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UOB KAYHIAN |
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Yongnam Holdings Poised for robust recovery this year
■ Yongnam’s orderbook ended 2018 at close to S$400m (highest in last three years) after winning S$127m worth of contracts in 4Q18. ■ We anticipate robust profit recovery in FY19F with further strut works (at least c.S$260m) potentially up for grabs this year. ■ Maintain Add with a lower TP of S$0.40.
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| OCBC | PHILLIP SECURTIES |
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Keppel Corporation: Still active in China
Keppel Corporation (KEP) recently announced that Keppel Land China has secured a 4.7ha residential site in Chengdu, Sichuan province in China for RMB889.7m (~S$183.4m) via a government land tender. Keppel has a good history of building homes in Chengdu with six residential projects there; it has launched about 17,800 homes in Chengdu, which are almost all sold out. A unit of Keppel Land has also entered into an agreement to acquire a completed commercial property in Haidian District, Beijing, for RMB555m cash (~S$111m). As for the O&M division, it should continue its gradual recovery in 2019. We tweak our estimates and update the market values of KEP’s listed entities, such that our SOTP-based fair value estimate slips from S$7.97 to S$7.25. Maintain BUY.
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Singapore Telecom Sector Better than it appears SINGAPORE | TELECOMUNICATIONS | SECTOR UPDATE & INITIATION 4 January 2019
Impact of TPG Telecom entrance into Singapore is contained Enterprise segment a growth driver for telcos CAPEX for 5G should be gradual and not be a cause for concern We Initiate the telecommunications sector with an OVERWEIGHT rating
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