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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.

 

June Market Overview

The Singapore equity market entered correction territory in Jun and continued to slide as escalating fears of a US-China trade war spooked investors, sparking a regional funds outflow.

Accordingly, total market cap of 738 listed stocks on the SGX shrank 3.4% last month to $947m, with the STI declining 4.7% from May.

Banks (DBS, OCBC, UOB),
telcos (StarHub, Singtel), property firms (CapitaLand, UOL), transport operators (CDG, SIA) and industrials (Venture, JC&C), including conglomerates (Keppel Corp, SCI, STE) took a beating, all dropping by more than 5%.

Ytd, the STI fell 3.9% (May: +0.7%) and suffered a negative return of -2.3% (Apr: +2.5%), inclusive of dividends. On an unweighted basis, the average loss of STI constituents was 7.0% (May: -2.6%, with 20 out of 30 stocks in the red.

As expected, our Growth, Value, Yield (GVY) basket of stocks was knocked back by the broad market retreat, giving up almost all of its 1Q18 gains, but still emerged with a marginal average
ytd return of 0.5% (May: +5.7%), helped by earlier profit-taking in some tech counters.

 

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Growth List +7.8% YTD   

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Average total return of the Growth portfolio was eroded by sharp reaction in share prices of technology stocks Venture Corp, Valuetronics and AEM Holdings as they fell victim to news of softer sales of key clients and the potential damage and disruption of tariffs on global supply chains.

However, the share price correction appears to be overdone with valuations down to undemanding levels.

Rubber chemicals producer, China Sunsine remains the top performer, while new entrant HRnetGroup chalked up decent gains as it rides on improving jobs data in Singapore and strong business momentum in North Asia.

APAC Realty declined in tandem with property stocks and fewer property transactions in 5M18 but volumes should pick up I 2H18, supported by rising housing prices, new project launches and wave of en bloc and government land sales.

 

Value List -10.5% YTD

Some description

Performance of our property-heavy Value portfolio continued to be weak, as they still seemed to lag behind the upturn in the Singapore residential market.

We added
Yangzijiang to the list as valuations have fallen to attractive levels, with downside risk supported by a US$4.1b order book, net cash pile of $0.73/share, share buybacks and dividend yield of 5%.

 

Yield List -3.6% YTD

Some description

The Yield portfolio was weighed by rising interest rates following the second Fed rate hike this year, as well as the de-rating of UMS along with its industry peers, and competitive pressures facing APTT.

But
the Taiwan pay TV operator reaffirmed its FY18 DPU guidance of 6.5¢, and now offers an enticing yield of over 15%.

 

 

Note: * Including dividends
         ** 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.

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