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Jardine Cycle and Carriage Ltd

120 years in Southeast Asia


■ Jardine Cycle & Carriage (JC&C) is a Singapore-listed conglomerate that offers exposure to the Southeast Asian economies.

■ JC&C derives the bulk of its core net profit before corporate costs (CNPBCC) from its 50.1% stake in Indonesia-listed Astra International.

■ JC&C trades at a historical FY18 P/E of 10.0x and offers a historical dividend yield of 4.01%.


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Singapore Exchange Limited

Riding on the wave of structural global growth in derivatives



 Globally, derivative volumes have been growing at CAGR of 10% in the past 5 years.

 FTSE China A50 Index Futures remain the main driver of SGX’s volume, accounting for 44% of total trading volume in FY2019.

 Diversification efforts have seen derivative volumes from non-equity - FX futures and Iron ore -grow from virtually non-existent in FY2014 to 15% of total volumes in FY2019.

 HKEX’s launch of MSCI China A-share futures contract yet to be approved.  SGX and NSE to end arbitration, and launch IFSC-SGX Connect in GIFT City by end FY2020.

 We maintain ACCUMULATE at a higher TP of S$8.60 (previously S$8.07). We peg our TP to 22x P/E, 0.5 SD below SGX’s 5-year mean (previously 21x). The higher TP is due to an upward adjustment in our FY20-21 DDAV forecast by +2% and +4% respectively.


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ComfortDelGro (CD SP)

Not a fare price – Upgrade to BUY


No fare hikes implied in price?

ComfortDelGro (CDG) has de-rated and underperformed the index over the past one and three months on no major unexpected news. The share price is implies a “no fare hike” scenario for Singapore public transport which we think is not justified. With the share price now implying a healthy 15% upside on our unchanged DCF based (WACC 9.0%, LTG 1%) TP of SGD2.76, we upgrade to BUY (from HOLD). Worse than expected taxi business erosion and/or no fare hikes is the downside risk to our outlook.


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Singapore Equity Strategy

Stay Invested For The Long Term


 Stay invested for the long term, while focusing on income-generating equities for the short term. Slowing economic growth may limit the upside for Singapore’s (SG) equity market despite reasonable valuations. Nevertheless, we expect income-generating assets and defensive stocks to outperform in the short term. We recommend investors to remain invested in SG for the long term, as the country’s ongoing transformation will offer investors opportunities to participate in the development of the real estate, financial, telecom and transport sectors.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.130-0.110
Avi-Tech Electronics0.400-0.015
Best World Int.1.360-
China Sunsine0.430-0.005
CNMC GoldMine0.205-0.015
CSE Global0.520-0.025
Eagle HTrust USD0.405-0.020
Food Empire0.665-0.050
Golden Energy0.155-0.013
GSS Energy0.084-0.003
ISDN Holdings0.1990.004
JB Foods0.590-0.035
KSH Holdings0.375-0.015
Moya Asia0.073-0.004
Nordic Group0.270-0.005
Oxley Holdings0.310-0.010
REX International0.194-0.005
Sing Holdings0.395-0.010
Straco Corp.0.545-0.015
Sunningdale Tech1.210-0.060
Sunpower Group0.525-0.020
The Trendlines0.105-0.008
Tiong Seng0.200-
Uni-Asia Group0.655-0.020
Yangzijiang Shipbldg0.945-0.030

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