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UOB KAYHIAN CIMB

STRATEGY – SINGAPORE Positioning In A Growth-challenged Year

Corporate earnings could recover in 2017 but growth headwinds and external risks remain. Our end-17 FSSTI target is 3,000 and we would position defensively on elevated volatility and an uncertain macro outlook.

WHAT’S NEW

• We highlight key issues and investment themes in our 1H17 Singapore Strategy.

ACTION

• Another growth-challenged year; modest end-17 FSSTI target of 3,000. 

 

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ComfortDelGro

Overseas acquisition driving growth

■ ComfortDelGro has announced the acquisition of the remaining 49% stake in its Australian bus business, CDC.

■ The acquisition price of A$186m (S$196m), based on 4.6x 2015 EBITDA, is palatable and should not be a stretch to the group’s balance sheet, in our view.

■ We raise our FY17-18F EPS by 3.9-5% to reflect the positive impact on the group’s net profit from the additional stake in CDC.

■ We maintain our Add call on ComfortDelGro, with a slightly higher target price of S$2.91, based on CY17F DCF (WACC: 7.0%).

 

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 OCBC SECURITIES

Singapore Myanmar Investco: Attractively positioned for strong growth

Singapore Myanmar Investco (SMI) offers prime exposure to Myanmar’s fast-growing consumer and tourism sectors, and we believe the group is attractively positioned to ride on the high-growth trends in consumer spending, international tourism, and infrastructure investment in the rapidly emerging economy. Among its portfolio of businesses, SMI’s crown jewel is its dominance in airport duty-free retail at Yangon International Airport’s new terminal where international flights primarily operate. As passenger volume and spending sees secular growth ahead, we believe SMI’s duty-free business, which enjoys significant operating leverage, will gain compelling profit traction. SMI also holds F&B franchise rights in Myanmar for successful brands such as Coffee Bean, Crystal Jade and Ippudo Ramen. The group is led by a strong management team with emerging market experience, including CEO Mark Bedingham who was previously the regional managing director at LVMH for Asia Pacific and had served on the board of the world’s largest travel retailer DFS. We are positive on SMI’s growth prospects from its current low base, particularly given its understandable business models and attractive positioning in a high-growth economy. Initiate coverage with a BUY rating and fair value estimate of S$0.97.

 RHB

Strategy – Singapore

Look For Quality Amidst Lacklustre Outlook

The outlook for Singapore’s key macro drivers remains lacklustre as a rising interest rate is expected to sap demand, leading to slower GDP growth. A slowdown in exports could also place downside risks on growth. However, our Top Picks should hold up well against a weak macro environment.

Stock selection remains the key. We would recommend that investors stay selective - with consumer, healthcare, REITs, land transport and offshore & marine as our preferred sectors. Below are our Top Picks for: 

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM0.9400.010
Best World1.5950.060
China Everbright0.450-
China New Town^0.0710.001
China Sunsine0.5050.005
Chip Eng Seng0.665-
CWG Intl^0.165-
$ CNMC Goldmine0.430-
Cordlife0.9650.005
Dukang0.680-
Dutech0.480-
Food Empire0.5700.030
Geo Energy Res0.220-
Golden Energy0.5050.005
$ GSS Energy0.0840.001
G Invacom0.155-
Hiap Hoe0.730-
Hi-P0.485-
$ ISOTeam0.415-
King Wan0.175-
Lian Beng0.460-
Midas0.225-
Nordic0.2850.005
Oxley0.4850.010
Regal Intl0.145-
$ Rex Intl0.069-
$ Resources Prima0.040-
Riverstone0.8700.010
Roxy-Pacific0.520-
Sunningdale Tech1.130-
Serial System^0.1390.003
SingHoldings0.315-
Sino Grandness0.2700.010
Straco0.7950.015
Sunpower0.5750.015
Tiong Seng0.230-
$ Trendlines0.1570.001
Uni-Asia1.020-
ValueMax0.250-
XMH0.290-
Yamada Green Res0.480-
YZJ Shipbldg SGD0.8300.010
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