Top Singapore Small Cap Companies - RHB Invest 2019-05-07: 20 Jewels 2019 Edition

20 Jewels 2019 Edition - RHB Research | SGinvestors.io APAC REALTY LIMITED (SGX:CLN) CHINA AVIATION OIL(S) CORP LTD (SGX:G92) CSE GLOBAL LTD (SGX:544) DELFI LIMITED (SGX:P34) EC WORLD REIT (SGX:BWCU) FRENCKEN GROUP LIMITED (SGX:E28) FU YU CORPORATION LTD (SGX:F13) HONG LEONG FINANCE LIMITED (SGX:S41) HRNETGROUP LIMITED (SGX:CHZ) HYPHENS PHARMA INTL LIMITED (SGX:1J5) JUMBO GROUP LIMITED (SGX:42R) MEMTECH INTERNATIONAL LTD (SGX:BOL) OXLEY HOLDINGS LIMITED (SGX:5UX) RIVERSTONE HOLDINGS LIMITED (SGX:AP4) SHENG SIONG GROUP LTD (SGX:OV8) SILVERLAKE AXIS LTD (SGX:5CP) STARHILL GLOBAL REIT (SGX:P40U) UG HEALTHCARE CORPORATION LTD (SGX:41A) UNUSUAL LIMITED (SGX:1D1) VIVIDTHREE HOLDINGS LTD. (SGX:OMK)

RHB 20 Jewels 2019 Edition - Top Singapore Small Cap Companies

  • This year, technology and manufacturing names make up the bulk of our top 20 picks as we believe these sectors have overcorrected due to trade war tensions in 2018. With an impending trade deal between the US and China, we think some of these stocks that are trading at significantly low valuations could potentially rerate both in terms of earnings and P/E multiples.
  • While other companies featured in this edition may vary in terms of business, market capitalisation, and investor interest, they share a common DNA – they are fundamentally sound companies with a high probability of making good returns for investors. We hope to eventually see these companies graduate into mid-sized corporates or even large caps in the not-too-distant future.



20 Jewels - Top Singapore Small Cap Companies At A Glance


Company TP Mkt Cap P/E (x) P/B (x) Div Yield (%) ROE (%)
(SGD) (SGDm) FY18 FY19F FY18 FY19F FY18 FY19F FY18 FY19F
APAC REALTY LIMITED (SGX:CLN) 0.72 211 8.4 8.8 1.4 1.3 7.9 6.9 17.6 15.7
CHINA AVIATION OIL(S) CORP LTD (SGX:G92) 1.6 1,099 8.6 8.3 1.1 1 3.5 3.6 12.6 12.1
CSE GLOBAL LTD (SGX:544) 0.61 274 13.8 12.1 1.6 1.5 5.1 5.1 11.7 12.6
DELFI LIMITED (SGX:P34) 1.68 886 28.5 24.1 3.2 3 1.8 2.3 11.2 12.5
EC WORLD REIT (SGX:BWCU) 0.84 608 12.7 9 0.9 0.9 8.2 8.4 5.9 6.9
FRENCKEN GROUP LIMITED (SGX:E28) N/A 230 6.8 N/A 0.9 N/A 3.9 N/A 11.5 N/A
FU YU CORPORATION LTD (SGX:F13) 0.24 151 12.7 11.2 0.9 0.9 8 8 7.2 8.1
HONG LEONG FINANCE LIMITED (SGX:S41) N/A 1,215 10.2 N/A 0.6 N/A 5.5 N/A 6.5 N/A
HRNETGROUP LIMITED (SGX:CHZ) 1.06 774 16 14.8 2.3 2.1 3.7 3.4 14.5 14.4
HYPHENS PHARMA INTL LIMITED (SGX:1J5) N/A 60 8.2 N/A 1.5 N/A 2.8 N/A 13.8 N/A
JUMBO GROUP LIMITED (SGX:42R) N/A 256 23.3 N/A 3.9 N/A 3 N/A 16.9 N/A
MEMTECH INTERNATIONAL LTD (SGX:BOL) N/A 134 10.6 N/A 0.8 N/A 3.1 N/A 7.7 N/A
OXLEY HOLDINGS LIMITED (SGX:5UX) N/A 1,298 4.3 N/A 0.9 N/A 4.8 N/A 19.9 N/A
RIVERSTONE HOLDINGS LIMITED (SGX:AP4) N/A 815 18.8 N/A 3.5 N/A 2.1 N/A 19.3 N/A
SHENG SIONG GROUP LTD (SGX:OV8) 1.25 1,579 22.3 19.9 5.4 5.1 3.2 3.6 24.3 25.2
SILVERLAKE AXIS LTD (SGX:5CP) 0.65 1,468 31.7 19.5 8.2 7.5 5.6 5.5 25.6 38.7
STARHILL GLOBAL REIT (SGX:P40U) 0.78 1,100 17.9 10.5 0.8 0.7 6.6 6.9 4.2 7.1
UG HEALTHCARE CORPORATION LTD (SGX:41A) 0.32 36 8.2 8 0.8 0.8 1.3 1.5 11 10.2
UNUSUAL LIMITED (SGX:1D1) N/A 340 31.6 N/A 8 N/A 0 N/A 25.2 N/A
VIVIDTHREE HOLDINGS LTD. (SGX:OMK) N/A 58 21.6 N/A 6.9 N/A N/A N/A 32.2 N/A



20 Jewels 2019 Edition




See attached PDF report for investment merits and highlights of the 20 companies.






Jarick Seet RHB Securities Research | Shekhar Jaiswal RHB Invest | Lee Seng Choon CFA RHB Invest | https://www.rhbinvest.com.sg/ 2019-05-07
SGX Stock Analyst Report BUY MAINTAIN BUY 0.720 SAME 0.720
BUY MAINTAIN BUY 1.600 SAME 1.600
BUY MAINTAIN BUY 0.610 SAME 0.610
BUY MAINTAIN BUY 1.680 SAME 1.680
BUY MAINTAIN BUY 0.840 SAME 0.840
NOT RATED MAINTAIN NOT RATED 99998.000 SAME 99998.000
BUY MAINTAIN BUY 0.240 SAME 0.240
NOT RATED MAINTAIN NOT RATED 99998.000 SAME 99998.000
BUY MAINTAIN BUY 1.060 SAME 1.060
NOT RATED MAINTAIN NOT RATED 99998 SAME 99998
NOT RATED MAINTAIN NOT RATED 99998 SAME 99998
NOT RATED MAINTAIN NOT RATED 99998.000 SAME 99998.000
NOT RATED MAINTAIN NOT RATED 99998.000 SAME 99998.000
NOT RATED MAINTAIN NOT RATED 99998 SAME 99998
BUY MAINTAIN BUY 1.250 SAME 1.25
BUY MAINTAIN BUY 0.650 SAME 0.650
BUY MAINTAIN BUY 0.780 SAME 0.780
BUY MAINTAIN BUY 0.320 SAME 0.320
NOT RATED MAINTAIN NOT RATED 99998 SAME 99998
NOT RATED MAINTAIN NOT RATED 99998 SAME 99998



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