July 30, 2021

Market talk for the week (26 July)

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

RH Petrogas

UOBKayhian; Non-rated The House highlighted the company after seeing strong 1Q earnings which they think are sustainable driven by a recovery in oil prices, reduced production costs and renewal of 20 year PSCs for oilfields in Indonesia. The House has a 20 year DCF valuation range of $0.29-0.40, as RH Petro trades at 7x FY2021F PE based on share price of S$0.173.

HR Net

Maybank; Initiate with BUY and TP S$0.99 HR Net is one of the largest Asia Pacific based recruit companies outside Japan, operating in 13 Asian cities. The House has a TP of S$0.99 based on 18x FY22F PE, a slight premium to global peers average due to HR Net’s more superior ROE and strong net cash position of S$332m (42% of market cap). At share price of S$0.78, HR Net trades at just 9x (ex-cash) FY21F PE

Tech Manufacturers

UOBKH picked UMS, Innotek and Aztech as their top picks for the tech manufacturers sector in Singapore with better chances of earnings pick. Their channel checks suggest factory utilisation remain elevated across Singapore, Penang and China for companies under coverage. In particular, the House highlighted Aztech, UMS, Frencken and Innotek who could surprise on the upside as demand for end products benefit from resilient demand. 

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