SMC Monthly - DBS Research 2016-05-05: May-16 Top Conviction Picks
JAPFA LTD UD2.SI UMS HOLDINGS LIMITED 558.SI MM2 ASIA LTD 43D.SI NAM CHEONG LIMITED N4E.SI CHINA MERCHANTS HLDGS (PACIFIC) C22.SI May-16: Top Conviction Picks
- With volatility likely to increase, we prefer to go with defensive and resilient picks.
- Defensive yield picks: UMS Holdings and China Merchants Pacific offer prospective yields of > 8%. Meanwhile, Japfa has demonstrated resilience following its recent strong 1Q results, and mm2 Asia is poised to post good earnings growth ahead on growing local productions and recurring income from recently acquired businesses (including cinemas).
- We also reiterate our FULLY VALUED call on Nam Cheong, which could see significant downside risk.
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