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PHILLIP SECURITIES

CGS CIMB

 

Banyan Tree Holdings Limited

Plagued by one-offs

SINGAPORE | REAL ESTATE (HOSPITALITY) | 1Q19 RESULTS

 

 Revenue and PATMI below our expectations due to under-forecasted one-offs and continued weakness in Thailand. Excluding other income, PATMI would have risen c.50%.

 One-offs from reduced stake in BTAC and disposal of Seychelles portfolio to continue into the rest of FY2019.

 Effective cost measures across the board, with total costs and expenses declining -23%.

 Forward bookings edged back up after a decline in 1Q19, up 11% YoY for 2Q19 (+6% YoY for Thailand market and +26% YoY for Non-Thailand markets).

 Hotel investments segment still suffering from Thailand underperformance, stemming from the inventory shortage from ongoing renovations at flagship resort Banyan Tree Phuket.

 Long-term growth catalysts remain intact. Focus would be the continued build-up in feebased income and property sales. 53 hotels under the Banyan Tree umbrella of brands are slated to open from 2019 to 2022.

 Maintain ACCUMULATE with unchanged target price of S$0.76.

 

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ISDN Holdings Ltd

Be part of the automation revolution

 

■ ISDN is a motion control specialist with more than 30 years of industry experience.

■ Strong prospects for its core motion control business, its hydropower plants coming on stream and investment by Novo Tellus could catalyse its stock.

■ We initiate coverage on ISDN with an Add rating and TP of S$0.32.

 

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UOB KAYHIAN RHB

Frasers Centrepoint Trust (FCT SP)

Beneficiary Of Northern Gateway, Adding Depth To Suburban Retail; Upgrade To BUY

 

Causeway Point, FCT’s largest retail mall, will benefit from the development of Northern Gateway and Woodlands Regional Centre. More office buildings will sprout up around Causeway Point, bringing a larger office crowd to the suburban mall during weekdays. The acquisition of a 33.3% stake in Waterway Point and 18.8% stake in PREAF adds depth to FCT’s specialisation in suburban retail malls. We expect the two assets to account for 29% of NPI in FY20. Upgrade to BUY. Target price: S$2.71.

 

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Japan Foods (JFOOD SP)

Slow Earnings Growth, Keep NEUTRAL

 

 Keep NEUTRAL, with a lower SGD0.40 TP from SGD0.45, 9% downside with 4.3% FY20F (Mar) yield as we lower FY20F-21F earnings by 25-30%. While there exists pressure from moderating consumer discretionary spending, contributions from new Konjiki Hototogisu stores and Japan Foods’ growing regional presence should help it deliver 4% profit growth in FY20 vs 42% profit decline in FY19. A net cash position, strong FCF generation and +4% yield should provide support to its share price.

 

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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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