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MAYBANK KIM ENG

UOB KAYHIAN

Singapore Banks

4Q18 What to expect

 

End of ‘growth’ phase; but remain POSITIVE

DBS will be reporting 4Q18 results on 18 Feb, followed by UOB and OCBC on 22 Feb. As discussed in our recent report – Singapore Banks: Still got the juice (30 Jan), we expect slowing loan growth as the sector leaves the ‘growth’ phase of its cycle and enters ‘consolidation’. Nevertheless, we expect continued NIM expansion as asset yields are re-priced upwards amid falling YoY credit costs. We will pay close attention to these as the banks report. A good showing here should support improving ROEs and robust dividends. DBS and UOB are our top picks. Short-term pair trade: long DBS, short OCBC.

 

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Bumitama Agri (BAL SP)

4Q18 Results Preview: Inventory Drawdown Compensates For Weak Selling Prices

 

Based on our earnings estimates, BAL is expected to delivery lower qoq and yoy net profit for 4Q18. 4Q18 core net profit is expected to be in the range of Rp240b-260b on the back of a weaker CPO ASP (yoy and qoq) and lower production (qoq). 4Q18 is likely to see the lowest ASP for 2018, but price weakness should have been offset by a higher inventory drawdown with logistics-related issues being resolved gradually. Maintain BUY. Target price: S$0.81.

 

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CGS CIMB RHB

Venture Corporation

Venture: expecting qoq revenue growth

 

■ Guided by Venture’s qoq revenue growth expectations, we estimate 4Q18 net profit at S$100.7m.

■ Key risk is impact on economic growth from the US-China trade war.

■ Maintain Add and S$17.44 TP based on 12.56x FY20F core EPS.

 

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APAC Realty (APAC SP) Buy (Maintained) Deepening Overseas Presence

 Regional expansion into Indonesia and Thailand market.

 

APAC has deepened its South-East Asian presence with the purchase of the ERA master franchise operations for Indonesia and Thailand. The move is in line with management’s outlined IPO growth strategy and would help in the long-term diversification of its earnings base amidst challenges in the Singapore residential market.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.0100.010
Alliance Mineral0.1870.003
Anchor Resources0.025-
AusGroup0.035-
Avi-Tech Electronics0.3050.015
Best World Int.2.710-
China Sunsine1.290-
CSE Global0.4650.005
Food Empire0.5450.010
Geo Energy0.191-
Golden Energy0.240-
GSS Energy0.119-0.001
HMI0.570-
ISDN Holdings0.210-
KSH Holdings0.510-
Miyoshi0.047-
Moya Asia0.082-
Nordic Group0.365-0.015
Oxley Holdings0.320-
REX International0.0910.001
Riverstone1.120-0.010
Roxy-Pacific0.410-
Sing Holdings0.395-
SingMedical0.4500.005
Sino Grandness0.060-
Straco Corp.0.760-
Sunningdale Tech1.5700.020
Sunpower Group0.5150.015
The Trendlines0.100-0.001
Tiong Seng0.270-
Uni-Asia Group1.190-
XMH Holdings0.170-
Yangzijiang Shipbldg1.400-

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  • Lionel Lim