Image result for buy sell hold

MAYBANK KIM ENG CIMB

SPH REIT (SPHREIT SP)

Acquisition potential priced in

 

Results in line, HOLD

Our forecasts are unchanged for SPHREIT following in-line 2Q18 results (MKE and Consensus). SPHREIT remains a strong proxy to growth in tourist arrivals and a recovery in prime Orchard Road rents, and we expect its flagship Paragon mall to see catalysts from stronger shopper traffic and tenant sales. However, the shares are fairly valued having appreciated sharply the past year, likely pricing in potential acquisitions, the timing of which remain uncertain. Reiterate HOLD with DDM-based SGD1.00 TP (WACC: 6.9%, LTG: 1.5%). We prefer FCT (FCT SP, BUY, TP SGD2.55) for its suburban footprint and stronger growth profile.

 

Read More ...

Offshore and Marine (Overweight)

- 1Q18 preview: better qoq but O&M margin still weak 

 

We expect the big 3 (KEP, SCI, SMM) to report better qoq earnings for 1Q18F with likely limited major write-downs and provisions. KEP could emerge as the relatively stronger one with above-consensus reported profit with the best balance sheet and ROE. Overall, O&M EBIT margin likely to hover around 1-3% on lacklustre yard utilisation. SMM may still report a slight loss for 1Q18F. SCI's earnings outperformance hinges on land sales in urban development. India may report narrowing loss from higher merchant prices and interest cost savings. Maintain OW on the sector due to improving new order prospects and earnings bottoming out. Prefer KEP in the short term.

 

Read More ... 

OCBC

 

Singapore Press Holdings: Nobody said it was easy


SPH has shown some green shoots with its digital-first strategy, but the turnaround of the group’s media business still appears to be some time away. Indeed, as the popular Coldplay song goes – “nobody said it was easy”. 2QFY18 results were largely within our expectations, with the tapering YoY decline in print advertisement of particular encouragement. The group’s approach to having integrated marketing offerings is indeed a sound approach to arrest the abovementioned decline, but this hinges on, we believe, a meaningful ramp-up in daily average digital circulation. SPH’s property portfolio should tide it through in the meantime, as it accounts for ~60% of the group’s 1HFY18 profit. Following adjustments, we increase our fair value slightly from S$2.51 to S$2.52. Maintain HOLD.

 


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings6.320-0.280
Alliance Mineral0.360-0.010
AusGroup0.051-0.001
Avi-Tech Electronics0.470-0.010
Best World Int.1.560-0.050
China Sunsine1.450-0.010
DISA Limited0.010-0.001
Dutech Holdings0.270-
Federal Int. (2000)0.345-
Food Empire0.6700.010
Geo Energy0.225-
Golden Energy0.365-0.005
GSS Energy0.156-0.001
Heeton Holdings0.570-0.005
ISOTeam0.375-
KSH Holdings0.645-0.010
Lian Beng Group0.610-0.010
Miyoshi0.071-
Nordic Group0.540-0.015
Oxley Holdings0.485-0.005
REX International0.052-0.001
Riverstone1.050-0.030
Roxy-Pacific0.530-
Serial System0.1720.001
Sing Holdings0.440-0.005
Sino Grandness0.197-0.002
Straco Corp.0.765-0.035
Sunningdale Tech1.290-0.180
Sunpower Group0.460-0.025
The Trendlines0.1260.004
Tiong Seng0.395-
Trek 2000 Int.0.151-0.074
Uni-Asia Group1.4200.020
XMH Holdings0.300-
Yangzijiang Shipbldg1.170-0.040

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 2234 guests and no members online