SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<h2>Sunpower Group Ltd</h2>
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<h3>Gearing for more</h3>
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<p><strong>Investment Thesis:</strong></p>
<p><strong>Low valuation a chance to accumulate.</strong> FY21F adjusted PE of 5.0x remains below pre-COVID adjusted forward PE of 5.9x despite return to normalcy of business.</p>
<p><strong>Recovery in textiles sector </strong>as China’s September retail sales of clothing items recorded a healthy 8.3% y-o-y growth. This underlines strong demand for textiles which we estimate to indirectly contribute 40-50% of GI revenue.</p>
<p><strong>GI expansion in sight. </strong>COVID-19 may have led to uncertainty over Sunpower’s investment target. However, the convertible bond profit targets and a resurgent GI business may motivate new plant projects or M&amp;A activity in the coming months that could drive share price.</p>
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<p><strong>Valuation</strong>:</p>
<p><strong>Maintain BUY with a higher DCF-based TP of S$0.76.</strong><br>Valuation was increased on earnings revisions for FY20F onwards led by the construction of the new Shanxi Xinjiang plant and adjustments to reflect higher M&amp;S margins.</p>
<p><strong>Where we differ:</strong><br>We have assumed a lower impact of the global economic slowdown on Yongxing and Xinyuan plants as a significant portion of their capacity is used for heating purposes and less linked to industrial activity.</p>
<p><strong>Key Risks to Our View:</strong><br>Unfavourable changes in the regulatory environment; steep rise in coal prices; resurgence of COVID-19; weak Chinese</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
Sunpower Group Ltd



Gearing for more




Investment Thesis:
Low valuation a chance to accumulate. FY21F adjusted PE of 5.0x remains below pre-COVID adjusted forward PE of 5.9x despite return to normalcy of business.
Recovery in textiles sector as China’s September retail sales of clothing items recorded a healthy 8.3% y-o-y growth. This underlines strong demand for textiles which we estimate to indirectly contribute 40-50% of GI revenue.
GI expansion in sight. COVID-19 may have led to uncertainty over Sunpower’s investment target. However, the convertible bond profit targets and a resurgent GI business may motivate new plant projects or M&amp;A activity in the coming months that could drive share price.



Valuation:
Maintain BUY with a higher DCF-based TP of S$0.76. Valuation was increased on earnings revisions for FY20F onwards led by the construction of the new Shanxi Xinjiang plant and adjustments to reflect higher M&amp;S margins.
Where we differ: We have assumed a lower impact of the global economic slowdown on Yongxing and Xinyuan plants as a significant portion of their capacity is used for heating purposes and less linked to industrial activity.
Key Risks to Our View: Unfavourable changes in the regulatory environment; steep rise in coal prices; resurgence of COVID-19; weak Chinese













(Non-SGX Report) Sunpower Group Ltd: Gearing for More

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<p><a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> delivered solid 9M20 results with earnings on track to meet its CB targets for FY20. 9M20 net profit was exactly 75% of its FY20 target and historically 4Q has been its strongest quarter. Sunpower should have no issue meeting FY20 consensus expectations.</p><p>Sunpower has been a reliable revenue, EBITDA, and profit generator for two years now yet the market is valuing it at barely 9.7x FY21 earnings. As demonstrated in a recent insight <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)</a> this is too conservative.</p><p>Sunpower bottomed on 23/03/20 at 0.33 and has since doubled. However, if we look at it YTD the stock is only up 4%. Given this is a 100% China domestic play and the Chinese economy is overall performing well there is a disconnect.</p><p>Our Fair Value remains unchanged at 1 SGD (based on 15x FY21 earnings as agreed in CB1/CB2).</p>

Sunpower Group (SPWG SP) delivered solid 9M20 results with earnings on track to meet its CB targets for FY20. 9M20 net profit was exactly 75% of its FY20 target and historically 4Q has been its strongest quarter. Sunpower should have no issue meeting FY20 consensus expectations.Sunpower has been a reliable revenue, EBITDA, and profit generator for two years now yet the market is valuing it at barely 9.7x FY21 earnings. As demonstrated in a recent insight Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside) this is too conservative.Sunpower bottomed on 23/03/20 at 0.33 and has since doubled. However, if we look at it YTD the stock is only up 4%. Given this is a 100% China domestic play and the Chinese economy is overall performing well there is a disconnect.Our Fair Value remains unchanged at 1 SGD (based on 15x FY21 earnings as agreed in CB1/CB2).

Sunpower (SPWG SP): GI Continues to Deliver; Re-Rating to 1 SGD Just a Matter of Time

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Cross Asset Strategy

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  </p>
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<h3>Equity Bottom-Up Insights</h3>
<p>In Indonesia<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-a-plethora-of-good-news" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News</a>,  Cross-ASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back a call with<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ)</a> revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. </p>
<p>In<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-the-unsung-hero-of-syariah" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?</a> , Cross-ASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. </p>
<p>In<a href="https://www.smartkarma.com/insights/metrodata-electronic-mtdl-ij-a-rare-value-play-on-indonesia-s-digitalization" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> highlights why<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ)</a> looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. </p>
<p>In<a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-enabling-and-converging-in-indonesia" target="_blank" rel="noopener"> XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" rel="noopener"> XL Axiata (EXCL IJ),</a> one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> last week, which revealed a positive long-term picture, despite some near term competitive headwinds. </p>
<p>In <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside),</a> CrossASEAN Insight Provider provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> post a Smartakarma webinar with the company. </p>
<p>In Thailand<a href="https://www.smartkarma.com/insights/ipo-radar-nforce-secure-new-player-in-thai-cyber-security" target="_blank" rel="noopener"> IPO Radar: NForce Secure, New Player in Thai Cyber Security</a>, Thai Specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at NForce Secure, New Player in Thai Cyber Security.  </p>
<p>In <a href="https://www.smartkarma.com/insights/wilmar-is-a-buy-after-yka-s-listing" target="_blank" data-smartkarma-citation="insights:44228" rel="noopener">Wilmar Is A Buy After YKA’s Listing,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> revisits <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> following the successful listing of <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH).</a></p>
<p>In Singapore<a href="https://www.smartkarma.com/insights/sgx-sgx-sp-market-under-rates-its-growth-potential" target="_blank" rel="noopener"> SGX (SGX SP): Market Under-Rates Its Growth Potential</a>,<a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" rel="noopener"> Victor Galliano</a> discusses why he feels<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener"> SGX (SGX SP)</a> is undervalued. </p>
<p>In <a href="https://www.smartkarma.com/insights/business-dna-suksan-yasasin-of-chayo-group" target="_blank" data-smartkarma-citation="insights:44242" rel="noopener">Business DNA: Suksan Yasasin of Chayo Group,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. </p>
<p>In <a href="https://www.smartkarma.com/insights/ori-expect-flat-3q20-earnings-but-strong-recovery-in-4q20" target="_blank" data-smartkarma-citation="insights:44163" rel="noopener">ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" data-smartkarma-citation="entities:26762:1" rel="noopener">Origin Property (ORI TB)</a> ahead of the company's earnings. </p>
<p>In <a href="https://www.smartkarma.com/insights/com7-upgrade-super-cycle-for-iphone-users" target="_blank" data-smartkarma-citation="insights:44208" rel="noopener">COM7: Upgrade Super Cycle for iPhone Users,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/snippets-45-lobster-alliance-cp-all-goes-to-laos" target="_blank" data-smartkarma-citation="insights:42866" rel="noopener">Snippets #45: Lobster Alliance, CP All Goes to Laos,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five developments over the past week that may impact Thai equities.</p>
<p>In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-kdcreit-included-flt-misses-out" target="_blank" data-smartkarma-citation="insights:44178" rel="noopener">STI Index Rebalance: KDCREIT Included, FLT Misses Out,</a> <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> comments on the recent FTSE STI Index rebalance.  </p>
<p>In<a href="https://www.smartkarma.com/insights/msci-nov20-index-rebalance-preview-asean-em-edition" target="_blank" rel="noopener"> MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> looks at the upcoming MSCI ASEAN EM scheduled rebalancing. </p>
<h3>Credit Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kasikornbank-s-inaugural-at1-underweight-on-franchise-challenges-and-valuation" target="_blank" data-smartkarma-citation="insights:44176" rel="noopener">Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation,</a> credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> comments on <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a>'s inaugural AT1 bond. He suggests to Underweight <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank's (KBANK)</a> inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  

Equity Bottom-Up Insights
In Indonesia Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News,  Cross-ASEAN insight provider Angus Mackintosh reports back a call with Bank Mandiri Persero (BMRI IJ) revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah? , Cross-ASEAN Insight provider Angus Mackintosh sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization, Angus Mackintosh highlights why Metrodata Electronic (MTDL IJ) looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia, Angus Mackintosh revisits XL Axiata (EXCL IJ), one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with XL Axiata (EXCL IJ) last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside), CrossASEAN Insight Provider provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP) post a Smartakarma webinar with the company. 
In Thailand IPO Radar: NForce Secure, New Player in Thai Cyber Security, Thai Specialist Athaporn Arayasantiparb, CFA takes a look at NForce Secure, New Player in Thai Cyber Security.  
In Wilmar Is A Buy After YKA’s Listing,David Blennerhassett revisits Wilmar International (WIL SP) following the successful listing of Yihai Kerry Arawana Holdings Co Ltd (YKA CH).
In Singapore SGX (SGX SP): Market Under-Rates Its Growth Potential, Victor Galliano discusses why he feels SGX (SGX SP) is undervalued. 
In Business DNA: Suksan Yasasin of Chayo Group,Dr. Andrew Stotz, CFA conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20, our friends at Country Group revisit Origin Property (ORI TB) ahead of the company's earnings. 
In COM7: Upgrade Super Cycle for iPhone Users, Country Group revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
Sector and Thematic Insights
In Snippets #45: Lobster Alliance, CP All Goes to Laos, our Thai guru Athaporn Arayasantiparb, CFA highlights five developments over the past week that may impact Thai equities.
In STI Index Rebalance: KDCREIT Included, FLT Misses Out, Brian Freitas comments on the recent FTSE STI Index rebalance.  
In MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition, Brian Freitas looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
Credit Insights
In Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation, credit specialist Hank Calenti, CFA comments on Kasikornbank PCL (KBANK TB)'s inaugural AT1 bond. He suggests to Underweight Kasikornbank's (KBANK) inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. 

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

<p><a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Last week Sunpower Group (SPWG SP)</a> participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available <a href="https://smartkarma.zoom.us/rec/play/icMBesc2gt5XZolN7q1Tc6_i_mBbBObSmhxOuo1NPDrjlY91-08sJAZ5udK8LcwZiv53qdzqBFApBjfN.XcuzG8EUxBJcGCVa?startTime=1601974812000" target="_blank" rel="noopener">here</a>. </p><p>Yesterday, a waste-to-energy operator <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">China Jinjiang Environment (CJE SP)</a> announced CICC would act on behalf of its Shanghai-listed parent <a href="https://www.smartkarma.com/entities/zhejiang-zheneng-electric-a" target="_blank" data-smartkarma-citation="entities:20553:1" rel="noopener">Zhejiang Zheneng Electric A (600023 CH)</a> to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.</p><p>The buyout values the company at 36x earnings and 10x EV/EBITDA. </p><p>Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.</p><p>Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced <em>Mr. Market</em> is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here. </p>

Last week Sunpower Group (SPWG SP) participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available here. Yesterday, a waste-to-energy operator China Jinjiang Environment (CJE SP) announced CICC would act on behalf of its Shanghai-listed parent Zhejiang Zheneng Electric A (600023 CH) to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.The buyout values the company at 36x earnings and 10x EV/EBITDA. Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced Mr. Market is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here. 

Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>Welcome to Smartkarma Corporate Webinars, a new initiative by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a>. Every week, our Corporate Webinars will feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p><p>For our first Corporate Webinar, we welcome <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a>'s IR, <a href="https://www.smartkarma.com/profiles/gregory-yap-65df6807-3ee1-4782-902a-20ba1e80d918" target="_blank" rel="noopener">Gregory Yap</a>, who will deliver a presentation on the company and then join Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" rel="noopener">Nicolas Van Broekhoven</a> for a fireside chat. </p><h3>The Webinar will be hosted on Tuesday, 6/October/2020, 5:00 pm SGT/HKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84275982499" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Agenda:</p><ul>
<li dir="ltr"><p>Company Presentation: Gregory Yap  -  20 minutes</p></li>
<li dir="ltr"><p>Fireside Chat: Gregory Yap and Nicolas Van Broekhoven - 20 minutes</p></li>
</ul><p>Investors who want to reach out to Gregory for follow-up questions can do so via the "Contact IR" button on <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a>'s page on Smartkarma.</p>

Welcome to Smartkarma Corporate Webinars, a new initiative by Smartkarma Corporate Solutions. Every week, our Corporate Webinars will feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.For our first Corporate Webinar, we welcome Sunpower Group (SPWG SP)'s IR, Gregory Yap, who will deliver a presentation on the company and then join Smartkarma Insight Provider Nicolas Van Broekhoven for a fireside chat. The Webinar will be hosted on Tuesday, 6/October/2020, 5:00 pm SGT/HKT.Register for the Webinar hereAgenda:
Company Presentation: Gregory Yap  -  20 minutes
Fireside Chat: Gregory Yap and Nicolas Van Broekhoven - 20 minutes
Investors who want to reach out to Gregory for follow-up questions can do so via the "Contact IR" button on Sunpower Group (SPWG SP)'s page on Smartkarma.

Smartkarma Corporate Webinar | Sunpower Group: Understanding the Business and Growth Opportunities

China

Founded in 1997 and listed in 2005, Sunpower Group Limited (5GD.SI / SPWG SP) is an environmental protection company specialising in fighting air pollution using proprietary energy-saving and clean power technologies. Since 2017, Sunpower has expanded heavily into “Green Investments” (GI), its sizeable and valuable portfolio of anti-smog investment projects that generate long-term, recurring and high-quality cashflows and now account for more than half of recurring profits and cashflow. The “Manufacturing & Service” (M&S) business provides a variety of high-end customised environmental protection products and solutions to approximately 1,500 customers across 15 industries in over 30 countries, such as Wanhua Chemical, Hengli Petrochemical, CNOOC, CNPC, SINOPEC, ExxonMobil, BASF, BP, Shell, and many others. 70% of them are repeat customers.

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Smartkarma Corporate Webinar | Sunpower Group: Understanding the Business and Growth Opportunities

Welcome to Smartkarma Corporate Webinars, a new initiative by Smartkarma Corporate Solutions. Our Corporate Webinars

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