September 03, 2021

Market talk for the week (30 Aug)

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

SBS Transit

DBS; Initiate with HOLD with TP S$3.44. The House initiated SBS Transit with a HOLD with TP of S$3.44 representing SBS’s 10 year average PB of 1.74x. Total average daily rail ridership across SBS train lines was 1.22m in FY19 vs FY20’s 709,000, a 42% decline. The house believes average daily riderships will take some time to recover

Food Empire

UOBKH; Maintain BUY with TP S$1.30: 1HFY2021 net profit has come below estimates forming just 37% of the House’s full year estimate, as margins come under pressure from high commodity prices and ocean freight rates. However the house believes earnings will improve as price increases and normalisation of costs. All markets continue to show sales growth with double digit growth in the 2 largest markets reflecting Food Empire’s strong brand power.

Sunpower Group

KGI; Maintain Outperform with TP S$1.22. The House continues to like the company as sees most of new capacity to come onstream by end 2021/early 2022, that will contribute to the Group next year

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