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Thai Beverage

Will chicken taste good with beer?

■ THBEV to acquire over 240 KFC outlets in Thailand for THB11.3bn (US$330m).

■ Although not disclosed, our Thai research team estimates the acquisition to be in the valuation range of 11x EV/EBITDA, which we think is fair.

■ Maintain Add with an SOP-based TP of S$1.07, pending further information.


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Yangzijiang Shipbuilding (YZJSGD SP)

2Q17: Earnings Beat Forecasts But Share Price Rise Is A Bridge Too Far; Downgrade To HOLD

Yangzijiang reported a better-than-expected 2Q17 net profit of Rmb720m and core net profit of Rmb591m. Shipbuilding revenue rose on higher activity but margins were pressured by low contract prices. The shipbuilding industry is still in overcapacity and it remains to be seen if the recovery can be sustained. Valuations look stretched. Downgrade to HOLD with a higher target price of S$1.42. Entry price: S$1.14.


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China Everbright Water Limited

Ongoing turnaround


 Revenue and net profit were in line with our expectations.

 CEWL currently operates 66 water project with another 8 more in the pipeline.

 We revised up our FY17 EPS forecast from 3.4 SG cents to 3.6 SG cents since CEWL is expected to commence more projects. We upgrade our call from ACCUMULATE to BUY with a higher TP of S$0.61 (previous S$0.57), based on a higher average 12-month forward PER of 17.1x (previous 16.7x), implying a potential return of 25.8% from the closing price.




Manulife US REIT

Key Notes From Investor Luncheon

We hosted MUST management and its sponsor for a post results investor luncheon. Key questions during the meeting were on its organic growth ability, the US office dynamics, robustness of its tax structure, sponsor pipeline and relationship. Management sounded confident on future growth potential with market fundamentals remaining strong. Its recent acquisition demonstrates its ability to deliver inorganic growth via acquisitions from sponsor as well as third party. MUST offers a healthy FY18F yield of 7.1% which is attractive, at >100bps above the office S-REITs average. Maintain BUY with higher TP of USD1.00 (8% upside).


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LionelLim8.16Check out our compilation of Target Prices

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