CAPITALAND LIMITED (SGX:C31)
DBS GROUP HOLDINGS LTD (SGX:D05)
FRASERS CENTREPOINT TRUST (SGX:J69U)
FRASERS LOGISTICS & IND TRUST (SGX:BUOU)
SATS LTD. (SGX:S58)
KEPPEL DC REIT (SGX:AJBU)
MAPLETREE NORTH ASIA COMM TR (SGX:RW0U)
NETLINK NBN TRUST (SGX:CJLU)
SINGAPORE AIRLINES LTD (SGX:C6L)
SINGTEL (SGX:Z74)
SINGAPORE TECH ENGINEERING LTD (SGX:S63)
UNITED OVERSEAS BANK LTD (SGX:U11)
UOL GROUP LIMITED (SGX:U14)
2019 Stock Picks - Value Over Growth; Stable and Sustainable Dividends
- As the global outlook is still uncertain currently, we prefer a stock pick strategy with the only overweight on the banking sector.
- Our 2019 stock picks are CapitaLand, DBS, Frasers Centrepoint Trust, Frasers Logistics & Industrial Trust, Keppel DC REIT, Mapletree North Asia Commercial Trust, Netlink NBN Trust, SATS Ltd, Singapore Airlines, Singapore Technologies Engineering, SingTel, UOB and UOL.
2019 Stock Picks
CapitaLand (SGX:C31): Proactive capital recycling to unlock value.
- Bumper quarter from China in 4Q18.
- Further stimulus measures expected in 2019.
- On track to meet its ROE target.
- CAPITALAND LIMITED (SGX:C31) Capitaland (SGX:C31) Share Price Capitaland (SGX:C31) Target Price Capitaland (SGX:C31) Analyst Reports Capitaland (SGX:C31) Corporate Actions Capitaland (SGX:C31) Announcements Capitaland (SGX:C31) Latest News Capitaland (SGX:C31) Blog Articles
- See report: CapitaLand - Proactive capital recycling to unlock value.
- See report: SG Residential Property - Tough Love For A Sustainable Future.
DBS Group (SGX:D05): Top pick in the sector.
- Holding costs well.
- Fair value of S$30.83
- Delivered long term steady growth.
- DBS GROUP HOLDINGS LTD (SGX:D05) DBS (SGX:D05) Share Price DBS (SGX:D05) Target Price DBS (SGX:D05) Analyst Reports DBS (SGX:D05) Corporate Actions DBS (SGX:D05) Announcements DBS (SGX:D05) Latest News DBS (SGX:D05) Blog Articles
- See report: DBS Group - Value Despite Market Volatility.
- See report: Banking Sector - Trade War Won’t Break The Banks!
Frasers Centrepoint Trust (SGX:J69U): A safe bet.
- Defensive portfolio of suburban malls.
- Positive DPU growth every year since IPO.
- Low gearing of 28.6% as at 30 Sep 2018, one of the lowest amongst S-REITs.
- FRASERS CENTREPOINT TRUST (SGX:J69U) Frasers Centrepoint Trust (SGX:J69U) Share Price Frasers Centrepoint Trust (SGX:J69U) Target Price Frasers Centrepoint Trust (SGX:J69U) Analyst Reports Frasers Centrepoint Trust (SGX:J69U) Corporate Actions Frasers Centrepoint Trust (SGX:J69U) Announcements Frasers Centrepoint Trust (SGX:J69U)Latest News Frasers Centrepoint Trust (SGX:J69U) Blog Articles
- See report: Frasers Centrepoint Trust - A Blip But Full-Year Growth Still Positive
- See report: Singapore REITs - Roll Out The Defensive Shield For 2019.
Frasers Logistics & Industrial Trust (SGX:BUOU): In the right logistics markets.
- Strategically located in major industrial markets in Australia and Europe.
- Largely freehold portfolio with strong operating metrics.
- Room for more inorganic growth opportunities, supported by healthy gearing.
- FRASERS LOGISTICS & IND TRUST (SGX:BUOU) Frasers Logistics Trust (SGX:BUOU) Share Price Frasers Logistics Trust (SGX:BUOU) Target Price Frasers Logistics Trust (SGX:BUOU) Analyst Reports Frasers Logistics Trust (SGX:BUOU) Corporate Actions Frasers Logistics Trust (SGX:BUOU) Announcements Frasers Logistics Trust (SGX:BUOU)Latest News Frasers Logistics Trust (SGX:BUOU) Blog Articles
- See report: Frasers Logistics & Industrial Trust - Gunpowder In The Bag
- See report: Singapore REITs - Roll Out The Defensive Shield For 2019.
Keppel DC REIT (SGX:AJBU): All primed for inorganic growth.
- Unique pure-play exposure to fast-growing data centre industry.
- Portfolio’s defensive positioning.
- Operating metrics remain healthy.
- Prudent capital management.
- KEPPEL DC REIT (SGX:AJBU) Keppel DC REIT (SGX:AJBU) Share Price Keppel DC REIT (SGX:AJBU) Target Price Keppel DC REIT (SGX:AJBU) Analyst Reports Keppel DC REIT (SGX:AJBU) Corporate Actions Keppel DC REIT (SGX:AJBU) Announcements Keppel DC REIT (SGX:AJBU)Latest News Keppel DC REIT (SGX:AJBU) Blog Articles
- See report: Keppel DC REIT - Good Growth But Capex Reserves To Impact.
- See report: Singapore REITs - Roll Out The Defensive Shield For 2019.
Mapletree North Asia Commercial Trust (SGX:RW0U): Attractively priced.
- Beneficiary of firm retail sales in HK.
- Resilient portfolio with continued strength in rental reversions.
- Attractive FY19F distribution yield of 6.8%.
- See report: Mapletree North Asia Commercial Trust - Another Robust Performance.
- See report: Singapore REITs - Roll Out The Defensive Shield For 2019.
NetLink NBN Trust (SGX:CJLU): Soothing nerves in a volatile market.
- Consistently exceeding its forecasts.
- Still an attractive yield.
- StarHub HFC migration timeline pushed forward.
- NETLINK NBN TRUST (SGX:CJLU) NetLink Trust (SGX:CJLU) Share Price NetLink Trust (SGX:CJLU) Target Price NetLink Trust (SGX:CJLU) Analyst Reports NetLink Trust (SGX:CJLU) Corporate Actions NetLink Trust (SGX:CJLU) Announcements NetLink Trust (SGX:CJLU) Latest News NetLink Trust (SGX:CJLU) Blog Articles
- See report: NetLink NBN Trust - Soothing Nerves In A Volatile Market.
- See report: Singapore Telcos - Stick To The Defensives.
SATS Ltd (SGX:S58): Value emerging.
- Trade with the flows.
- Ample cushion for dividends to be sustained; expected 4.0% yield.
- Near-term challenges, positive long term outlook.
- SATS LTD. (SGX:S58) SATS (SGX:S58) Share Price SATS (SGX:S58) Target Price SATS (SGX:S58) Analyst Reports SATS (SGX:S58) Corporate Actions SATS (SGX:S58) Announcements SATS (SGX:S58) Latest News SATS (SGX:S58) Blog Articles
- See report: SATS Ltd - Value Emerging.
- See report: SG Industrial Stocks - Opt For Resilience & Low Valuations.
Singapore Airlines (SGX:C6L): Attractive valuations.
- Low valuations, encouraging bookings.
- 58% of fuel hedged for 2HFY19; 52% for FY20.
- Interim dividend of S$0.08/share.
- SINGAPORE AIRLINES LTD (SGX:C6L) Singapore Airlines (SGX:C6L) Share Price Singapore Airlines (SGX:C6L) Target Price Singapore Airlines (SGX:C6L) Analyst Reports Singapore Airlines (SGX:C6L) Corporate Actions Singapore Airlines (SGX:C6L) Announcements Singapore Airlines (SGX:C6L) Latest News Singapore Airlines (SGX:C6L) Blog Articles
- See report: Singapore Airlines - Impacted By Virgin AU As Expected.
- See report: SG Industrial Stocks - Opt For Resilience & Low Valuations.
ST Engineering (SGX:S63): Well-placed for long-term growth.
- Resilience with diversified orderbook.
- Segmental outlook.
- Healthy set of 3Q18 results.
- SINGAPORE TECH ENGINEERING LTD (SGX:S63) ST Engineering (SGX:S63) Share Price ST Engineering (SGX:S63) Target Price ST Engineering (SGX:S63) Analyst Reports ST Engineering (SGX:S63) Corporate Actions ST Engineering (SGX:S63) Announcements ST Engineering (SGX:S63) Latest News ST Engineering (SGX:S63) Blog Articles
- See report: ST Engineering - Well-placed For Long Term Growth.
- See report: SG Industrial Stocks - Opt For Resilience & Low Valuations.
SingTel (SGX:Z74): Waiting for a better 2H.
- A rough FY19 thus far.
- Some slight positives from associates.
- Guarded optimism on 2HFY19.
- SINGTEL (SGX:Z74) SingTel (SGX:Z74) Share Price SingTel (SGX:Z74) Target Price SingTel (SGX:Z74) Analyst Reports SingTel (SGX:Z74) Corporate Actions SingTel (SGX:Z74) Announcements SingTel (SGX:Z74) Latest News SingTel (SGX:Z74) Blog Articles
- See report: Singtel - Waiting For A Better 2H.
- See report: Singapore Telcos - Stick To The Defensives.
UOB (SGX:U11): Steady performer.
- Tough market, but opportunities remain.
- Margin to hold.
- Steady and consistent.
- UNITED OVERSEAS BANK LTD (SGX:U11) UOB (SGX:U11) Share Price UOB (SGX:U11) Target Price UOB (SGX:U11) Analyst Reports UOB (SGX:U11) Corporate Actions UOB (SGX:U11) Announcements UOB (SGX:U11) Latest News UOB (SGX:U11) Blog Articles
- See report: UOB - Unclear Outlook, But Value Is Emerging.
- See report: Banking Sector - Trade War Won’t Break The Banks!
UOL Group (SGX:U14): The time to bottom-fish is now.
- Good track record of replenishing its land bank at reasonable costs.
- Growing its recurring income streams.
- Attractive valuations.
- UOL GROUP LIMITED (SGX:U14) UOL Group (SGX:U14) Share Price UOL Group (SGX:U14) Target Price UOL Group (SGX:U14) Analyst Reports UOL Group (SGX:U14) Corporate Actions UOL Group (SGX:U14) Announcements UOL Group (SGX:U14) Latest News UOL Group (SGX:U14) Blog Articles
- See report: UOL Group - The Time To Bottom-Fish Is Now.
- See report: SG Residential Property - Tough Love For A Sustainable Future.
Stock Picks 2019
| Stocks | Price on 5 Dec 2018 |
Fair Value (S$) |
Upside | Rating |
|---|---|---|---|---|
| CapitaLand | 3.20 | 3.96 | 23.8% | BUY |
| DBS Group | 24.65 | 30.83 | 25.1% | BUY |
| Frasers Centrepoint Trust | 2.19 | 2.50 | 14.2% | BUY |
| Frasers Logistics & Industrial Trust | 1.05 | 1.19 | 13.3% | BUY |
| Keppel DC REIT | 1.34 | 1.48 | 10.4% | BUY |
| Mapletree North Asia Commercial Trust | 1.12 | 1.34 | 19.6% | BUY |
| NetLink NBN Trust | 0.77 | 0.90 | 16.9% | BUY |
| SATS | 4.73 | 5.34 | 12.9% | BUY |
| Singapore Airlines | 9.45 | 10.71 | 13.3% | BUY |
| Singtel | 3.08 | 3.95 | 28.2% | BUY |
| ST Engineering | 3.56 | 3.95 | 11.0% | BUY |
| UOB | 25.74 | 28.80 | 11.9% | BUY |
| UOL Group | 6.27 | 8.41 | 34.1% | BUY |
Source: OCBC Investment Research
Carmen Lee
OCBC Investment Research
|
https://www.iocbc.com/
2018-12-06
SGX Stock
Analyst Report
3.960
SAME
3.960
30.830
SAME
30.830
2.500
SAME
2.500
1.190
SAME
1.190
5.340
SAME
5.340
1.480
SAME
1.480
1.340
SAME
1.340
0.900
SAME
0.900
10.710
SAME
10.710
3.950
SAME
3.950
3.950
SAME
3.950
28.800
SAME
28.800
8.410
SAME
8.410
OCBC Investment Research | Singapore Strategy 2019
Strategy 2019 – Need retail therapy? Buy Local!
Singapore Banks – Trade war won’t break the banks!
Singapore Residential Sector – Tough love for a sustainable future
Singapore REITs – Roll out the defensive shield for 2019
Singapore Hospitality – Get ready to surf the wave!
Singapore Industrials – Opt for resilience and low valuations
Singapore Telcos – Stick To The Defensives
2019 Stock Picks – Value Over Growth; Stable and Sustainable Dividends
