Alpha Picks For 2020 - CGS-CIMB Research 2019-11-19: Analysts' Singapore Small Cap Picks

Alpha Picks For 2020 - CGS-CIMB Research | SGinvestors.io AEM HOLDINGS LTD (SGX:AWX) BOUSTEAD SINGAPORE LIMITED (SGX:F9D) CSE GLOBAL LTD (SGX:544) JAPFA LTD. (SGX:UD2) PROPNEX LIMITED (SGX:OYY)

Alpha Picks For 2020 - Analysts' Singapore Small Cap Picks




AEM HOLDINGS (SGX:AWX) (Rating: ADD, Target Price: S$2.12)



BOUSTEAD SINGAPORE (SGX:F9D) (Rating: ADD, Target Price: S$1.00)



CSE GLOBAL (SGX:544) (Rating: ADD, Target Price: S$0.73)



JAPFA (SGX:UD2) (Rating: ADD, Target Price: S$0.70)

  • According to Charoen Pokphand Foods (CPF TB) Nov 19 Vietnam swine prices could have risen above VND60k/kg, above Sep 19’s VND42k/kg and FY18’s high of VND50k/kg.
  • As at Oct 19, China’s raw milk prices rose by 8% y-o-y. Our HK consumer analyst expects raw milk prices to rise by 3-5% in FY20F lending a positive bias to JAP’s dairy segment.
  • We believe Japfa is en route to a cyclical recovery which offers further trading opportunity in the stock. The share price is currently trading at 10x CY21F P/E, below its 5-year average mean of 12.9x.
  • See Japfa Share Price; Japfa Target Price; Japfa Analyst Reports; Japfa Dividend History; Japfa Announcements; Japfa Latest News.


PROPNEX (SGX:OYY) (Rating: ADD, Target Price: S$0.68)

  • We expect upside to our earnings forecasts in 4Q19 and 1Q20 as a result of stronger primary private home sales volumes in 3Q19. URA recorded an average of c.1,200 units transacted per month in 3Q19 vs. c.650 units/mth in 1H19.
  • Market share in primary private segment expanded from 42.4% in FY18 to 45.3% in 9M19 due to increase in number of sales persons as a result of strong training programmes and ability to secure marketing appointments.
  • Dividend per share of 3.5 Scts is likely to be maintained in FY19F due to low capex requirements and large cash balance representing c.S$0.20 per share.
  • See PropNex Share Price; PropNex Target Price; PropNex Analyst Reports; PropNex Dividend History; PropNex Announcements; PropNex Latest News.




See also: CGS-CIMB Analysts’ Alpha Picks For 2020 (Large Cap)




LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2019-11-19
SGX Stock Analyst Report ADD MAINTAIN ADD 2.12 SAME 2.12
ADD MAINTAIN ADD 1.000 SAME 1.000
ADD MAINTAIN ADD 0.73 SAME 0.73
ADD MAINTAIN ADD 0.70 SAME 0.70
ADD MAINTAIN ADD 0.680 SAME 0.680



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