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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.



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.



   AEM Holdings Ltd 
   Raising guidance once again

   charlescher1.16Charles 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


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

LionelLim8.16Check out our compilation of Target Prices

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