Singapore Technology Sector - Maybank Kim Eng 2019-06-10: Finding Its Bearings

Singapore Technology Sector - Maybank Kim Eng Research | SGinvestors.io AEM HOLDINGS LTD (SGX:AWX) VALUETRONICS HOLDINGS LIMITED (SGX:BN2) HI-P INTERNATIONAL LIMITED (SGX:H17) VENTURE CORPORATION LIMITED (SGX:V03)

Singapore Technology Sector - Finding Its Bearings


Scenario analysis to understand key risks

  • The escalation of the US-China trade war has clouded the earnings outlook for the Singapore technology universe. We provide:
    1. scenario analyses to illustrate the key risks; and
    2. earnings sensitivities to understand market expectations at different share price levels.
  • We upgrade Venture Corp to BUY and Hi-P International to HOLD, following share price declines of 18%/22% from the recent peaks April. Our forecasts and TPs are unchanged.



Venture – long-term growth thesis intact



Hi-P – await clarity



Valuetronics – compelling valuations



AEM – FY20E earnings recovery intact






Lai Gene Lih CFA Maybank Kim Eng Research | https://www.maybank-ke.com.sg/ 2019-06-10
SGX Stock Analyst Report BUY MAINTAIN BUY 1.400 SAME 1.400
BUY MAINTAIN BUY 0.990 SAME 0.990
HOLD UPGRADE SELL 1.220 SAME 1.220
BUY UPGRADE HOLD 19.740 SAME 19.740



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