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CSE Global (CSE SP)

1Q18: Results Above Expectations; Yield Remains Very Attractive At 6.3%


CSE’s 1Q18 results came in above expectations with net profit surging 90% yoy to S$5.7m, driven by stronger yoy sales growth of 23.7%. 1Q18’s order intake fell 41.5% yoy but this was due to a deferment in some new orders to 2Q18. Our investment thesis remains intact as gross margin was higher than expected at 26.8% in 1Q18. Maintain BUY with a higher target price of S$0.61. At the current price, the stock offers a generous 2018 yield of 6.3%.


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Perennial Real Estate

Holdings A busy quarter


■ 1Q18 net profit of S$5.1m was below expectations, at 10.5% of our FY18F forecast.

■ Singapore property activities are accelerating with more projects and better leasing commitments.

■ PIHMH to open by mid-2018; wins contract to manage government-built eldercare facility.

■ Maintain Add with unchanged TP of S$1.18.


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Fraser and Neave

Stronger performance; Benefitting from Vinamilk



 1H18 Revenue/Core PATMI met 50%/27% of our full year estimates

 Dairies remained the strongest performer; Vinamilk contributed c.S$33mn or 38% to 1H2018 Group EBIT

 Higher input and packaging costs, and brand investment expenses weighed on profitability

 Declared interim dividend of 1.5 cents per share, unchanged from last year

 Upgraded to BUY but lowered TP to S$2.75 (previously S$2.83) as we trimmed our FY18e earnings by 29% on rising input costs


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Land Transport Sector

Demand from taxi hirers returning



 ComfortDelGro ordering 200 new taxis – its first in 1.5 years

 CCCS investigation into Grab and Uber transaction not completed, and being overtaken by events as new entrants have already entered the market

 Taxi population contracted at an accelerated pace, while Rental cars population stabilises as growth moderates

 Maintain Overweight on the Land Transport Sector, and "Buy" rating on ComfortDelGro Corp with unchanged target price of $2.50


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China Aviation Oil Singapore Corp (CAO SP)

1Q18: Remaining Cautiously Optimistic In View Of Volatile Markets


CAO’s 1Q18 earnings beat expectations with net profit jumping 13.9% yoy. While there were lower trading and optimisation gains, an astounding 46% surge in contribution from SPIA more than offset the decrease. While there will be volatility, SPIA’s core profits should remain sustainable. We remain cautiously optimistic of CAO’s future, given its strong fundamentals. Maintain BUY and target price of S$2.13, pegged at 13.5x 2018F PE, or a 20% discount to peer average of 16.9x.


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APAC Realty

Strong project pipeline

Purest proxy to Singapore residential volumes.



ERA Realty, a wholly-owned subsidiary of APAC Realty, is one of Singapore’s largest real estate agencies with approximately 6,100 registered agents as at April 2018. We believe that APAC Realty is poised to deliver robust 12% EPS CAGR during FY17-FY19F on the back of a turn in the Singapore residential market, which is at the cusp of a multi-year recovery. The projected FY18F dividend yield of 5.0% based on 60% payout is attractive.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.935-0.005
Alliance Mineral0.225-0.015
Anchor Resources0.0270.001
Avi-Tech Electronics0.290-
Best World Int.2.7300.030
China Sunsine1.3000.010
CSE Global0.425-0.005
Food Empire0.525-0.010
Geo Energy0.189-0.002
Golden Energy0.220-
GSS Energy0.1020.001
ISDN Holdings0.200-0.005
KSH Holdings0.520-0.010
Moya Asia0.079-
Nordic Group0.380-0.010
Oxley Holdings0.295-0.005
REX International0.075-0.001
Sing Holdings0.390-
Sino Grandness0.117-
Straco Corp.0.730-0.010
Sunningdale Tech1.480-0.010
Sunpower Group0.390-0.010
The Trendlines0.0950.001
Tiong Seng0.270-
Uni-Asia Group1.190-0.010
XMH Holdings0.161-
Yangzijiang Shipbldg1.3200.030

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