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Japfa Ltd

Peaked for now


■ At 9.4x CY20F, the market has priced in weaker Vietnam profits after the African Swine Fever (ASF) outbreak in Vietnam since 19 Feb, in our view.

■ But narrower net profit growth in its Indonesia poultry business post 3Q19F, and larger-than-expected disruption in Vietnam are potential downside risks.

■ Valuations could retrace to the -0.5 s.d. level (c.8.0x), until headwinds dissipate. Downgrade to Reduce from Add with a lower SOP TP of S$0.63.


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Thai Beverage (THBEV SP)

Tapping On Brand Value


THBEV revealed its business developments in areas such as spirits portfolio management. The group intends to build its brand leadership and distribution reach in 2019. Maintain HOLD with an unchanged SOTP-based target price of S$0.86. Entry price: S$0.78.


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CapitaLand Mall Trust(CT SP)

Funan Opening Fully Priced In; Stay NEUTRAL 


 Remain NEUTRAL, TP rises by 3% to SGD2.20, 8% downside with 7% FY19F yield. CapitaLand Mall Trust’s share price has performed well YTD – up 6% (S-REITs/STI: +9/+4%), mainly on optimism over Funan Mall’s opening, and the bottoming of retail rental rates. We believe positives are fully priced in and valuations are fair – it is trading at 1.2x P/BV. While retail rental seems to stabilising, we do not expect any strong growth in rates in the near term.

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Frasers Centrepoint Trust

Time to catch them all


TP raised to S$2.60 as we see the dual acquisition of stakes in PGIM and Waterway Point revitalising growth. Contrary to market speculation, we believe that FCT has ample capacity to take on both the PGIM investment and its Sponsor’s 33% stake in Waterway Point, and still maintain optimal gearing of c.35%.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.050-0.010
Alliance Mineral0.151-0.004
Anchor Resources0.013-0.001
Avi-Tech Electronics0.265-0.005
Best World Int.1.360-
China Sunsine1.1300.010
CSE Global0.495-
Food Empire0.500-
Geo Energy0.150-
Golden Energy0.2250.020
GSS Energy0.088-
ISDN Holdings0.2300.005
KSH Holdings0.4150.020
Moya Asia0.077-0.002
Nordic Group0.300-
Oxley Holdings0.330-
REX International0.0760.004
Sing Holdings0.385-0.010
Sino Grandness0.045-
Straco Corp.0.750-
Sunningdale Tech1.3500.020
Sunpower Group0.480-0.010
The Trendlines0.077-0.001
Tiong Seng0.225-0.005
Uni-Asia Group0.760-0.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.020

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