Economic Update – May 2021 trade
May NODX growth accelerated to 8.8% yoy, above our estimate but well below
consensus, driven by a smaller sequential decline of 0.1% mom SA. Nonelectronics exports grew 8.1% yoy whilst electronics exports grew 11.0% yoy in May 2021. Singapore’s vaccination rate remains among the fastest in Asia, setting the stage for reopening and a strong recovery in 2021F.

Singapore Press Holdings (ADD, tp:SGD2.19) – What’s next?
We took a deep dive into what’s next for SPH following its recent proposal to exit media. We raise SOP TP to S$2.19 on higher investment portfolio value. We
deem SPH an integrated real-estate asset manager/owner with quality portfolio
worth at least S$6.7bn with S$1.2bn non-core assets for recycling. SPH is not
a property developer, with minimum development projects and trading at an
attractive c.0.8x FY21F P/B vs. peers at 2.5x (Fig 5).