▌What’s on the Table…
Grand Venture Technology Ltd (ADD, tp:SGD1.12) – 1H21F net profit to grow
more than 50% yoy
Global semiconductor sales grew 21.7% yoy in Apr. WSTS has also raised its
2021 semiconductor sales growth forecast to 19.7% (previously: 8.4%). We
believe GVTL is a beneficiary of the strong semiconductor sales forecast for 2021 (the semiconductor segment was 71% of GVTL’s 1Q21 revenue). Reiterate Add with an unchanged S$1.12 target price. 1H21F results are set for a mid-Aug 2021 release.
Property Devt & Invt (OVERWEIGHT) – Increasing residential land supply
New residential units from the Confirmed List in the government land sales (GLS) programme increased to 2,000 units for 2H21. The increase in residential supply is likely to enable developers to replenish their land banks, while easing the momentum on price trajectory. Reiterate sector Overweight on valuations.
Preferred picks: UOL, CIT, CAPL.