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Singapore Exchange (SGX SP)

2QFY20 YoY Strength From FICC


 Maintain NEUTRAL and SGD8.80 TP pegged to 23x FY21F P/E, 0% upside. 2QFY20 net profit grew 3% YoY to SGD99m. 1HFY20 net profit of SGD213m accounted for 54% and 51% of our and consensus FY20F – which we deem as in line. 2QFY20 SADV of SGD1.06bn was unchanged from 1QFY20.


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Keppel Corp (KEP SP)

2019: Looking At A Bright Future


KEP reported a 25% yoy decline in net profit to S$707m due to the high-base effect in 2018 that was boosted by lumpy divestments and enbloc sales. Looking ahead, the outlook for the company’s business divisions appears robust  property sales should continue its growth trajectory and we expect offshore & marine to continue its new order win success from 2019. We increase our earnings estimates for 2020 and 2021 by 11% and 8% respectively. Maintain BUY with a higher target price of S$7.75.


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Results in line; yield remains attractive


■ 4Q/FY19 DPU of 1.00/4.011 Scts were in line with our FY19 forecasts, on the back of higher distribution of other gains.

■ Occupancies and reversions were in line with previous guidance and market.

■ Maintain Add call, with an unchanged TP of S$0.60.


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Cautiously Optimistic On 2020; BUY


 Maintain BUY, SGD0.60 TP, 7% upside. ESR REIT’s 4Q19/FY19 results met our and Street estimates. With the industrial sector stabilising, we believe its well-diversified and Singapore-centric portfolio is well-equipped to tap into any demand uptick. Management emphasised its near-term strategy of asset recycling and extracting value via asset enhancements. One concern, however, is the sizeable SGD81m revaluation loss recorded in FY19. Valuations are reasonably attractive, at 1.3x P/BV with a 7.3% dividend yield.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.240-0.030
Avi-Tech Electronics0.440-
Best World Int.1.360-
China Sunsine0.455-
CNMC GoldMine0.250-0.010
CSE Global0.5700.005
Eagle HTrust USD0.520-0.005
Food Empire0.7600.010
Golden Energy0.170-
GSS Energy0.097-0.001
ISDN Holdings0.199-
JB Foods0.625-
KSH Holdings0.400-
Moya Asia0.079-0.001
Nordic Group0.300-
Oxley Holdings0.340-0.005
REX International0.197-0.003
Sing Holdings0.405-0.005
Straco Corp.0.570-
Sunningdale Tech1.290-
Sunpower Group0.555-0.005
The Trendlines0.1320.001
Tiong Seng0.200-
Uni-Asia Group0.690-
Yangzijiang Shipbldg1.0500.010

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