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Koufu Group (KOUFU SP) Disposal Of Central Kitchens Could Lead To A Special Dividend
Koufu announced that it has granted an independent third-party purchaser an option to buy its properties at Woodlands Terrace for a consideration of S$11.8m. The sale of the central kitchens are in the light of the upcoming commencement of operations of its integrated facility by 2Q21. The properties’ valuation is within expectations and we estimate this could unlock gains of S$9m, which could bump up dividend. Maintain BUY with an unchanged target price of S$0.77.
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Plantation – Malaysia ESG Assessment Of Plantation Companies
We invited ZSL to share its SPOTT with us, which we believe is a good reference point/tool for financial institutions to assess plantation companies using ESG. We observe that some companies with better ESG ranking/disclosure have a higher valuation. We believe that companies with better ESG practices and disclosure are favoured by financial institutions and funds. Maintain MARKET WEIGHT.
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CGS CIMB |
CGS CIMB |
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Dairy Farm Int'l Awaiting the recovery play
■ FY20 net profit was ahead at c.120%/114% of our/consensus’ forecasts; aided by higher 2H20 government grants and Maxim’s associate earnings. ■ While we pencil in 7% EPS growth in FY21F; we think it will still be lower than FY19’s EPS as DFI’s respective countries have yet to open their borders. ■ We reiterate our Add call with a slightly lower TP of US$5.40, still based on 22x FY22F P/E as we view DFI as a medium-term recovery play
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Sembcorp Industries Sunny skies
■ With the latest 60 MWp solar project awarded by HDB and EDB, SCI’s renewable energy portfolio in Singapore strengthened to c.302 MW. ■ Currently, Solar SCI has a total of c.756 MW of solar power capacity, comprising 302 MW in Singapore and 435 MW in India. ■ Maintain Add with slightly higher TP of S$1.97 still based on 1x CY21F P/BV. SCI trades at 0.87x P/BV, cheap vs. regional power/utilities plays’ c.1.6x
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