Singapore’s $5b equity push seen to lift liquidity, narrow gaps
Aztech Global is in an early uptrend with net cash covering nearly 60% of its market cap and a TP of $1.02.
Singapore’s equity market could see a boost in trading liquidity and narrower valuation discounts versus regional peers, driven by the government’s $5b Equity Market Development Programme (EMDP), according to CGS International.
In its Make Singapore Great Again – Value Up A-Z Chart Book, the brokerage screens 23 Singapore-listed stocks trading below 10 times price-to-earnings (P/E) or one time price-to-book (P/BV), noting many are in early-to-mid uptrends and supported by improving fundamentals.
Among the highlights, Asian Pay Television Trust offers a stable ~10% yield and trades well below its net asset value, with a long-term target price (TP) of $0.140.
Aztech Global is in an early uptrend with net cash covering nearly 60% of its market cap and a TP of $1.02. Banyan Tree Holdings is shifting to an asset-light model, aiming for 90% of hotels to be fee-based by 2027, with a TP of $0.95.
Other notable picks include Beng Kuang Marine (turnaround via FPSO/FSO business, TP $0.47), Bumitama Agri (enhanced dividend payouts, TP $1.08), Centurion Corp (REIT spin-off catalyst, TP $2.50), China Aviation Oil (jet fuel demand recovery, TP $1.50), First Resources (expanded palm oil plantations, TP $1.96), and Hock Lian Seng (large order book, TP $0.82).
The list also features LHN Ltd (Coliwoo spin-off potential, TP $1.15), Nam Cheong (young OSV fleet, TP $1.00), and Valuemax (record revenue and EPS growth, upgraded TP to $1.00).
CGS International noted common drivers among the selections: strong technical momentum, attractive valuations, consistent dividends, and corporate actions such as spin-offs, acquisitions, and asset sales.