buy sell hold 2021




First Ship Lease Trust (FSLT SP)
Potential Beneficiary Of Smoother Sailing Times Ahead

With eight tankers that are on fixed-rate period charters, FSLT enjoys a high degree of cash flow certainty. In 2Q22, the company had 89% fleet utilisation and its financial position has improved markedly vs the pre-COVID-19 period. Since 2Q19, FSLT has undergone an asset recycling strategy, selling off 10 of its older vessels. The company’s 1H22 DPU of US$0.016 implies a yield of over 21%.


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DBS Group (DBS SP)
Driving transparency

High levels of ESG disclosures, plus dividends. BUY

Under our enhanced ESG 2.0 scoring methodology, DBS emerges with a score of 78 – significantly above average. The Group has set a clear pathway to achieving Net Zero and has strong levels of transparency around its emissions and targets. Increased disclosure of Scope 3 financed emissions, improvements in Board diversity and independence compared to global banks could further improve its score going forward, in our view. Better prospects from increasing interest income and potentially higher dividends should drive earnings momentum. Maintain BUY


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United Overseas Bank (UOB SP)
Advancing transparency

Strong disclosures. Net Zero needs clarity. BUY

UOB scores a 74 under our enhanced ESG 2.0 scoring, placing it firmly above average. The Group’s quantitative ESG disclosure levels are high boosting transparency. Nevertheless, it is yet to articulate a clear pathway, timeline or interim targets towards Net Zero. We believe disclosures here as well as improving the mix of independence and diversity in its Board could result in a higher score. With an improving outlook on net interest margins together with strong capital levels and provisioning, maintain BUY.


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Improving transparency

Good ESG disclosure levels. Could be better. BUY

OCBC scores a 70 in our enhanced ESG 2.0 methodology – this is above average. The Group is executing on its green financing targets strongly and scores well on workplace inclusivity and diversity. However, we believe OCBC’s score could be significantly enhanced by increasing transparency on its Net Zero target and pathways to get there. Also detailed quantifications on operational environmental impacts are needed. Improving NIMs together with increasing North-South capital and wealth flows should support OCBC’s earnings momentum going forward, we believe. Maintain BUY.


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Exploring funding options

■ In this report, we explore bear-bull scenarios of funding options for SATS’s S$1.82bn acquisition of WFS with potential TPs of S$3.05 to S$3.84.
■ Our base-case funding structure: S$300m cash, 20% debt, 20% equity-linked instruments and c.40% of EFR with no strategic investors.
■ Our TP of S$3.45 is based on 18x CY24F SATS’s BAU net profit as well as WFS refinanced profit. 18x is -0.5 s.d. of its 2013-2018 pre-Covid average.


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Navigating rough waters

■ We expect sector earnings to decline qoq and yoy in 3Q22F, and a softer
demand outlook for 2023F amidst the slowdown in global economy.
■ We project sector earnings growth of 5-10% in 2022-23F (slower vs. 45% in
2021) due to weaker demand outlook, albeit cushioned by favourable forex.
■ We downgrade Malaysian semiconductor sector from Overweight to Neutral.


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Share Prices

Counter NameLastChange
AEM Holdings3.7300.030
Avi-Tech Electronics0.280-
Best World1.760-
Broadway Ind0.120-
China Sunsine0.4000.005
Food Empire0.630-0.010
Fortress Minerals0.370-0.005
Geo Energy Res0.350-0.005
Golden Energy0.790-0.005
GSS Energy0.048-
ISDN Holdings0.400-
IX Biopharma0.124-0.001
Jiutian Chemical0.0810.001
KSH Holdings0.350-
Leader Env0.056-
Medtecs Intl0.134-0.002
Meta Health0.025-
Nordic Group0.4700.005
Oxley Holdings0.1540.003
REX International0.2300.005
Sinostar PEC0.185-
Southern Alliance Mining0.4200.010
Straco Corp.0.4050.010
Sunpower Group0.275-
The Trendlines0.0940.002
Totm Technologies0.099-0.003
UG Healthcare0.189-0.001
Uni-Asia Group0.8200.010
Wilmar Intl4.020-0.030
Yangzijiang Shipbldg1.350-0.030

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