| UOB KAYHIAN | MAYBANK KIM ENG |
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Bumitama Agri (BAL SP) Worth Accumulating
Despite our projection of lower CPO prices going into 2018-19, we are expecting BAL’s net profit to grow at a 3-year CAGR of 16% in 2017-19 on strong growth in FFB production and a high OER. We think the market has underappreciated BAL’s growth potential as share price has been lacklustre despite the good results in 1Q- 2Q17. Balance sheet is expected to improve over the next few years on the back of good production growth and low capex. Reiterate BUY. Target price: S$1.03.
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Singapore Telcos iPhone Handset Plans – Early Adopter Rates
Holding the line for now With the iPhone 8 and X models set to be released, the three Singapore incumbent telcos have unveiled subsidized handset pricing plans (see Figure 1). The iPhone 8 plans carry similar handset pricing as the prelaunch iPhone 7 plans while the iPhone X plans have a larger discount (SGD40 to SGD144 per unit). Combined with recent higher data allocation and unlimited data plans that carry higher ARPU commitments for SingTel (ST SP, HOLD, TP SGD3.83) and StarHub (STH SP, SELL, TP SGD2.17), the two telcos are not yet being very aggressive in retention efforts. This is logical, in our view, given that early adopter demand may constrict available supply in the near term. M1 (M1 SP, SELL, TP SGD1.59) has yet to release iPhone X pricing plans but its SIM only data plans are currently the most aggressive among the incumbents.
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| DBS VICKERS | |
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Rolling rig-sale bandwagon • Rising rig transactions indicate growing optimism • Industry consolidation has kicked off; positive for recovery • Improving prospect could catalyse rig delivery • Reiterate BUY on Singapore rigbuilders
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Check out our compilation of Target Prices
