Lim & Tan Securities Pte Ltd April 16, 2025
Market Analysis and Stock Recommendations
The market witnessed a mixed performance on Tuesday, with the S&P 500 edging up 0.2% and the Nasdaq composite decreasing by less than 0.1%, while the Dow Jones slipped 0.4%. In Asia, the FSSTI index rose 2.1% to 3,624.7, driven by various market movements.
Market Summary and Indices Performance
FSSTI Index: 3,624.7, up 2.1% on a daily basis, down 8.8% month-to-date (MTD), and down 4.3% year-to-date (YTD).
INDU Index: 40,369.0, down 0.4% on a daily basis, down 3.9% MTD, and down 5.1% YTD.
SPX Index: 5,396.6, down 0.2% on a daily basis, down 3.8% MTD, and down 8.2% YTD.
CCMP Index: 16,823.2, flat on a daily basis, down 2.8% MTD, and down 12.9% YTD.
UKX Index: 8,249.1, up 1.4% on a daily basis, down 3.9% MTD, and up 0.9% YTD.
NKY Index: 34,267.5, up 0.8% on a daily basis, down 3.8% MTD, and down 14.1% YTD.
HSI Index: 21,466.3, up 0.2% on a daily basis, down 7.2% MTD, and up 7.0% YTD.
SHCOMP Index: 3,267.7, up 0.1% on a daily basis, down 2.0% MTD, and down 2.5% YTD.
VIX Index: 30.1, down 2.5% on a daily basis, up 35.2% MTD, and up 73.6% YTD.
Daily Market Value and Volume
Daily Market Value (S$’m): 1,420.6
Daily Market Volume (mln): 1,210.3
52-week STI High: 4,005.2
52-week STI Low: 3,136.4
Commodity and Currency Updates
Gold: $3,244.0, up 0.4% on a daily basis, up 3.9% MTD, and up 23.6% YTD.
Crude Oil: $61.3, down 0.3% on a daily basis, down 14.2% MTD, and down 14.5% YTD.
Baltic Dry: 1,282.0, up 0.6% on a daily basis, down 19.8% MTD, and up 28.6% YTD.
Crude Palm Oil: $4,121.0, up 0.3% on a daily basis, down 6.7% MTD, and down 0.5% YTD.
LHN Limited’s Proposed Spin-off and Listing
LHN Limited announced a proposed spin-off and separate listing of the Coliwoo Group on the Mainboard of SGX-ST. The company submitted a spin-off application for the proposed spin-off and separate listing of Coliwoo Group Pte. Ltd. (“Coliwoo Group”). Coliwoo Group is an indirect wholly-owned subsidiary of LHN Limited, incorporated for the co-living business.
SATS’ New Contract and Share Price Movement
SATS ($2.67, up 2 cents) announced a new five-year cargo handling contract with Emirates SkyCargo at Frankfurt Airport, strengthening its partnership with the airline. The company now provides specialized gateway services at 21 stations across Emirates’ global network.
Oiltek International Secures New Contracts
Oiltek International ($1.16, up 4 cents) secured new contracts worth approximately RM61.9 million across various global markets. These contracts involve designing, fabricating, delivering, testing, and commissioning plants in Africa, Thailand, Indonesia, and the Americas.
Market Cap and Dividend Yield of Key Stocks
LHN Limited: Market cap stands at S$176mln, trading at a forward P/E of 5.5x and 0.7x P/B, with a 7.1% dividend yield.
SATS: Market cap at S$4.0 bln, trading at 15.8x forward PE and 1.6x PB, with a dividend yield of 0.6%.
Oiltek International: Market cap at S$165.9mln, trading at 15.6x forward PE and boasting a dividend yield of 2.3%.
Company Updates and Analysis
SATS
Market Performance: SATS’ market cap stands at S$4.0 bln and currently trades at 15.8x forward PE and 1.6x PB, with a dividend yield of 0.6%.
Consensus Target Price: S$3.85, representing 44.2% upside from current share price.
Rating Upgrade: Upgraded to an Accumulate rating due to reasonable valuations and bullish fundamentals.
Oiltek International
New Contracts: Secured new contracts worth approximately RM61.9 million across global markets.
Market Performance: Trades at 15.6x forward PE and boasts a dividend yield of 2.3%.
Recommendation: Maintain a BUY recommendation with a TP of S$1.50, representing a 29.3% upside.
LHN Limited
Proposed Spin-off: May constitute a major transaction under Chapter 14 of the Hong Kong Stock Exchange Listing Rules.
Financials: Trades at a forward P/E of 5.5x and 0.7x P/B.
Dividend Yield: Offers an attractive 7.1% dividend yield.
Institutional and Retail Fund Flows
Top 10 Institution Net Buy (+) Stocks (S$M): Singtel (186.5), DBS (199.2), Yangzijiang Financial (19.4), OCBC (57.5), UOB (81.5), Keppel (47.8), Mapletree Logistics Trust (33.3), Frasers Centrepoint Trust (15.0), Hongkong Land (13.2), Genting Singapore (11.0).
Top 10 Retail Net Buy (+) Stocks (S$M): DBS (376.6), OCBC (229.9), UOB (135.6), Keppel (71.9), Mapletree Logistics Trust (33.2), CapitaLand Investment (21.9), CapitaLand Ascendas REIT (16.9), Venture Corporation (15.6), Mapletree Industrial Trust (13.0), SIA (11.6).
Share Transactions and Dividends
Institutional Investors’ Net Buy/Sell: Recorded a net sell of S$178.9m vs. S$137.9m a week ago.
Retail Investors’ Net Buy/Sell: Recorded a net buy of S$776.0m vs. S$560.6m a week ago.
Dividend and Special Distributions
Upcoming Dividends: DBS Group Holdings Ltd (60cts final), Yangzijiang Financial Holdings Ltd (3.45cts final), OCBC (41cts final & 16cts special), Propnex Ltd (3cts final & 2.5cts special), Keppel Ltd (19cts final), UOB (92cts final & 25cts special).
SGX Watch-List (List is Not Exhaustive)
32 Companies Under Watch: Includes Amos Group, Ascent Bridge Ltd, ASTI Holdings, British And Malayan Hldgs, CH Offshore, Cosmosteel, Datapulse Technology, Debao Property, Eneco Energy, Full Apex (Holdings), GRP Limited, Interra Resources, Intraco Ltd, IPC Corp, Jadason Enterprises, Jasper Investments, Manufacturing Integration Technology, Metis Energy, Raffles Infrastructure, Shanghai Turbo, SMI Vantage, Trek 2000 Intl, United Food Hldgs, USP Group Limited, and others.