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RHB

UOB KAYHIAN

StarHub (STH SP)

Cyber Security Losses Tapering Off

 

 Maintain NEUTRAL with adjusted DCF-derived TP (WACC: 7.4%) of SGD1.52 from SGD1.72, 3% upside. 2Q19/1H19 results were broadly in line. We lower our FY19-21 core earnings forecasts by 5-12%, mainly to factor in higher financing charges and weaker pay-TV and cable revenues. StarHub’s prospective EV/EBITDA valuations are at -2SD below its historical mean. Upside risks are stronger-than-expected earnings, an earlier turnaround at its enterprise business, and weaker mobile competition.

 

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Sunningdale Tech (SUNN SP)

2Q19: Hit By Slowdown In Three Key Segments; Downgrade To SELL

 

2Q19 core net loss of S$0.7m was a big miss, with 1H19 meeting only 8% of our fullyear estimate due to weak auto demand. 2Q19 revenue and gross profit fell by double digits yoy. We cut our 2019-20F EPS by 17-49%, and reduce our target price by 17% to S$1.01, pegged to peers’ average 2020F PE of 11x. Downgrade SUNN to SELL. Recovery in 2H19 from the ramp-up of two new plants will help marginally, but we expect 2019 core net profit to decline 55% yoy from the high base last year.

 

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CGS CIMB 

DBS VICKERS 

First REIT Stable 2Q

 

■ 2Q/1HFY19 DPU of 2.15/4.3 Scts was in line at 24.4%/48.7% of our FY19F.

■ Stable portfolio performance; clarity over Indonesia master lease renewals could lead to share price outperformance.

■ Maintain Add with an unchanged TP of S$1.23.

 

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Yangzijiang Shipbuilding

What’s New

 

• 2Q19 lifted by reversal of provision; 1H19 net profit slightly ahead, making up 53% of our FY19 estimate

• Expect order win momentum to pick up strongly in 2H; maintain US$1.5-2bn order win target

• Beneficiary of stronger USD; successful venture into LNG carrier market a crucial catalyst

• Reiterate BUY; TP unchanged at S$1.82

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.1300.010
Alliance Mineral0.078-
Anchor Resources0.013-
AusGroup0.024-
Avi-Tech Electronics0.2800.020
Best World Int.1.360-
China Sunsine1.0600.010
CSE Global0.4500.010
Food Empire0.5300.020
Geo Energy0.149-
Golden Energy0.190-0.004
GSS Energy0.0700.001
HMI0.720-
ISDN Holdings0.192-
KSH Holdings0.4250.005
Miyoshi0.0380.002
Moya Asia0.066-0.002
Nordic Group0.270-
Oxley Holdings0.310-
REX International0.0680.001
Riverstone0.905-
Roxy-Pacific0.390-
Sing Holdings0.395-
SingMedical0.360-
Sino Grandness0.045-0.001
Straco Corp.0.730-
Sunningdale Tech1.280-0.020
Sunpower Group0.440-
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group0.7350.010
XMH Holdings0.153-
Yangzijiang Shipbldg0.9900.130

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