition in Bukit Timah. As a recap, Mar’19 saw developers selling 1,054 private units (excluding ECs), representing a 47.2% YoY increase. This is not surprising, given that 1,821 units were launched following the Chinese New Year festivities. For 1Q19, total private units sold amounted to 1,946 units, representing a 20% YoY increase. The bumper supply in 2019 should continue to drive sales, but potential buyer fatigue, translating into a more subdued sell-through rate would be a cause for concern. Maintain HOLD with unchanged FV of S$0.41.

LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.9000.030
Alliance Mineral0.1890.002
Anchor Resources0.0100.001
Avi-Tech Electronics0.275-
Best World Int.1.360-
China Sunsine1.1700.010
CSE Global0.480-0.005
Food Empire0.520-
Geo Energy0.148-
Golden Energy0.1990.001
GSS Energy0.071-
ISDN Holdings0.2300.005
KSH Holdings0.465-
Moya Asia0.0780.001
Nordic Group0.270-
Oxley Holdings0.3050.005
REX International0.0630.001
Sing Holdings0.380-
Sino Grandness0.0590.002
Straco Corp.0.760-
Sunningdale Tech1.3100.020
Sunpower Group0.4500.015
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group1.120-
XMH Holdings0.163-
Yangzijiang Shipbldg1.370-0.010

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