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Seatrium’s market cap stands at S$6.6bln and currently trades at 40x
forward PE and 1x PB and does not pay dividends. Despite a robust
and strong orderwin momentum and also continued share buy backs
in the open market, Seatrium’s valuations are looking fair at current
levels and there is still an outstanding closure on the corruption probe
into the “Operation Car Wash” by the Singaporean authorities. As
such, we continue to have a “HOLD” recommendation on Seatrium.
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Singapore Post Ltd (SPOST SP)
Opportunity to accumulate
Accumulate on weakness Despite the termination of key management, we believe that the roadmap to return shareholder value remains unchanged as it is board-driven and shareholders could potentially receive up to SGD0.86/share if all its assets are monetised. We think the downside risk is now limited and maintain a conviction BUY on SingPost for its asset monetisation story
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Top Glove (TOPG MK)
Turnaround expected in FY25E
Still in the red but with lower core losses TOPG’s 1QFY25 core net loss of MYR5.8m (vs. MYR61m/MYR26m net loss in 1QFY24/4QFY24) was in line. 1QFY25 plant utilisation rate (UR) improved to 66% (from 60% in 4QFY24), but blended ASP declined by -2% QoQ. TOPG is confident to turnaround in FY25E on better sales volume and ASP. We maintain our FY25-27E earnings and MYR1.08 TP on 1.8x CY26E P/B. Reiterate SELL as we believe the positives have been more than priced in.
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Keppel Ltd’s market cap stands at S$12.2bln and currently trades
at 14.4x forward PE and 1.2x PB, with a dividend yield of 5.1%.
We see Keppel as spear heading Singapore’s push for clean energy
and sustainability initiatives both locally as well as internationally.
These moves are nicely aligned with global government’s push
towards net zero neutrality footprint. We continue to like Keppel’s
re-acceleration of asset monetization plans which could also propel
the stock higher. Consensus 1 year target price of $8.10 implies a
potential return of 20% from current level. Maintain “Accumulate”
on Keppel Ltd.
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