Broker’s Report

Maybank KE cuts Hi-P to 'sell' after share price run-up
SINGAPORE (April 9): Maybank Kim Eng is downgrading its call on Hi-P International to “sell” from “hold” previously with an unchanged price target of $1.22, which is based on 1.5 times FY19E price-to-book value. This is because the research house now deems Hi-P as overvalued at 14 times FY19E P/E versus its global peers’ 10.5 times, and its own 1 SD above the three-year mean of 12.3 ...
Koufu to benefit from MBS expansion, new outlet opening a possibility: UOB
SINGAPORE (April 9): UOB Kay Hian is maintaining its “buy” call on Koufu Group with an unchanged target price of 95 cents while highlighting Koufu as a potential beneficiary from the upcoming expansion of Marina Bay Sands (MBS), where the group operates an existing food court. See: This F&B empire is a steal at current valuations, says UOB Kay Hian To recap, Las Vegas Sands ...
Why Maybank KE prefers Frasers Centrepoint Trust over SPH REIT
SINGAPORE (Apr 8): Maybank Kim Eng is reiterating its “hold” call on SPH REIT with an unchanged target price of $1.05 on expectations of limited retail sales growth. Instead, the research house prefers Frasers Centrepoint Trust (FCT), rated “buy” with a $2.60 target price, for its suburban-mall footprint and a 6% three-year DPU CAGR. This comes post the release of SPH REIT’s 2Q19 ...
3 stocks to shop as local consumer sentiment remains benign: RHB
SINGAPORE (Apr 5): RHB Research is maintaining its sector “overweight” on consumer stocks although it cautions of benign consumer sentiment for 2019, with Singaporeans expected to spend more prudently amid an uncertain macroeconomic outlook. In the research house’s view, consumer confidence peaked early last year due to improved wealth effect and strong GDP growth towards end-2017; it ...
Ascendas REIT remains best proxy to the burgeoning S-REIT space: Maybank
SINGAPORE (April 4): Maybank Kim Eng is remaining “positive” on the Singapore REIT (S-REITs) sector on expectations of continued outperformance, while highlighting Ascendas REIT (A-REIT) as the best proxy to overall recovery across S-REITs.   The research house has adjusted its FY19-21 distribution per unit (DPU) estimates by between -2% and +4%. It is also raising its target prices ...
UOB, OCBC to benefit from mortgage rate hikes this year, says DBS
SINGAPORE (Apr 2): DBS Vickers Securities is remaining bullish on Singapore’s banks as a dividend yield play, while highlighting rising mortgage rates as the sector’s bright spot amid higher cost of funds this year.   In a Tuesday report, analyst Lim Rui Wen says UOB will benefiting from hikes in mortgage rates in 1Q19, as it was the first to increase it Singdollar fixed deposit rates ...
Don't chicken out of Japfa over broiler price declines, says Maybank
SINGAPORE (April 2): Maybank Kim Eng is maintaining “buy” on Japfa with an unchanged price target of $1.05 despite recent declines in Indonesian poultry stocks, due to market fears of oversupply after broiler prices declined further in March. In a Tuesday report, analyst Neel Sinha says these concerns are likely overblown, as he concurs with Japfa’s management theories that the broiler ...
China Aviation Oil poised to take off this year with compelling valuations, strong passenger traffic recovery: RHB
SINGAPORE (Mar 27): RHB Research is upgrading its call on China Aviation Oil (CAO) to “buy” from “hold”, while raising its target price on the stock by 10 cents to $1.60 to suggest 26% upside plus 3.6% yield. This comes as the research house expects CAO to benefit from signs of a strong recovery in international passenger growth in China, in addition to the anticipated capacity ...
Singtel well positioned to weather competition, looking cheap at current prices: UOB Kay Hian
SINGAPORE (Mar 21): UOB Kay Hian is maintaining its “buy” call on Singtel with a target price of $3.58, while highlighting that the stock, at the price of $3.02, is currently below its mean EV/EBITDA with a 5.8% dividend yield. In a Thursday report, analyst Chong Lee Len says she continues to like Singtel for its customer-centric offerings and diversification across the region, as well as ...
RHB turns positive on Dairy Farm's valuations after selldown
SINGAPORE (Mar 20): RHB Research is upgrading its call on Dairy Farm from “neutral” to “buy” despite lowering its target price to US$8.25 from US$8.64 previously with the view that long-term investors may look to accumulate the stock at its current low. The research house’s move comes on the belief that Dairy Farm’s share price has hit its trough after plunging 19% in the year to ...