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Daily Focus Singapore Stock Pulse Refer to important disclosures at the end of each report DBS Equity Research 21 May 2020 Market Cap: US$37,268m | Average Daily Value: US$70.43m Yeo Kee Yan, CMT [email protected] Singapore Research Team Last TradedResearch Price: CallS$29.99; Alert Price Target: S$33.20 (Upside 10.7%) Sue Lin• LIMMarket / Rui View Wen Update: LIM Near-term recovery remains tentative Strong 1Q18; keep watch on dividends ahead Market View Update • 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading Near-term recovery remains tentative gains offsetSTI component some revenues stocks - movers since March 23 low Name Price Net Chg % Chg Points %Idx Mv • CreditDBS costs at new low of 23bps,19.76 guidance at3.43 20 -25bps21.02% possibly towards68.276 the 20.79%lower OCBC 8.95 1.14 14.60% 42.318 12.88% SingTel 2.69 0.41 17.98% 32.923 10.02% end; stillUOB some buffers noted under the 19.86Expected Credit2.29 Losses13.03% line for other31.728 assets 9.66% AREIT 3.02 0.73 31.88% 23.066 7.02% • PositiveWilmar outlook ahead, topline growth3.88 supported0.98 by 33.79%lower credit20.461 costs; dividends6.23% SGX 9.99 1.93 23.99% 17.077 5.20% ThaiBev 0.66 0.16 32.00% 16.948 5.16% should beKeppel sustainable Corp at S$1.00 per year6.1 and could1 head.09 higher21.76% 16.805 5.12% Mapletree Logistics Trust 1.82 0.59 48.48% 16.312 4.97% Genting 0.77 0.25 47.62% 15.592 4.75% • Maintain BUY; TP at S$33.20 (1.5x FY18 BV); higher dividends and lower credit CapitaLand 2.94 0.37 14.40% 9.944 3.03% Venture Corp 16 3.48 27.80% 9.722 2.96% costs areST upsideEng risks 3.22 0.5 18.56% 8.517 2.59% CapitaLand Mall Trust 1.92 0.32 19.81% 8.205 2.50% Mapletree Commercial Trust 1.96 0.35 21.58% 8.178 2.49% Read more..DBSCapitaLand Commercial Group Research.Trust Equity1.65 0.27 19.57% 7.918 2.41% City Dev 7.7 1.47 23.60% 7.428 2.26% 30 Yangzijiang 0.95 0.2 26.72% 4.74 1.44% Dairy Farm 4.75 1.05 28.38% 4.301 1.31% ComfortDelGro 1.58 0.19 13.67% 4.199 1.28% Jardine C&C 20.5 3.37 19.67% 3.589 1.09% DBS EquityUOL Research 6.73 0.57 5 June9.25% 201 8 3.026 0.92% Hongkong Land 3.87 0.23 6.32% 2.156 0.66% Market SATSCap: US$37,268m | Average Daily2.83 Value: US$70.43m0.25 9.69% 1.715 0.52% Sembcorp Industries 1.56 0.04 2.63% 0.393 0.12% Jardine Strategic 20.88 0.62 3.06% 0.029 0.01% Last TradedSPH Price: S$29.99; Price Target:1.52 S$33.20 (Upside-0.11 10.7%)-6.94% -1.949 -0.59% SIA 3.58 -0.2 -5.20% -4.921 -1.50% Jardine Matheson 43.09 -3.66 -7.83% -16.213 -4.94% Sue Lin LIM / Rui Wen LIM Source: DBS Bank, Bloomberg Finance L.P. Strong 1Q18; keep watch on dividends ahead ed: JS• / sa: PY, CS 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading Daily Focus Singapore Stock Pulse • STI has risen 328pts (+14.7%) since 23 March low • Excluding index heavyweights banks and SingTel, top 5 index movers were AREIT, Wilmar, Thai Bev, Keppel Corp and SGX • The worst 5 index laggards were Jardine Matheson, Jardine Strategic, SIA, SPH and SembCorp Industries • STI’s near-term recovery remains tentative with index heavyweight banks operating in a declining NIM environment as interest rates are likely to stay ‘lower for much longer’ • Near-term focus remains on the beneficiaries of Circuit Breaker phased easing – CapitaLand Mall Trust, Frasers Centrepoint Trust, Lendlease, ComfortDelgro, Mapletree Commercial Trust, Koufu Ideas of the Day Actionable ideas by our analysts based on macro, industry or corporate developments Stocks to Watch SATS Fully Valued Last Traded Price: S$2.79 Price Target (12-mth): S$2.64 Upside -5.4% Changi Airport to gradually reopen • Singapore will allow travellers to transit through Changi Airport from 2 June as it begins to progressively re-open air transport • SATS’ primary source of revenue is derived from Changi Airport where it is a provider of gateway services, food solutions, and ground handling services Page 2 Daily Focus Singapore Stock Pulse DBS Equity Picks Our stock picks aim to help investors build a portfolio of Singapore stocks, based on their risk profiles. Stock picks are based on sectoral, fundamental, and technical analysis Blue Chips CapitaLand Thai Beverage Public Company Entry Date: 2 Jan 2020 # of shares: 3,500 Entry Date: 17 Feb 2020 # of shares: 20,000 Entry Price: S$3.750 Entry Price: S$0.785 Entry Date: 4 Feb 2020 Last Traded Price: S$0.655 # of shares: 1,500 Entry Price: S$3.550 Last Traded Price: S$2.900 Growth CapitaLand Entry Date: 2 Jan 2020 # of shares: 3,500 Entry Price: S$3.750 Entry Date: 4 Feb 2020 # of shares: 1,500 Entry Price: S$3.550 Last Traded Price: S$2.900 Dividends CapitaLand Retail China Trust LendLease Global Commercial Sasseur REIT REIT Entry Date: 3 Mar 2020 Entry Date: 14 Apr 2020 # of shares: 2,000 Entry Date: 28 Apr 2020 # of shares: 13,800 Entry Price: S$1.410 # of shares: 20,000 Entry Price: S$0.620 Entry Price: S$0.550 Entry Date: 24 Mar 2020 Last Traded Price: S$0.735 # of shares: 8,000 Last Traded Price: S$0.575 Entry Price: S$0.985 Last Traded Price: S$1.290 Page 3 Daily Focus Singapore Stock Pulse Covid-19 Update Total cases of top 15 economies (US vs next 14) New cases of top 15 economies (US vs next 14) 2,500,000 60,000 2,000,000 50,000 40,000 1,500,000 30,000 1,000,000 20,000 500,000 10,000 0 0 9-Jan 6-Feb 2-Apr 9-Apr 5-Mar 7-May 16-Jan 23-Jan 30-Jan 13-Feb 20-Feb 27-Feb 16-Apr 23-Apr 30-Apr 12-Mar 19-Mar 26-Mar 14-May 21-May Total cases (USA) (LHS) Total cases (Top 14 GDP ex-USA) New cases (USA) (LHS) New cases (Top 14 GDP ex-USA) Top 15 economies by GDP: USA, China, Japan, Germany, UK, France, India, Italy, Brazil, Canada, Russia, S. Korea, Australia, Spain, Mexico, Total cases – ASEAN 10 New cases – ASEAN 10 80,000 2,000 1,800 70,000 1,600 60,000 1,400 50,000 1,200 40,000 1,000 800 30,000 600 20,000 400 10,000 200 0 0 1-Feb 8-Feb 4-Apr 7-Mar 2-May 9-May 11-Jan 18-Jan 25-Jan 9-Jan 15-Feb 22-Feb 29-Feb 6-Feb 11-Apr 18-Apr 25-Apr 2-Apr 9-Apr 14-Mar 21-Mar 28-Mar 5-Mar 16-May 7-May 16-Jan 23-Jan 30-Jan 13-Feb 20-Feb 27-Feb 16-Apr 23-Apr 30-Apr 12-Mar 19-Mar 26-Mar 14-May 21-May Total cases (ASEAN) New cases (ASEAN) Source: Channel News Asia, DBS Bank Straits Times Index Year End Objective: 2,850 Support Current Resistance level Level 2,550 2,610 2,562 2,530 2,650 Source: DBS Bank, Bloomberg Finance L.P. Page 4 Daily Focus Singapore Stock Pulse 10 most active traded STI component stocks Company Prices as of Sector Mkt Cap Volume 20 May 20 (S$m) Thai Beverage PCL 0.655 Consumer Goods 16,451 30,727,000 CapitaLand Mall Trust 1.910 REITs 7,048 29,678,200 CapitaLand Commercial Trust 1.640 REITs 6,333 29,534,200 Singapore Airlines Ltd 3.570 Consumer Services 5,031 24,201,000 Singapore Telecommunications 2.670 Telecom 43,598 23,798,400 ComfortDelGroLtd Corp Ltd 1.550 Consumer Services 3,358 22,898,900 Ascendas Real Estate Investment 2.980 REITs 10,782 14,614,400 GentingTrust Singapore PLC 0.765 Consumer Services 9,230 14,606,600 Mapletree Logistics Trust 1.820 REITs 6,916 14,146,400 Yangzijiang Shipbuilding Holdings 0.945 Industrial 3,703 14,077,500 Ltd Source: Bloomberg Finance L.P. Recent Reports Report Singapore Downstream Consumer: Will we see a spending shift post CB? WillSingapore we see REITs: a spe Thending next shift big post test CB? for S-REITs Singapore Monthly Strategy: Tactical switch Singapore Banks: Uncertainty looms over asset quality Singapore Consumer: Stay home and stop snacking Singapore Hotel REITs: The next privatisation candidate Singtel: 5.4% yield with growth as a bonus Mapletree Logistics Trust : Essential and resilientValue emerging after recent price decline Singapore Consumer: Retail sales shifting to supermarkets Singapore Retail REITs: In for a rough ride Source: DBS Bank Dividends Company Type Particulars Ex Date Paid/Payable CHINAMOBILE ADR 10 DIVIDEND Rate: USD 0.999497 Per Security 21-May-20 06-Jul-20 GREAT EASTERN HLDGS LTD DIVIDEND Rate: SGD 0.5 Per Security 21-May-20 2-Jun-20 NETLINK NBN TRUST DIVIDEND Rate: SGD 0.0253 Per Security 21-May-20 03-Jun-20 TIH LIMITED DIVIDEND Rate: SGD 0.01 Per Security 21-May-20 5-Jun-20 HO BEE LAND LIMITED DIVIDEND Rate: SGD 0.08 Per Security 22-May-20 02-Jun-20 HO BEE LAND LIMITED DIVIDEND Rate: SGD 0.02 Per Security 22-May-20 2-Jun-20 HYPHENS PHARMA INTL LIMITED DIVIDEND Rate: SGD 0.01 Per Security 22-May-20 08-Jun-20 IFAST CORPORATION LTD.
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