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UMS Holdings Ltd

2017-18F: record-breaking years for fab equipment


■ We reviewed the 3Q17F earnings guidance of UMS’s major customer Applied Materials (AMAT) & SEMI’s latest global semiconductor equipment spending forecast.

■ We note that industry conditions remain bullish, and AMAT is bullish on the sales outlook for its semiconductor business until 2020F.

■ We opine that UMS’s sales moderation in 2H17F will be less steep than what we feared earlier and earnings momentum could still be strong in 2H17F and FY18F.

■ In this update note, we roll over our valuation basis to FY18F, raise our earnings forecasts leading to higher implied P/BV multiple, and adjust for a 1-for-4 bonus issue.


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United Overseas Bank Limited

Model Update



 Previous target price of S$21.61 has been revised upwards to S$23.46.

 Reason for price upgrade is because we reduced the FY18e credit cost estimate to 28bps from 32bps.

 Maintain PSR’s 3Q17 PATMI estimate of S$850mn.

 Upgrade "NEUTRAL” with a higher target price of S$23.46 (previous TP S$21.61) based on Gordon Growth Model.


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REITs – Singapore

2QFY18: Results Of MLT (In line); 3Q17: Results Of ART (In line)


MLT’s and ART’s results were in line with expectations. While the growth outlook for MLT in Singapore remains tepid, the acquisition of Mapletree Logistics Hub Tsing Yi in Hong Kong will increase diversification, lend stability and drive earnings forward. We maintain BUY with a higher target price of S$1.37 (from S$1.29). For ART, RevPAU was boosted by Belgium, Spain and the UK, but this was partially offset by Singapore, Japan and the US. Maintain HOLD with an unchanged target of S$1.18. Maintain OVERWEIGHT on the sector.


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Wing Tai Holdings Ltd: Firm set of 1QFY18 results

Wing Tai’s 1QFY18 PATMI increased from S$1.1m to S$8.2m YoY mainly due to contributions from Le Nouvel Ardmore, Le Nouvel KLCC as well as disposal gains on the Huai Hai project in Shanghai. In terms of the topline, however, 1QFY18 revenues decreased 4% YoY to S$67.1m as the group recorded lower homes sales over the quarter.
Overall, we judge 1QFY18 results to be broadly within expectations. We now forecast for Singapore home prices to appreciate 1% in 2017 and 3% to 8% in 2018 and, given the group’s ample dry powder, believe that Wing Tai is well positioned to benefit from the turnaround in the domestic housing sector. Notwithstanding a 46% appreciation over the year to date, we see the group’s current share price to be relatively undemanding at 0.57x price-to-book. After updating our valuation model with our latest assumptions and firmer average selling prices, our fair value estimate increases from S$2.37 to S$2.77. Maintain BUY.

LionelLim8.16Check out our compilation of Target Prices

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