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RHB

UOB KAYHIAN 

Moya (MHAL SP)

Acquisition Of Obor Group; Maintain BUY

 

 Maintain BUY with new DCF-backed TP of SGD0.093 from SGD0.083, 13% upside. Moya announced the acquisition of Obor Infrastructure Pte Ltd (Obor), together with its subsidiaries (Obor Group) for SGD24.73m – to be funded by internal resources. Obor owns a 73.25% stake in PT Tanah Alam Makmur (TAM), which generated NPAT of SGD1.64m in 2018 and SGD2.49m for 9M19. As a result, we lift our FY20F-21F PATMI by 6-7% to include this acquisition and consequently, raise our TP.

 

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UnUsUaL (UNU SP)

On Track For A Solid 3QFY20

 

Sold-out shows from popular artistes such as JJ Lin, Eric Chou and Air Supply are expected to boost UnUsUaL’s profits for 3QFY20. Looking forward, we expect the family-friendly segment to contribute in 4QFY20 as more Disney On Ice shows are scheduled for Malaysia, Singapore and Indonesia. Maintain BUY and PE-based target price of S$0.44, implying a 60.0% upside from current price levels.

 

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CGS CIMB RHB 

Constrn & Material - Overall

Sector recovery reaffirms BRC buy

 

■ BCA announced that 2019’s total construction demand expanded 9.5% yoy to reach S$33.4bn, above the upper bound of its S$27bn-32bn forecast.

■ Construction demand to remain strong in 2020F, supported by infrastructure projects. BCA also sees higher demand for construction materials in 2020F.

■ Maintain sector Overweight. Our top pick is BRC Asia.

 

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Wilmar(WIL SP)

Still a Top Pick; Maintain BUY

 

 Maintain BUY with unchanged TP of SGD4.75, 11% upside and 2.5% yield. Wilmar is one of our 2020 Top Picks. We expect Wilmar to benefit from higher CPO prices and improved demand for soybean meal and consumer products in the short term. Meanwhile, upside potential lies in the IPO performance of its China subsidiary, Yihai Kerry, on the Shenzhen Stock Exchange. Management expects the IPO to take place in 1H20.

 

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