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Riverstone Holdings

2Q17 broadly in line



■ 2Q17 net profit was broadly in line with our expectations at 20% of our full-year forecast. Historically, Riverstone’s 2H tends to be stronger on capacity additions.

■ 2Q17 revenue grew 36.1% yoy driven by continued strong demand.

■ Capacity expansion plan (backed by customer demand) has again been raised. Total capacity is slated to reach 10.4bn pieces of gloves by FY19 vs. 10.0bn previously.

■ We lift our FY17-19F EPS by 8.4-19.0% to factor in the new capacity expansion plan.

■ Maintain Add with a higher TP of S$1.20 based on 16.3x FY18F P/E (sector average excluding Hartalega).


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Banking – Singapore

2Q17 Round-up: Keeping Up The Good Work


OCBC and UOB continue to beat expectations. NIM is on an upward trend, trade loans have recovered and contributions from wealth management are marching higher. Headwinds from the oil & gas sector are receding. Dividend policies could be reviewed once new capital requirements from Basel 4 are finalised. Maintain OVERWEIGHT. BUY OCBC (Target: S$13.38) and DBS (Target: S$24.85).




Sembcorp Industries Ltd

Singapore shines while India dims


 1H17 revenue and net profit were in line with our expectation.

 Singapore utilities performed better than expected but was offset by weak India and marine operations.

 We maintain our call ACCUMULATE with an unchanged TP of S$3.5, based on sum-ofthe-parts method.


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Sector Outlook For 2H17 Is Still Positive


As of May, Singapore’s manufacturing output rose 5% YoY, mainly due to a 35.1% YoY increase in the electronics cluster’s output and strong export demand for semiconductor-related equipment. For 2H17, the trend would likely continue, due to a few major product launches slated for 2H17, as well as in preparation for the festive Christmas season sales. Our Top Picks across Singapore’s tech sector are still Venture, Avi-Tech and Jadason.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.090-
Alliance Mineral0.345-
Avi-Tech Electronics0.3950.015
Best World Int.1.350-0.010
China Sunsine1.420-0.010
DISA Limited0.009-
Dutech Holdings0.285-
Federal Int. (2000)0.275-
Food Empire0.635-0.005
Geo Energy0.2200.005
Golden Energy0.335-
GSS Energy0.141-
Heeton Holdings0.525-0.005
KSH Holdings0.605-0.010
Lian Beng Group0.495-0.010
Nordic Group0.5200.015
Oxley Holdings0.365-
REX International0.043-0.001
Serial System0.136-
Sing Holdings0.395-
Sino Grandness0.210-
Straco Corp.0.755-
Sunningdale Tech1.360-0.020
Sunpower Group0.6200.015
The Trendlines0.120-
Tiong Seng0.385-
Trek 2000 Int.0.111-0.014
Uni-Asia Group1.310-
XMH Holdings0.2400.005
Yangzijiang Shipbldg0.8900.005

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