ANALYSTS SAY: Buy, Sell, Hold (15 Sept 2017)

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OCBC	UOB KAYHIAN
YOMA STRATEGIC Recently, the Myanmar Business Today reported that the Ministry of Planning and Finance is overseeing the Myanmar Agriculture Development Bank’s (MADB) dispersion of ~17 billion Kyat in long and short-term loans to farmers for machinery purchases. This follows from an Official Development Assistance loan from the Japan International Cooperation Agency, and would allow individual farmers and small-scale commercial operations to tap on capital to procure modern agriculture equipment such as tractors. The successful implementation of this could be beneficial towards Yoma’s distribution and after-sales services for New Holland tractors. This development comes on the heels of the Ministry of Agriculture and Irrigation’s nationwide mechanization programme involving 600 New Holland tractors being delivered to farmers in Myanmar. Recall that as of 1QFY18, Yoma will deliver the remaining 312 tractors under the programme, and is expected to record ~S$8m in further revenue moving forward. Maintain HOLD with an unchanged fair value estimate of S$0.58.	ELLIPSIZ On 21 Aug 17, Ellipsiz entered into a sale and purchase agreement to dispose of the probe card business for a total consideration of US$65m. With the sales proceeds, Ellipsiz should have a net cash position of S$0.83/share, greater than its current share price. The recent purchase of shares at S$0.7525/share by Ellipsiz’s CEO underlines confidence in the completion of the deal and we opine that there is a good chance part of the proceeds will be distributed. Read more...
NOMURA
Action: Maintain reduce on ComfortDelGro; UK bus woes set to rise We maintain our Reduce rating and SGD1.98 TP (based on 13x FY18F EPS and implying ~9% potential downside) on CDG given the stock trades at 14.6x FY17F P/E despite a FY16-19F earnings CAGR of only 3% (consensus estimate). Go-Ahead (GOG), CDG’s competitor in the London bus business, reported results last week and guided a tough outlook for the London bus business. We estimate the UK bus business (mainly London) contributes ~20% of group operating profits

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.360	-
Best World	2.470	-
Boustead Singapore	0.965	-
Broadway Ind	0.129	-
China Aviation Oil (S)	0.920	-
China Sunsine	0.415	-
ComfortDelGro	1.500	-
Delfi Limited	0.905	-
Food Empire	1.270	-
Fortress Minerals	0.310	-
Geo Energy Res	0.310	-
Hong Leong Finance	2.490	-
Hongkong Land (USD)	3.070	-
InnoTek	0.525	-
ISDN Holdings	0.310	-
ISOTeam	0.041	-
IX Biopharma	0.043	-
KSH Holdings	0.250	-
Leader Env	0.051	-
Ley Choon	0.046	-
Marco Polo Marine	0.066	-
Mermaid Maritime	0.141	-
Nordic Group	0.340	-
Oxley Holdings	0.089	-
REX International	0.137	-
Riverstone	0.820	-
Southern Alliance Mining	0.445	-
Straco Corp.	0.500	-
Sunpower Group	0.210	-
The Trendlines	0.069	-
Totm Technologies	0.022	-
Uni-Asia Group	0.825	-
Wilmar Intl	3.480	-
Yangzijiang Shipbldg	1.780	-

Counter Name

Last

Change

2.360

2.470

0.965

0.129

China Aviation Oil (S)