July 23, 2021

Market talk for the week (19 July)

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 What happened in markets this week, and what are analysts talking about?

Koda Ltd

Phillip Capital; Initiate BUY with TP S$1.32 The House thinks valuation are attractive given that after stripping out net cash of US$13.7m, Koda trades at just ex-cash PEs of 3.3x/2.2x FY21F/22F. Cataylsts include higher exports to US and increase in production capacity. The house thinks FY21F PATMI may almost double with a boom in furniture demand as more people stay at home. Founded in 1972, Koda is a leading ODM of all types of home furniture. 

Dong Agro International

KGI; Initiate Outperform with TP S$0.64 Don Agro is one of the largest agricultural companies in Russia’s Rostov region with a stable track record of profitability over last 5 years, and a record net income in 2020. The House believes Don Agro can outperform on the back of strong commodity prices for wheat and corn, which is at the highest since 2014. TP of S$0.64 is based on DCF with WACC of 11% and terminal growth rate of 3%. Don Agro is trading at just 6x FY32F PE. 

Elite Commercial REIT

DBS; Initiate Coverage at BUY with TP GBP 0.80. The House thinks Elite Commercial REIT offers attractive yields of 7.6%/8.2% for FY21F/FY22F, as it functions as social infrastructure given its 99% exposure to the UK government. The house likes its resilient and counter cylical portfolio with 100% occupancy and WALE of 7.2 years offering strong visibility to distributions. 

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