Excerpts from analyst reports

The Phillip Absolute 10 model portfolio was up 7.1% in 1Q19. We outperformed the STI by 2.4% points (Figure 11). Our yield and re-rating plays performed well.

tbss9.14bChina Sunsine produces chemicals that speed up the vulcanisation or curing process of rubber in the production of tyres. NextInsight file photo. With interest rate expectations nosediving, REITs rallied as investors searched for yield.

Sentiment over commercial property was also fuelled by several transactions that were above market valuations.

China Sunsine

Share price: 
$1.17

Target: 
$1.68

Despite the disappointing performance of China Sunsine, we will keep the company in our portfolio. Valuations are cheap at 5x PE and we expect earnings to be supported by a rise in production and stable margins.

Meanwhile, Sheng Siong will provide the earnings growth for the portfolio via its record store expansion. Consumer spending should also improve in view of the rise in wages and recovery in total employment in Singapore.

Full report here.


Uni-Asia Group: Placement successful; firm dividend policy until FY20

Uni-Asia Group

Share price: 
$1.15 

Target: 
$1.86

Valuation & Action: Given the better business outlook across its three segments in FY19 and firm guidance on dividends until FY20, we reiterate our BUY recommendation and fair value of S$1.86, based on the sum-of-the-parts (SOTP) valuation of its three businesses.

Our TP is an implied 0.6x 2019F BVPS and 9.5x 2019F EPS.

UAG is positioned to ride the growth in its three business segments:
1) dry bulk shipping recovery in 2019,
2) HK property business earnings visibility until 2022, and
3) an increase in hotel rooms under management ahead of two of the world’s largest sporting events to be held in Japan.

Risks: UAG’s shipping business (30% of Uni-Asia’s FY18 revenues) is cyclical in nature, which may result in impairments to its shipping assets.

Full report here.


Share Prices

Counter NameLastChange
AEM Holdings1.1300.030
Alliance Mineral0.125-0.003
Anchor Resources0.014-
AusGroup0.027-
Avi-Tech Electronics0.2850.015
Best World Int.1.360-
China Sunsine1.1400.010
CSE Global0.480-0.005
Food Empire0.495-
Geo Energy0.157-
Golden Energy0.2050.005
GSS Energy0.0840.003
HMI0.715-
ISDN Holdings0.235-
KSH Holdings0.420-
Miyoshi0.043-
Moya Asia0.076-
Nordic Group0.2900.005
Oxley Holdings0.330-
REX International0.0680.001
Riverstone0.915-0.005
Roxy-Pacific0.390-0.005
Sing Holdings0.405-
SingMedical0.380-0.005
Sino Grandness0.0500.004
Straco Corp.0.755-0.005
Sunningdale Tech1.4000.010
Sunpower Group0.480-
The Trendlines0.078-0.002
Tiong Seng0.230-
Uni-Asia Group0.7550.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.010

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