UOB KAYHIAN | CIMB |
Health Management International (HMI SP)
Key Marketing Takeaways; Resilient Operations With Strong Earnings Visibility We continue to like HMI for its resilient operations as its staggered and paced organic expansion at both the Mahkota and Regency hospitals provide strong earnings visibility. Moreover, HMI is riding on a favourable medical tourism outlook, which has contributed to the growth in patient load as well as high-revenue intensive procedures. Beyond organic expansion, we see possibilities for potential ventures in the areas of Malaysia, Singapore and Indonesia, which can be in the form of acquisitions or strategic collaborations. Maintain BUY with unchanged TP of S$0.83.
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Singapore Press Holdings Toner low
■ Share price has fallen 22% YTD; but at current level, we think downside risk persists still. Downgrade from Hold to Reduce, with a lower SOP-based TP of S$2.38. ■ Current valuation of 21.7x FY18F P/E expensive against multi-year earnings decline. ■ No longer an attractive dividend play, with little hope for near-term special dividends. ■ Recent Bidadari project win and OVH acquisition could not revive its share price. ■ If we were the new CEO, strategic review could be on the cards but there is impairment risk.
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OCBC | |
Telecom Sector: Intensifying competitive landscape
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