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What Is Growth Value Yield (GVY) Model Portfolio?

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 STI slipped 1.6% in August following some post-2Q results profit taking among the banks and on weaker-than-expected results from heavyweights, Singtel, Sembcorp Industries, Keppel Corp and ST Engineering.

However, the index is still up 13.8% for 8M17 from the solid bank rally and economic recovery spurred by electronics shipments, as well as improving sentiment in the housing market.

Against this backdrop, our GVY lists of stocks achieved an average return of 26% year-to-date (YTD).

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Growth Portfolio +23.5% TYD   

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During the month, we added Valuetronics into the Growth list at SGD0.86 on the back of new key products, such as wireless smart light bulbs and in-vehicle wireless communication modules, which would underpin earnings growth going forward.

However, key performers AEM and Best World lost 8.5% and 23.4%, respectively, in Aug. AEM saw profit-taking after it reported a 6-fold increase in 2Q17 earnings, largely as a beneficiary of the global semiconductor upturn, while Best World suffered collateral damage from a government crackdown on pyramid schemes in China.

Nevertheless, we retain AEM and Best World in the Growth list as their
fundamental earnings profile remains intact.

 

Value Portfolio +10.6% YTD

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Last month, we added GuocoLand at SGD2.07 and SIIC Environment at SGD0.495 into our Value list.

GuocoLand is a laggard property developer that will benefit from the improving Singapore property market, with substantial value-unlocking potential.

Meanwhile, SIIC Environment represents a situational value play arising from its potential dual-listing in Hong Kong, possibly by year end, which could spark an upward re-rating.

 

Yield Portfolio +43.8% YTD

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No changes were made in Aug for the Yield list in the past month. Performance remained creditable, thanks to Venture Corp and Micro-Mechanics, which rose 20% and 22.5% respectively, following better-thanexpected 2Q17 and 4QFY17 results, from improved demand.

 

Note: *Including dividends

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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