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1Q17 Report Card – Upward Revision In Market Earnings

After two years of earnings disappointments, we are seeing nascent signs of an earnings recovery, with market EPS raised after 1Q17. However, we are selective after the FSSTI’s outperformance, and are buying laggards and inexpensive blue chips.


• 45% in line but larger misses from the usual suspects. 1Q17’s reporting season to date saw 45% of the results in line (4Q16: 43%) but the number of beats declined to 26% in 1Q17 (4Q16: 32%). As for earnings misses, 29% of earnings missed expectations during the latest reporting season vs 26% in 4Q16. Unsurprisingly, the number of the disappointments came primarily from shipyards and oil services.


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Health Management International

A visit to the crown jewel in Melaka


 Regency taps onto unmet local demand gap whilst Mahkota attracts foreign patients

 Investment thesis remains intact: Increasing capacity, stronger patient demand, and higher revenue intensity to boost revenue growth

 Unique ability to attract and retain specialist doctors

 Maintained “Buy” rating with a DCF derive TP of SGD0.83


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Straits Trading Co. Ltd.: Firm start to the year

Straits Trading (STC) reported a 1Q17 PATMI of S$21.9m, down marginally YoY versus the S$22.6m in the same period last year. Profits from the real estate segment increased to S$19.2m from S$11.5m in 1Q16 mostly due to fair valuation gains from investment properties, partially offset by the absence of rental income from an office building in Australia divested in Nov 2016. The group also recorded a net gain on divestment for an Australia hotel in 2016, without which the STC’s hospitality segment would have reported a lower PATMI of S$1.4m in 1Q17. In terms of the topline, 1Q17 revenues dipped 5.0% to S$133.5m mainly due to weaker contributions from the tin mining segment. We deem this set of results to be broadly within expectations. Maintain BUY with an unchanged fair value estimate of S$2.73.


Amara Holdings

Now Closer To The Shanghai Hotel Opening


We had a discussion with management after Amara’s recent quarterly results release. On the surface, 1Q17’s net profit of SGD1.47m was sharply lower than 1Q16’s SGD28.48m. However, if we exclude the 1Q16 earnings impact of CityLife@Tampines, it would have doubled YoY in 1Q17. Overall, its 1Q17 results were also 29% higher QoQ. Management has reaffirmed the target commencement of its 343-room Amara Signature Shanghai would be in 3Q17. We see this commencement driving revenue and acting as a catalyst to push the company’s share price higher and closer to our SGD0.88 TP (54% upside). Maintain BUY, with its TP pegged to 0.65x P/RNAV.


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Yanlord Land Group

Pricing strategy is the key

· 1Q17 contracted sales were slower than peers, but demand for its new launches is still strong

· Land bank replenishment continues in key cities

· 1Q sales delivery was decent with margin improvement; high FY17 earnings visibility with substantial unrecognised sales outstanding

· Maintain BUY on its strong earnings and margin outlook


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