31 January 2023
VENTURE CORPORAT: Buy - TP $20.20. Providing comfort in uncertain times
Venture’s 4Q22E results should be positive as demand from customers remained strong coupled with a robust order pipeline. We estimate 4Q22 revenue of SGD909m ...
30 January 2023
GENTING SINGAPOR: Hold - TP $0.94. Great expectations
GENS’ share price has rallied since news of China reopening broke in Dec 2022. While it is undoubtedly one of the best Chinese tourism proxies on the Singapore ...
30 January 2023
RAFFLES MEDICAL: Buy - TP $1.60. A strong finish
We forecast slightly above consensus 2H22 PATMI of SGD60m (+34% YoY), driven by improvement in patient numbers and healthy margins along with efficient cost ...
25 January 2023
FRENCKEN GROUP: Buy - TP $1.21. Worst is over; U/G to BUY
ASML, Frencken’s largest customer for their semi-con segment has just reported a strong 4Q22 and expect 25% YoY net sales growth for 2023 coupled with falling ...
10 January 2023
CIVMEC LIMITED: Buy - TP $0.94. Order book boost
Civmec has clinched a major contract worth >AUD330m (represents more than 1/3 of our order win assumption) for the Rio Tinto Western Range Project in the ...
09 January 2023
UMS HOLDINGS LIM: Buy - TP $1.47. A safe-haven amid uncertainty
UMS’s 6-month outlook remains robust with a large order backlog. Management said that a slightly weaker forecast by its key customer is unlikely to impact its ...
08 January 2023
AEM HOLDINGS LTD: Sell - TP $3.08. Facing headwinds
With the COVID boom fading, chipmakers are cutting costs and curtailing aggressive spending plans. Intel has already announced plans to cut costs by USD3bn this ...
08 December 2022
FIRST RESOURCES: Buy - TP $1.79. ESG 2.0 review: Lagging peers in
FR has relatively good Sustainability Policy, comparable with peers. Nonetheless, we have seen little improvement in its “E” scoring over the past year. And it ...
05 December 2022
CAPITALAND INTEG: Buy - TP $2.55. Sustainability at the core
CICT achieved an ESG 2.0 score of 66, which is among the top 3 REIT scorers on our ESG assessment scoring. CICT’s ESG targets are aligned to its sponsor’s 2030 ...
05 December 2022
CDL HOSPITALITY: Buy - TP $1.41. Gathering ESG momentum
CDLHT’s ESG 2.0 score is 65, just behind CLAS. Lower energy and water intensity in its hotel operations, improved workforce diversity as well as lower ...
05 December 2022
FRASERS CENTREPT: Buy - TP $2.80. Frasers Centrepoint Trust - ESG
FCT achieved an ESG 2.0 score of 66, tying with CICT. The strong performance has been enabled by broad-based improvement through the years for most of the ...
05 December 2022
KEPPEL REIT: Buy - TP $1.25. Sustainability in the DNA
Keppel REIT achieved an ESG 2.0 score of 74, the highest among its peers. While this has been helped by maiden disclosures on a few quantitative metrics, we ...
05 December 2022
MAPLETREE PAN AS: Buy - TP $2.25. Steadfast in sustainability goals
MPACT achieved an ESG2.0 score of 60, marginally below peers. To facilitate comparison across the years, the score is on same-store basis and excludes MBC II ...
05 December 2022
CAPITALAND ASCO: Buy - TP $1.40. ESG bellwether
CLAS leads the sector pack with the highest ESG 2.0 score of 69. It is setting the benchmark due to commencement of green leasing and green financing. Further, ...
05 December 2022
CAPITALAND INVES: Buy - TP $4.30. Racing towards net zero
CLI achieved an ESG 2.0 score of 68, setting the pace for peers. CLI has an established ESG framework, internal policies and measurable targets. In May this ...
05 December 2022
SUNTEC REIT: Buy - TP $1.85. Continued commitment to ESG
SUN obtained an ESG2.0 score of 72, driven by superior performance across a broad set of quantitative and qualitative criteria. In 3Q business update, SUN ...
05 December 2022
FAR EAST HOSPITA: Buy - TP $0.80. Progressive ESG steps
FEHT’s ESG 2.0 score is 43, below average on our ESG scoring assessment. While FEHT scores well on quantitative metrics, there is room for improvement on ...
05 December 2022
FRASERS HOSPITAL: Hold - TP $0.55. Championing responsible travel
FHT achieved an ESG2.0 score of 43, tying places with FEHT. Absence of disclosures on Scope 3 emissions as well as rising energy and water intensity had a ...
29 November 2022
FRENCKEN GROUP: Sell - TP $1.02. Rising costs; D/G to SELL
D/G to SELL as we expect declining net margins due to rising costs. Soaring energy and labour costs resulted in 3Q22 core PATMI missing ours estimates by 4%. ...
28 November 2022
SINGAPORE TECH: Buy - TP $4.30. Clinching contracts on the road
STE’s 9M22 revenue of SGD6.5b (+52% QoQ) is above our and below the consensus estimate, accounting for 79%/73% of the respective FY22E forecasts. The growth ...