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PHILLIP SECURITIES OCBC

China Everbright Water Limited

Major turnaround this year

SINGAPORE | UTILITIES | 1Q17 RESULTS

 Revenue was in line with our expectations.

 Net profit marginally exceeded our expectations due to lower FX losses

 As of Mar-17, CEWL operates 61 water projects with another 12 in the pipeline.

 Due to recent price recovery, we downgraded our rating to “Accumulate” recommendation with a higher TP of S$0.57 (previous SG$0.56), based on lower average forward PER of 16.7x (previous 17.4x), together with forecast 3.24 SG cents dividend, implying a potential return of 19.5% from closing price.

 

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ComfortDelGro: 1Q17 largely within expectations

 

ComfortDelGro’s (CDG) 1Q17 results came in largely within expectations despite a 2.4% YoY decline in revenue to S$972.0m, mainly eroded by weaker GBP against SGD. During the quarter, CDG also received ~S$11.1m in special dividends given its 9.6% stake in Cabcharge Australia. Consequently, excluding this one-off special dividend, 1Q17 core PATMI came in flat at S$72.7m, and formed 22.1% of our FY17 forecast. Looking ahead, we expect its CDG’s taxi business to continue to face headwinds while revenue growth will be driven by the expected opening of DTL3 in 2H17, which serves the most populated areas compared to the first two phases. As it takes time for ridership to ramp up, we forecast for DTL breakeven from FY19. On aforementioned reasons, we cut our FY17/18F PATMI by 3%/6% and lower our FV from S$2.95 to S$2.88. Maintain BUY.

UOB KAYHIAN

 

Wilmar International (WIL SP)

Potential Listing In China To Create Positive Momentum

We are positive on the potential listing of its China operations as it could help to unlock the group value. The listing also paves the way for more aggressive expansion in China in branded consumer pack business and oilseeds crushing after the lifting of restriction on foreign investment in oilseed crushing. We are positive on this and are valuing its China operation at higher 2018F PE valuation of 20x (previously 15x). Upgrade to BUY with a revised target price of S$4.40.

 

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 CIMB  RHB

Health Management International

3Q17: hit by one-offs

■ Excluding one-offs, 3Q/9M core PATMI was above expectations at 23%/71% of our full-year numbers, as we expect full earnings contribution in 4Q17 (without MI).

■ We saw improvement in both patient load (+1.4% yoy) and average bill sizes (+5.5% yoy) in 3Q17, driven by higher revenue intensity cases.

■ Strong operating cashflow (9M17: RM68m) to pare down 0.6x current net gearing.

■ Maintain Add with higher TP of S$0.83 (DCF; 7% WACC) on higher EPS estimates.

 

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UOL Group

Deep value play

Valuations still attractive.

We maintain our BUY rating on UOL Group (UOL) as it is trading at an attractive valuation of c.0.7x P/NAV, which is at the lower end of its historical range. The successful launches of recently purchased land sites in the enbloc market will be re-rating catalysts for the stock. We have lifted our TP to S$8.73 based on a narrower 20% discount to RNAV of S$10.90.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.3000.020
Alliance Mineral0.345-0.020
AusGroup0.0400.001
Avi-Tech Electronics0.490-
Best World Int.1.230-
China Sunsine0.925-0.015
CWG International0.151-0.002
DISA Limited0.013-
Dutech Holdings0.350-
Federal Int. (2000)0.430-
Food Empire0.680-0.020
Geo Energy0.2700.005
Golden Energy0.420-
GSS Energy0.166-0.004
Heeton Holdings0.540-0.015
ISOTeam0.3600.005
KSH Holdings0.835-
Lian Beng Group0.770-
Miyoshi0.074-0.001
Nordic Group0.540-0.015
Oxley Holdings0.660-0.010
REX International0.053-0.001
Riverstone1.050-0.010
Roxy-Pacific0.530-0.010
Serial System0.172-
Sing Holdings0.440-0.020
Sino Grandness0.210-0.010
Straco Corp.0.850-0.015
Sunningdale Tech1.940-0.020
Sunpower Group0.6000.025
The Trendlines0.146-0.006
Tiong Seng0.375-0.010
Trek 2000 Int.0.275-
Uni-Asia Group1.2700.010
XMH Holdings0.250-
Yangzijiang Shipbldg1.7000.010

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