| CIMB | OCBC |
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Dairy Farm Int'l 1Q17 update: modest increase in operating profits ■ DFI released its 1Q17 interim statement, but provided very little colour. ■ Continued margin improvement drove profits up yoy, but sales were down. ■ Our EPS forecasts and target price are intact. Maintain Add.
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OUE Hospitality Trust: 1Q17 DPU jumps 18.2% YoY OUE Hospitality Trust’s (OUEHT) 1Q17 revenue increased 6.4% to S$32.1m, or 24.9% of our full-year forecast. NPI increased 4.3% to S$27.4m. DPU increased 18.2% to 1.30 S cents, or 25.0% of our full-year forecast – we deem these results were in line with expectations. While cognizant of upcoming headwinds facing the industry, we remain optimistic on OUEHT given the positive contributions from the recovery in contributions from Mandarin Gallery and the stabilizing effect of the enlarged CPCA. In addition, we note that the renovation of 430 rooms of MOS has completed and expect this to help OUEHT command better rates. Our fair value remains at S$0.75. OUEHT is currently trading at 6.9% FY17F yield. We maintain BUY on OUEHT with a fair value of S$0.75.
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PHILLIP SECURITIES |
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iFAST Corporation Ltd. A Strong Start to 2017 SINGAPORE | FINANCE | 1Q17 RESULTS 1Q17 PATMI of S$1.96mn was in line with our estimate. Surprise came from higher than expected q-o-q growth in AUA but offset by a wider than expected operating expense margin. Upgrade to “ACCUMULATE” from previous “NEUTRAL” rating due to recent share price correction. Our target price is unchanged at S$0.78, pegged at unchanged 25x PER based on FY17F EPS of 3.12 cents (previous FY17F forecast was 3.13 cents).
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| DBS | UOB |
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Sembcorp Industries Shaping the Future Maintain BUY; TP S$3.80. Sembcorp Industries (SCI) offers a unique value proposition, as a proxy to ride the cyclical O&M upturn and has a defensive utilities business. Our TP translates to 1.0x P/BV, implies 27% upside to current share price. We believe this is fair in view of its 6% ROE and 2% dividend yield.
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Singapore Airlines (SIA SP) 4QFY17 Results Preview: Core Net Profit To Rise 25% yoy SIA will report results on 18 May. We estimate a 25% yoy rise in 4QFY17 core earnings on higher pax loads and improving cargo profitability. Potential earnings surprises could come from further write-down on the TigerAir brand or higher pax yields. Share price could re-rate if cargo losses swing into a substantial profit or airline associate losses narrow significantly. A re-rating to 0.8x P/B should lead to a rise towards S$11.10 levels. Maintain HOLD. Target price: S$10.40.
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