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Keppel Corp (KEP SP)

Asset Value Waiting To Be Unlocked


 Maintain BUY and SOP-based SGD7.33 TP from SGD7.92, 23% upside, plus 4% yield. We like Keppel for its potential for prime landbank-value unlocking in China and Vietnam. Its O&M division would see recovery in contract flows, with FPSO conversion jobs expected to pick up in 2019, after securing SGD1.8bn of 2019 O&M orderbook YTD (exceeding SGD1.7bn for FY18).


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City Developments (CIT SP)

Revised Takeover Offer For M&C


 Remain NEUTRAL with an unchanged TP of SGD9.20, 8% upside and 2% yield. CDL’s revised takeover offer to acquire the remaining 35% stake and take full ownership of its London-listed subsidiary Millennium & Copthorne hotels (M&C) is likely to gain approval from minority shareholders. The move is a long-term positive and should help CDL to better reposition its ageing hotel assets but will also result in a significant increase in its near-term capex. We make no changes to our estimates, pending further updates.


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REITs – Singapore

Potential Cut In Interest Rates If Trade Conflict Escalates


The FED will closely monitor the implications of trade negotiations and will act appropriately to sustain economic expansion. Yield for 10Y government bonds receded by 56bp to 2.12% in the US but remained unchanged at 2.04% in Singapore during 1H19. Our sensitivity analysis indicates that target prices of S-REITs will rise 5.1% for a 25bp drop in RFR. Maintain OVERWEIGHT.


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Thai Beverage Public Company (THBEV SP) : BUY

Dominant regional beverage player in the making


• Affirmed regionalisation strategy during non-deal roadshow to Europe

• Strong cashflow support from Thai domestic spirits; growth from Myanmar and Vietnam

• Still targeting to be #1 beer brand in Thailand; NonAlcoholic Beverage to achieve EBIT breakeven by Sep 2020

• Maintain BUY and S$0.91 TP


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.000-
Alliance Mineral0.1500.005
Anchor Resources0.012-0.001
Avi-Tech Electronics0.260-0.020
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.4850.010
Food Empire0.495-
Geo Energy0.1530.003
Golden Energy0.210-0.005
GSS Energy0.083-0.003
ISDN Holdings0.225-0.005
KSH Holdings0.410-0.005
Moya Asia0.0770.002
Nordic Group0.3100.030
Oxley Holdings0.320-0.005
REX International0.073-
Sing Holdings0.390-0.005
Sino Grandness0.0630.021
Straco Corp.0.750-
Sunningdale Tech1.3400.010
Sunpower Group0.4800.010
The Trendlines0.077-
Tiong Seng0.230-
Uni-Asia Group0.7600.005
XMH Holdings0.1550.002
Yangzijiang Shipbldg1.500-0.020

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