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CIMB UOB KAYHIAN

Best World International Ltd

Still pursuing its Chinese dreams

DrsSecret5.16 

■ We hosted Best World’s (BW) management for an NDR in Hong Kong on 5 Sep.

■ Key investor questions focused on: 1) the impact of the China government’s “pyramid scheme” campaign on BW’s business, and 2) its latest expansionary developments.

■ Management stated that there was no noticeable slowdown in consumer sentiment post “pyramid scheme” campaign. Conversion to direct selling model is still underway.

■ New manufacturing plant enhances inventory management and avails BW to halal opportunities post FY18F.

■ This report marks a switch in analyst coverage on BW but we maintain our Add call.

 

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StarHub (STH SP)

Key Takeaways From Sell-side Day

 

StarHub showcased its capabilities in Fixed Enterprise through its Sell-side Day held on 6 Sep 17. It reaches out to SME customers through the Go Digital initiative and adds value by providing data analytics. The revamped leadership and acquisition of Accel Systems & Technologies would strengthen growth at Fixed Enterprise Group.

Maintain HOLD. Target price: S$2.62. Entry price: S$2.38.

 

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OCBC

Sheng Siong Group: Evolving grocery landscape


With the entrance of Amazon into the local grocery category, this inevitably caused further concerns for local retailers. While the traditional brick and mortar model for supermarkets is relatively stable for now, having an online platform is an increasingly important avenue for growth ahead.

300 1lim hock cheeCEO Lim Hock CheeMajor supermarket players do have some form of an online platform, but are still optimizing their systems to avoid risk of margin erosion and undesirable ROI.

On the other hand, e-commerce players are considering the addition of retail stores to complement them, such as Amazon’s latest acquisition of Whole Foods Market. Meanwhile, SSG will focus on their fresh business as well as on-going cost management initiatives. Notwithstanding the risk of price wars, and keeping in mind existing opportunities for new stores, we have a BUY on the stock with fair value of S$1.04.


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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