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CIMB OCBC

Singapore Press Holdings

2QFY8/17 results: down but not out

■ SPH’s 2QFY17 net profit of S$54m missed consensus but met our expectations at 24% of our full-year forecast.

■ It was not a pretty sight for the core media business (newspaper, classifieds and display ads) with its 2QFY17 revenue falling 12% yoy and 17% qoq.

■ The only bright spots were property (PBT up 10% qoq, 18% yoy), associates’ contribution and investment income.

■ Maintain Hold with SOP-based target price of S$3.36 and slight EPS tweaks. The stock offers a 4.8% dividend yield for FY17-19F, with potential for special dividends.

 

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Soilbuild REIT: Some positives but uncertainties remain

Soilbuild Business Space REIT (Soilbuild REIT) reported 1Q17 gross revenue of S$22.0m, representing an increase of 9.2% YoY. DPU fell 4.4% to 1.489 S cents but was within our expectations. There were some positive takeaways from this set of results, as portfolio occupancy rose from 89.6% (as at end-FY16) to 91.8%. From our understanding, Soilbuild REIT has obtained approval from JTC to lease out up to 30% of its 72 Loyang Way property’s GFA to non-oil and gas related tenants. As such, the property’s occupancy came in at 9.9%. While the leasing environment has improved, rental reversions are likely to remain soft. There are also uncertainties as to how quickly Soilbuild REIT will be able to find an anchor tenant for its 72 Loyang Way asset. We make no changes to our forecasts, HOLD rating and S$0.64 fair value estimate. Based on our projections, Soilbuild REIT offers a distribution yield of 8.4% for FY17F.

DBS VICKERS

mm2 Asia

An UnUsUal boost

Growth supported by core business and UnUsUal; cinemas to build recurring income.

The listing status of 41.9%-owned UnUsUal would help to propel mm2’s growth going forward. UnUsUal can now tap on the equity market for expansion. We project mm2 to grow at an EPS CAGR of 52% from FY16-FY19, underpinned by growth in productions, expansion into the China market, and contribution from UnUsUal. The cinema arm, on the other hand, helps the group to build a recurring income base. Upon completion of the latest acquisition of 13 cinemas in Malaysia, mm2 Asia would become a top four player in Malaysia.

 

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UOB KAYHIAN

Singapore Press Holdings (SPH SP)

2QFY17: Interim Dividend Cut To 6 S cents On Persistently Weak Media Earnings

SPH reported a core net profit of S$39.4m (-19.6% yoy) for 2QFY17. Earnings were within expectations, accounting for 43% of our full-year estimate. The weakness was primarily attributable to a 16-19% drop in display and classified ad revenues. The interim dividend cut to 6 S cents from 7 S cents came as a surprise, hinting at possible cashflow strains. Advertising outlook remains gloomy, in line with the sluggish economic outlook. Maintain SELL and target price of S$3.29.

 

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LionelLim8.16Check out our compilation of Target Prices




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AusGroup0.048-
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China Sunsine0.8000.040
CWG Intl0.180-
Cordlife1.020-
Dutech0.505-
Food Empire0.5500.010
Geo Energy Res0.3250.020
Golden Energy0.4700.010
$ GSS Energy0.1590.001
Heeton0.4600.010
Hiap Hoe0.7000.010
$ ISOTeam0.375-
KSH0.8650.005
Lian Beng0.600-
Nordic0.3700.010
Oxley0.570-
$ Rex Intl0.0570.001
$ Resources Prima0.0280.001
Riverstone0.8850.005
Roxy-Pacific0.5050.015
Sunningdale Tech1.7000.010
Serial System0.1820.004
Sino Grandness0.240-
Straco0.8200.020
Sunpower0.7100.020
Tiong Seng0.260-
$ Trendlines0.152-
Uni-Asia1.2200.040
XMH0.3050.030
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YZJ Shipbldg SGD1.1500.010
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