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What Is Growth Value Yield (GVY) Model Stock List?

Our retail research team has created 3 stock lists, namely Growth, Value and Yield.

Some description The Growth List comprises of small-mid capitalisation companies with business catalysts which will potentially grow their earnings in the near future.  The Growth portfolio would be suitable for investors looking for higher returns and are willing to tolerate the risk of higher short-term volatility of stock prices.
Some description The Value List focuses on companies which are undervalued based on their share prices as compared to the company fundamentals. It  would be suitable for conservative investors who prefer price stability and have a longer investment horizon.
Some description The Yield List comprises of stocks that provide consistent dividend pay-out. It would be suitable for investors whose primary focus is to gain regular dividend income from their investments.

 

August Market Overview

The Singapore market (STI) fell 5.9% in Aug '19 as investors fled risk assets on the escalation in US-China trade war in tit-for-tat retaliatory tariffs, as well as the inversion of the US yield curve, which is a normally harbinger of an coming recession.

Ytd, the STI gained 1.2%, giving a total return (including dividends) of 4.8%. On an equal weighted basis, the average gain of the 30 constituent stocks was 5.2% with 12 stocks in the red, while 14 chalked double digit returns, down from 18 counters in July. 

Stripping out outsized performer, Thai Bev (+50.3%), the average return for STI component stocks was 3.6%.

Against this backdrop, Market Insight’s Growth, Value, Yield (GVY) basket of stocks achieved an average total ytd return of 8.8%, beating the benchmark index by 3.7ppt. 

Excluding top loser, Japfa, which was dragged down by the African swine flu outbreak and poor poultry prices, average ytd return for the GVY portfolio would have been a very respectable 10.4%.

 

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Growth List +7.3% YTD   

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During the month, we made several changes to our Growth portfolio. We exited APAC Realty and HRnetGroup on lower-than-expected 2Q19 results against the backdrop of a slowing economy and macro headwinds.

Meanwhile, we added AEM Holdings and Penguin Int'l on their healthy order prospects, as well as Koufu given its strong cash generative business and outlets expansion plan.

 

Value List +6.6% YTD

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The Value portfolio was lifted by our timely exit of Yangzijiang and SIA Engineering (SIE) after earlier share price appreciation limited capital upside, prompting us to take profit with >20% ytd return.

We added CSE Global to our Value basket on expectations of a stronger 2H19 underpinned by 1) progressive completion of greenfield projects won in 1Q17; 2) kick-starting of Singapore infrastructure projects; as well as 3) robust new orders win of $106.3m (+19.3%), bringing its outstanding order book to $188m. Valuation is undemanding at 10x FY19e P/E, below its 5 year historical mean of 12x and supported by yield of almost 6.5%.

 

 

Yield List +12.8% YTD

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The continued strong performance by REITs bolstered the Yield portfolio, which came on the back of increasingly flight towards defensive and high yield counters. Moreover, investors also looked to a widely anticipated Fed rate cut in Sep ‘19 amid dim global economic outlook.

 

 

Note: * Priced in USD

Disclaimer

This document is not research material and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This document does not necessarily represent the views of every function within Maybank Kim Eng Securities.

This document is being distributed for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This document is for general evaluation only, it does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons.

Opinions, projections and estimates are solely those of Maybank Kim Eng Securities at the date of this document and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be).

Maybank Kim Eng Securities makes no representation or warranty of any kind, express, implied or statutory regarding, but not limited to, the accuracy of this document or the completeness of any information contained or referred to in this document. This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. Maybank Kim Eng Securities accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents.

Maybank Kim Eng Securities, and/or a connected company, may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities, currencies or financial instruments referred to on this document or have a material interest in any such securities or related investment, or may be the only market maker in relation to such investments, or provide, or have provided advice, investment banking or other services, to issuers of such investments. Accordingly, Maybank Kim Eng Securities, its affiliates and/or subsidiaries may have a conflict of interest that could affect the objectivity of this document. This document must not be forwarded or otherwise made available to any other person without the express written consent of Maybank Kim Eng Securities.

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Step 1: Log in to KE Trade Mobile

Step 2: Select "Market Insight"

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Step 3: Choose from four markets and search for your stock 

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Step 1: Log in to KE Trade Mobile 

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On Web Browser

Step 1: Log in to www.ketrade.com.sg on your web browser

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Step 3: Right click the stock you wish to find out more about and select "Market Insight"

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Market Insight on KE Trade iPad App

Benefits

Get the latest research insights on your iPad with Market Insight! Now you can not only trade on the move, but also stay updated on the move.

 

1. In-depth regional and local coverage 

  • Read reports on companies, sectors, economics and strategies.
  • View research call consensus charts and find out about Maybank Kim Eng's buy-sell-hold calls.
  • 11 markets are covered - Singapore, Hong Kong, Malaysia, Philippines, Thailand, Indonesia, Korea, Vietnam, India, United States and Taiwan.
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2. Model portfolio 

  • Get trading ideas by viewing model portfolios formed using characteristics like growth, yield and value.
  • Find out the latest news and market talk on a particular counter by clicking it in the model portfolio.
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3. Customisable content

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Accessing Market Insight on iPad

 Step 1: Download KE Trade for iPad or search "Maybank KE Trade SG" in the iTunes App store using your iPad

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Step 3: Click on the "Market Insight" tab

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