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First Resources (FR SP) 3Q results within our expectation


Expect potentially better results in the final quarter 3Q17 core earnings met 23%/21% of our (within)/consensus (below) fullyear estimates. Results would have been better had it not for the sharp inventory build-up and lower-than-expected CPO ASP achieved during the quarter. We maintain our EPS forecasts pending an update. Maintain HOLD and unchanged TP of SGD2.04 on 17x 2017 PER (5-year mean).



Fraser and Neave

Vinamilk for the win 


 FY2017 Revenue and Adjusted PATMI was c.6% lower than our full year expectations; due to persistently challenging environment in Malaysia and Singapore

 Vinamilk to provide a further uplift to FY18e EBIT and cushion against the subdue Malaysia and Singapore markets

 Upgraded to “Accumulate” with higher SOTP-derived TP of S$2.83 (previously S$2.52)


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Wilmar: Steady performance


Wilmar reported a 0.4% YoY rise in revenue to US$11.1b in 3Q17, supported by increased sales from Oilseeds & Grains. Net profit fell 5.7% YoY to US$370.0m while core net profit decreased 15.9% to US$323.7m in 3Q17. Results were within expectations; 9M17 revenue and net profit accounted for 74% and 70% of our full year estimates, respectively. The good performance in Oilseeds & Grains and strong contributions from associates were offset by weaker results in the Tropical Oils and Sugar businesses. Looking ahead, management expects the good performance in the Oilseeds & Grains segment to continue into 4Q17, with crush margins and volume likely to remain positive. Performance of the other major business segments is expected to be “satisfactory”. We tweak our estimates and roll over our valuations to FY18 earnings, and our FV estimate eases from S$3.66 to S$3.51. Maintain HOLD.



Valuetronics Holdings Ltd 2QFY3/18: order backlog still strong


■ VALUE’s 2QFY18 core net profit of HK$51m was in line with our/Bloomberg consensus expectations. 1HFY18 core net profit formed 54% of our FY3/18F forecast.

■ CE’s IoT-enabled lighting product is still in ramp-up phase, with development of thirdgeneration series underway.

■ Robust ICE order backlog for automotive connectivity modules despite near-term supply chain pressure; we expect sales contribution from its 2nd AU OEM in FY19F.

■ Interim DPS of HK$0.07 declared; the stock offers 3.8% FY18-20F dividend yields.

■ Maintain Add with higher TP of S$1.10 (pegged to 11x CY19F P/E) for higher EPS and valuation rollover. Synergistic M&As are a potential key catalyst.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.300-
Alliance Mineral0.425-0.015
Avi-Tech Electronics0.485-
Best World Int.1.3500.010
China Sunsine0.9950.005
CWG International0.195-
DISA Limited0.0150.001
Dutech Holdings0.340-
Federal Int. (2000)0.385-0.015
Food Empire0.690-
Geo Energy0.265-0.005
Golden Energy0.415-
GSS Energy0.161-0.002
Heeton Holdings0.585-0.005
KSH Holdings0.795-0.005
Lian Beng Group0.755-
Nordic Group0.570-
Oxley Holdings0.665-0.015
REX International0.066-0.002
Serial System0.162-0.003
Sing Holdings0.445-
Sino Grandness0.205-
Straco Corp.0.875-0.010
Sunningdale Tech1.880-0.020
Sunpower Group0.550-
The Trendlines0.149-0.001
Tiong Seng0.390-
Trek 2000 Int.0.270-
Uni-Asia Group1.3000.010
XMH Holdings0.245-
Yangzijiang Shipbldg1.570-0.030

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