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OCBC

CGS CIMB


Yanlord Land Group 
Disappointing start but
improvement to come

• 1Q19 PATMI fell 59.5% YoY
• Momentum to gather pace
• Keeping to RMB40b contracted sales target

Reported a weak set of 1Q19 results 
which fell short of ours and the street’s estimates. The weaker performance was attributed to both a decline in GFA delivered (-18.0% to 68.7k sqm) and ASP (-44.4% to RMB44,550 psm). The lower ASP was partly due to a change in product mix, as 1Q18 included a significant amount of GFA delivered for its Shanghai Yanlord on the Park project, which commands ASPs of close to RMB100k psm. 

Yongnam Holdings
Secures jobs worth S$121m in 3 countries

■ Yongnam has secured contracts worth S$120.8m for infrastructure works in Singapore and Hong Kong and for India’s Kempegowda International Airport.
■ The latest order wins bring up its orderbook to S$448m – highest in 7 years – and boosts outlook for a potential turnaround to profit in FY20F.
■ Maintain Add and TP of S$0.33, pegged to 0.7x FY19F P/BV.

 

RHB PHILLIP SECURITIES

Delfi

Premium Chocs At Great Value; Strong BUY

 

 Reiterate BUY on our consumer sector Top Pick. Our DCF-derived TP of SGD1.68 implies 24% upside with 2.5% dividend yield. Delfi delivered a strong core PATMI of SGD9.4m for 1Q19, up 22% YoY.

This met 34% of our full-year estimate, in line with our expectation.

 Premium chocolates at value price. Our DCF-derived TP of SGD1.68 implies 28x FY19F P/E. We think Delfi’s current valuation of 23x FY19F P/E is not expensive, given its growth outlook. It is also trading at a serious discount to Mayora Indah (BUY, TP IDR3,300), which is trading at 29x.

 

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City Developments Limited
A sincere stride into China 

 Revenue missed our estimates due to weakness at its hotel operations while PATMI was within our expectations.
 Recurring income shone, being the only segment that reported YoY revenue growth.
 Singapore residential sales is still going strong - launch of Boulevard 88 (highest unit psf sold to date of S$4.9k psf) in March 2019 comprised c.43% of total sales value.
 Hotel operations in the red, mainly due to US hotel losses and higher net finance costs.
 Proposed c.24% stake in Sincere Property Group would accelerate its entry into China’s residential segment. EPS-accretive notwithstanding accounting reversals. Proposed 70% stake in Sincere’s key commercial asset also bumps recurring income.
 Upgrade to BUY with unchanged TP of S$11.82. Our target price incorporates a 30% discount to RNAV.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.000-0.050
Alliance Mineral0.145-0.006
Anchor Resources0.013-
AusGroup0.026-0.002
Avi-Tech Electronics0.2800.015
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.475-0.015
Food Empire0.495-0.005
Geo Energy0.150-0.001
Golden Energy0.215-0.010
GSS Energy0.086-0.002
HMI0.6500.005
ISDN Holdings0.230-
KSH Holdings0.415-0.005
Miyoshi0.043-0.001
Moya Asia0.075-0.003
Nordic Group0.280-0.020
Oxley Holdings0.325-0.005
REX International0.073-0.001
Riverstone0.9950.010
Roxy-Pacific0.390-0.005
Sing Holdings0.3950.010
SingMedical0.385-0.005
Sino Grandness0.042-0.002
Straco Corp.0.750-
Sunningdale Tech1.330-0.010
Sunpower Group0.470-0.005
The Trendlines0.077-
Tiong Seng0.2300.005
Uni-Asia Group0.755-0.005
XMH Holdings0.153-
Yangzijiang Shipbldg1.520-

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