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CIMB MAYBANK KIM ENG

SingTel

2QFY18: Largely in line but special DPS disappoints

 

■ 2QFY18 core net profit fell 4.1% yoy, mainly on lower Airtel and Singapore earnings.

■ Results in line, with 1HFY18 at 48% of our FY18F forecast. Special DPS of 3.0 Scts was lower than expected.

■ We maintain our Add call and target price of S$4.10. Yields are attractive at 4.6-5.0%.

 

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UOL Group Ltd (UOL SP) UIC Assets Marked Up

 

Maintain BUY with slightly higher TP

No surprises from its 3Q17 operating performance. Consolidating UIC as a subsidiary led to a large one-off gain booked in the quarter. Hotels held by Marina Centre Holdings are now marked to market and some development earnings have been front-loaded as part of the revaluation exercise. We continue to like UOL as a key beneficiary of the impending rebound in Singapore’s property market. We raise our RNAV estimates to SGD10.95 to incorporate MBKE’s latest TP for UOB. This lifts our TP to SGD9.85, based on an unchanged RNAV discount of 10%. Maintain BUY.

 

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OCBC

Sembcorp Marine: Secures LOI for S$490m project


Sembcorp Marine announced this morning that its wholly-owned subsidiary, Sembcorp Marine Rigs & Floaters Pte. Ltd., has been selected by Statoil in the tender for the turnkey Engineering, Procurement and Construction (EPC) of a newbuild FPSO Hull and Living Quarters (LQ) for the Johan Castberg field development, and has entered into a Letter of Intent with Statoil for the same. Should Statoil proceed to award a contract, the contract value is estimated at S$490m. As mentioned in our earlier reports, there are some initial signs of recovery in the industry as oil majors are adapting to the lower oil price environment and better positioned to proceed with final investment decisions. Maintain BUY with S$2.26 fair value estimate on SMM.

 

UOB

Sunningdale Tech (SUNN SP)

3Q17: Results In Line; Hit By Unfavourable Forex

 

Sunningdale’s 3Q17 results were in line with expectations. Core net profit to shareholders grew 37.8%, led by growth from all four of Sunningdale’s business segments. The group saw an unfavourable forex impact for 3Q17 as headline net profit fell 24.2% yoy. Sunningdale continues to win new projects from new and existing customers as they expand capacity in Chuzhou, China, and build a new plant in Penang, Malaysia. Maintain BUY with a PE-based target price of S$2.51.

 

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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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