POPULATION WHITE PAPER FAVOURS INFRASTRUCTURE PLAYS- Government to build infrastructure ahead of demand- Ramp-up in public housing and transport projects- Favour niche infrastructure service providers: After five days of intense debate, Singapore’s Parliament passed the amended White Paper on Population about a week ago. We reviewed the White Paper and emphasize the following: – (i) the government will now build infrastructure ahead of demand, (ii) planning parameters of 5.8m to 6.0 million in 2020 (and 6.5 to 6.9 million in 2030) are to be used, (iii) the housing supply will be ramped up and HDB prices will remain affordable, (iv) rail network will double by 2030 with the addition of five more lines. In our view, the most direct beneficiary is the infrastructure sector (public works providers opposed to construction-developers). We highlight several niche players such as Tat Hong Holdings (BUY; FV: S$1.75), Yongnam Holdings Limited (UNRATED), TEE International (HOLD; FV: S$0.30) and TTJ Holdings (UNRATED).
人口白皮书惠基础设施PLAYS
– 政府基础设施建设的需求
在公共住房和交通项目 – 斜坡
– 恩泽利基基础设施服务供应商
经过5天的激烈辩论，新加坡的人口大约一个星期前，议会通过了修订后的白皮书。我们回顾了白皮书，强调以下几点： – （i）政府将基础设施建设的需求，（ii）规划5.8米至6.0亿美元，到2020年（6.5至6.9亿美元，到2030年）的参数是要使用（三）住房供应量将缓慢上升，组屋价格将保持价格实惠，（四）铁路网络将增加一倍，到2030年，与另外五线。在我们看来，最直接的受益者是基础设施行业（公共工程提供建设开发）。我们强调一些特殊的球员，如达丰控股（BUY FV：S1.75美元），岭南控股有限公司（UNRATED），TEE国际（HOLD FV：S$ 0.30）和TTJ控股（UNRATED）。真的翻译的够烂的!
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