Singapore Market Focus - DBS Research 2019-12-12: 2020 Stock Picks

Singapore 2020 Stock Picks - DBS Research | SGinvestors.io AEM HOLDINGS LTD (SGX:AWX) ASCENDAS INDIA TRUST (SGX:CY6U) ASCENDAS REAL ESTATE INV TRUST (SGX:A17U) CDL HOSPITALITY TRUSTS (SGX:J85) GENTING SINGAPORE LIMITED (SGX:G13) MAPLETREE LOGISTICS TRUST (SGX:M44U) SIA ENGINEERING CO LTD (SGX:S59) SINGAPORE TECH ENGINEERING LTD (SGX:S63) THAI BEVERAGE PUBLIC CO LTD (SGX:Y92) WILMAR INTERNATIONAL LIMITED (SGX:F34)

Singapore Market Focus - 2020 Stock Picks


DBS' 2020 Stock Picks


Company Mkt Cap (US$) Target Price Recommendation
AEM HOLDINGS (SGX:AWX) 375 S$2.38 BUY
ASCENDAS INDIA TRUST (SGX:CY6U) 1,206 S$1.65 BUY
ASCENDAS REIT (SGX:A17U) 6,897 S$3.33 BUY
CDL HOSPITALITY TRUSTS (SGX:J85) 1,445 S$1.80 BUY
GENTING SINGAPORE (SGX:G13) 8,122 S$1.20 BUY
MAPLETREE LOGISTICS TRUST (SGX:M44U) 4,636 S$1.90 BUY
SIA ENGINEERING (SGX:S59) 2,326 S$3.30 BUY
ST ENGINEERING (SGX:S63) 9,183 S$4.64 BUY
THAI BEVERAGE (SGX:Y92) 16,454 S$1.04 BUY
WILMAR INTERNATIONAL (SGX:F34) 19,217 S$4.60 BUY




AEM HOLDINGS (SGX:AWX) (BUY; Target Price: S$2.38)

  • Beneficiary of rising new technologies. AEM Holdings, as a solutions provider for the back-end testing of the semiconductor manufacturing process for its key customer, Intel is a key proxy to ride on the cycle recovery. Intel is increasing its capex and production capacity, which should drive demand for test handlers, where AEM is believed to be the sole supplier to Intel’s test handlers. New technology (AI, 5G, and data centers) is also expected to drive longer test times, leading to higher demand for test handlers.
  • Furthermore, AEM is also working towards diversification of revenue through new projects and customers. New initiatives include supplying cable testing solutions for Huawei’s 5G rollout.
  • See AEM Holdings Share PriceAEM Holdings Target PriceAEM Holdings Analyst ReportsAEM Holdings Dividend HistoryAEM Holdings AnnouncementsAEM Holdings Latest News.


ASCENDAS INDIA TRUST (SGX:CY6U) (BUY; Target Price: S$1.65)



ASCENDAS REIT (SGX:A17U) (BUY; Target Price: S$3.33)

  • We continue to like Ascendas REIT for their leading status as the largest industrial landlord in Singapore. Mainly focusing in the business parks and hi-specifications segments, these properties cater mainly to the industries within the precision engineering, IT, media and bio-sciences sectors that continue to see strong demand growth. Its acquisitions in UK, Australia and USA offer increased diversification and stability given their longer weighted average lease expiries (WALEs).
  • Looking ahead, we believe that Ascendas REIT continue to offer an attractive pipeline for growth from its Sponsor, which we believe will be well received by investors. Organic growth momentum is also on the upswing as we project rental reversions to head high on low expiring rent levels.
  • Ascendas REIT offers an attractive 5.3% yield with upside coming from acquisitions which we have not priced in at current levels.
  • See Ascendas REIT Share PriceAscendas REIT Target PriceAscendas REIT Analyst ReportsAscendas REIT Dividend HistoryAscendas REIT AnnouncementsAscendas REIT Latest News.


CDL HOSPITALITY TRUSTS (SGX:J85) (BUY; Target Price: S$1.80)



MAPLETREE LOGISTICS TRUST (SGX:M44U) (BUY; Target Price: S$1.90)



ST ENGINEERING (SGX:S63) (BUY, Target Price: S$4.64).



SIA ENGINEERING (SGX:S59) (BUY, Target Price: $3.30).



GENTING SINGAPORE (SGX:G13) (BUY, Target Price: S$1.20).



THAI BEVERAGE (SGX:Y92) (BUY, Target Price: S$1.04).



WILMAR INTERNATIONAL (SGX:F34) (BUY, Target Price: S$4.60)



Continue to read:


2020 Sector Outlook:






Kee Yan YEO CMT DBS Group Research | Janice CHUA DBS Research | https://www.dbsvickers.com/ 2019-12-12
SGX Stock Analyst Report BUY MAINTAIN BUY 2.380 SAME 2.380
BUY MAINTAIN BUY 1.650 SAME 1.650
BUY MAINTAIN BUY 3.400 SAME 3.400
BUY MAINTAIN BUY 1.800 SAME 1.800
BUY MAINTAIN BUY 1.200 SAME 1.200
BUY MAINTAIN BUY 1.900 SAME 1.900
BUY MAINTAIN BUY 3.300 SAME 3.300
BUY MAINTAIN BUY 4.640 SAME 4.640
BUY MAINTAIN BUY 1.040 SAME 1.040
BUY MAINTAIN BUY 4.600 SAME 4.600



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