 Shared by:Lionel Lim, remisier Phillip Securities Website:http://lionelltp. Please contact me at 65 90400848 or email me at |
CIMB
mm2 sees potential opportunities in a changing media landscape in Singapore, left behind by incumbent broadcasting stations and channels (e.g. Mediacorp). ■ FY17-19F earnings growth of 15-85% driven mainly by growing production budget and acquisitions as the company strengthens its foothold in North Asia. ■ Near-term catalysts: synergistic M&As, transfer of listing status to Mainboard. ■ We upgrade mm2 from Hold to Add with higher target price of $0.84, ahead of potential catalysts.
https://brokingrfs.cimb.com/y_4XOnWhGoqpVyth7jMZJFE5xqCk7rvpQ-JvOCDl-kGtwhdp1yR7_DeDwo0rn3X2YbwDmHXWq182ww2.pdf
UOBKH:
Genting Hong Kong (GENHK SP) Still Waiting For Materialisation Of Catalyst
We maintain our view that GENHK’s inflated cost could hurt its bottom-line as its aggressive fleet expansion would take time to achieve normalised earnings. Hence, we cut our forecasts. Share price is expected to remain soft until there is better earnings visibility. Maintain HOLD with a lower target price of US$0.28. Entry price: US$0.24.
https://research.uobkayhian.com/content_download.jsp?id=35770&h=ab8e98ac98803725b3e4550f9525e551
Anthony Koh, CEO of ISOTeam.
NextInsight file photo.ISOTeam (ISO SP) FY16: More SolarNova Contract Wins To Come ISOTeam’s FY16 results came in within expectations.
While R&R revenue slowed, A&A revenue jumped. New segments, C&P and others, also saw revenue catapulting by 231% and 185% yoy respectively. The strong order backlog should provide clear order visibility and going forward, the renewables segment should provide further growth with more SolarNova-related contract wins. Other catalysts include more earnings-accretive M&As. Maintain BUY and target price of S$0.53.
https://research.uobkayhian.com/content_download.jsp?id=35771&h=a7c1aed2ae6b6ced5c3e83fb7c74d65d
(Maybank KE)
Ezion Holdings - Understanding its cashflows (BUY, TP SGD0.45, EZI SP, Oil & Gas)
May need refinancing from FY18 We evaluate Ezion’s cashflows to gauge its ability to weather a downturn in a tightened credit market.
Our analysis suggests that risks are relatively low for FY16 and FY17, but it may need refinancing of c.USD270m over FY18-FY20. But this amount may be lower or unnecessary if it restructures its loans, which it is in the process of doing. Even if funding is needed, it would be beneficial for banks to do so to preserve and recover their loans. Maintain BUY and SGD0.45 TP, still on GGM-based 0.5x FY17 diluted P/BV.
https://factsetpdf.maybank-ke.com/PDF/32922_CN__dc591e1a5d1c4ba2a2dc831798db38b6.pdf
DBS Group Research
SMM takes full control of PPL Shipyard
SMM acquires remaining 15% stake in PPLS from YZJ & partners Sensible moves for both SMM and YZJ though financial impact should be minimal Maintain BUY on YZJ and FULLY VALUED on SMM
https://researchwise.dbsvresearch.com/ResearchManager/DownloadResearch.aspx?E=cbhchk-b
Advancer Global: Defensive business with growing margins (NOT RATED)
- Integrated manpower solutions and facilities management services provider
- Growth via acquisition and margins enhancement
- Asset-light business model; positive cashflow generation to support 50% dividend payout
- Fair value of S$0.50 offers potential upside of 24%
https://researchwise.dbsvresearch.com/ResearchManager/DownloadResearch.aspx?E=cbhgdkfdhjg
NRA Capital
Regal International -- Catalysts to Come in 2H 2016
In this update, we revised our valuation by removing the projects that have been completed from our list and arrived at a valuation of S$0.330 per share.
http://www.nracapital.com/research/sgxresearchreport/16084wyjl2
Phillip Securities Pte Ltd
Soilbuild Business Space REIT Preferential Offering to part-finance acquisition of Bukit Batok Connection
SINGAPORE | REAL ESTATE (REIT) | UPDATE
- Non-renounceable 1-for-10 Preferential Offering, in conjunction with the acquisition of Bukit Batok Connection from Sponsor
- Issue of up to 94.35mn New Units at S$0.63 each, to raise gross proceeds of up to c.$59.4mn and a minimum of S$15.1mn
- Total acquisition cost of S$100.5mn, with the balance to be funded with debt
