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Keppel Corporation

No deal from Temasek


■ Temasek has invoked the MAC pre-condition and will not proceed with its partial offer for KEP. The SIC has confirmed and has no objection to this.

■ We expect KEP’s share price to further correct in the near term to the previous trough of 0.82x P/BV or c.S$4.88.

■ Our SOP TP remains at S$6.46. 2H earnings recovery and stronger gains from asset recycling are catalysts. Add after share price shock subsides.


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Not yet shipshape


NPL uncertainty despite North Asia bright spot

OCBC’s 1H20 PAT disappointed Street/MKE on larger than expected provisioning charges. The group has had a number of negative surprises on its O&M exposure in the past and it manifested in the current quarter too. Additionally, around 10% of their loan book is under moratoriums, which may begin to see pressure as these expire in 2H20. NPL risks spilling over to 2021-22 cannot be discounted. Separately, operational normalisation may be muted for the group’s ASEAN businesses given the various stages of lockdowns, while North Asia may be a bright spot. Dividend caps may keep yields depressed and uncertain in the near term. Maintain HOLD.


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Venture (VMS SP)

Resilient, but priced in


1H20 in line; fairly valued; maintain HOLD

1H20 PATMI was in line with our and street estimates, falling 28.2% YoY to SGD130.5m, due to disruptions caused by Covid-19. We trim FY20-22E EPS by 3-7% to adjust for a slightly softer recovery profile. That said, our ROE-g/COE-g TP rises to SGD18.46 as we roll forward valuation to 2x FY21E P/B (previous 1.6x FY20E). Maintain HOLD as the recovery looks priced in. We prefer Frencken (FRKN SP, BUY, TP SGD1.20) given i) more attractive valuation; and ii) potential for positive earnings surprise.


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CapitaLand (CAPL SP)

Resilience From Well-Diversified Portfolio; BUY


 BUY, with new SGD3.75 TP from SGD 4.00, 37% upside. 1H PATMI was in line with CapitaLand’s earlier market guidance. The retail and lodging segments remain badly hit by COVID-19, but the impact was cushioned by stable recurring income from its fund management and industrial portfolios. CAPL now trades at a 10-year low (-2SD) P/BV of -0.58x (Figure 2), which we believe underestimates its well-diversified portfolio’s strengths.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.610-0.050
Avi-Tech Electronics0.4250.005
Best World Int.1.360-
China Sunsine0.350-
CNMC GoldMine0.270-0.010
CSE Global0.485-
Food Empire0.580-0.005
Golden Energy0.165-
GSS Energy0.056-
ISDN Holdings0.375-0.005
IX Biopharma0.2350.015
JB Foods0.555-
KSH Holdings0.340-
Medtecs Intl1.0800.010
Moya Asia0.064-
Nordic Group0.210-
Oxley Holdings0.215-
REX International0.154-0.002
Sing Holdings0.3800.005
Straco Corp.0.500-
Sunningdale Tech1.480-0.030
Sunpower Group0.545-0.005
The Trendlines0.088-0.001
Tiong Seng0.143-
Uni-Asia Group0.420-0.005
Yangzijiang Shipbldg0.995-0.005

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