ANALYSTS SAY: Buy, Sell, Hold (17 Oct '17)

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UOB KAYHIAN	UOB KAYHIAN
M1 (M1 SP) 3Q17: Steady Growth From Post-Paid Mobile And Fixed Services Post-paid revenue grew 5.4% yoy, driven by expansion of post-paid subscriber base of 3.2% yoy and stable ARPU of S$55.40. The growth momentum in M1’s fixed services business was maintained. M1 continues to revamp its service offerings to address customers’ need for more data. Maintain BUY. Target price: S$1.95. Read more...	Thai Beverage (THBEV SP) Positioning For Vision 2020 With Grand Royal Acquisition The group made a US$741.6m acquisition of Myanmar distilleries last week. We view the acquisition positively as it gives THBEV access to a huge population in Myanmar, signalling its commitment to Vision 2020 of diversifying revenue contribution out of Thailand. Furthermore, with the one-year mourning period ending in October, we expect to see a strong uptick in alcohol consumption, where THBEV has already lined up several marketing campaigns to be launched in November. Maintain BUY and SOTP-based target price of $1.09. Read more...
CIMB
AEM Holdings Ltd Raising guidance once again Charles Cher, CEO of AEM Holdings. ■ AEM raised its FY17F pretax profit guidance, citing higher sales, better margins and better operational efficiency YTD. ■ It now expects FY17FF pretax profit to be at least S$32.0m, +33.3% from its previous guidance of S$24.0m. ■ AEM updated its 9M17F pretax profit guidance to S$25m-27m, up 42.9-54.3% from its previous guidance of S$17.5m. ■ We raise FY17-19F EPS by 19.3-32.6% to factor in the higher pretax profit guidance. ■ We roll forward our valuation basis to 10x FY19F P/E (multiple unchanged), which raises our target price by 32.7% to S$4.55.
DBS Vickers
CHIP ENG SENG Too (Chip) to Ignore ♦ Initiating coverage with BUY and SOTP-based TP of S$1.18; attractive prospective yield of 4.4% ♦ Chip Eng Seng is a property development and construction play trading at a substantial 52% discount to RNAV and 0.7x P/NAV ♦ Locked-in >S$1 bn in presales, with further upside from ongoing tenders and recently replenished land bank ♦ Growing investment and hotel portfolio offers stability

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.340	-0.020
Best World	2.460	-0.010
Boustead Singapore	0.960	-0.005
Broadway Ind	0.133	0.004
China Aviation Oil (S)	0.925	0.005
China Sunsine	0.415	-
ComfortDelGro	1.480	-0.020
Delfi Limited	0.895	-0.010
Food Empire	1.260	-0.010
Fortress Minerals	0.305	-0.005
Geo Energy Res	0.310	-
Hong Leong Finance	2.500	0.010
Hongkong Land (USD)	3.120	0.050
InnoTek	0.520	-0.005
ISDN Holdings	0.310	-
ISOTeam	0.043	0.002
IX Biopharma	0.041	-0.002
KSH Holdings	0.250	-
Leader Env	0.051	-
Ley Choon	0.045	-0.001
Marco Polo Marine	0.067	0.001
Mermaid Maritime	0.140	-0.001
Nordic Group	0.310	-0.030
Oxley Holdings	0.089	-
REX International	0.136	-0.001
Riverstone	0.815	-0.005
Southern Alliance Mining	0.430	-0.015
Straco Corp.	0.510	0.010
Sunpower Group	0.205	-0.005
The Trendlines	0.067	-0.002
Totm Technologies	0.022	-
Uni-Asia Group	0.825	-
Wilmar Intl	3.500	0.020
Yangzijiang Shipbldg	1.750	-0.030

Counter Name

Last

Change

AEM Holdings

2.340

-0.020

Best World

2.460

-0.010

Boustead Singapore

0.960

-0.005