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CIMB OCBC

Genting Singapore

Sustained VIP chip growth at MBS positive for GENS

 

■ MBS’s 3Q17 adjusted EBITDA of US$442m (+13% yoy) was lifted by a higher rolling win rate and VIP volumes, which maintained the yoy growth trend seen in 2Q17.

■ Overall sustained return in VIP volumes to Singapore is positive for the industry and GENS.

■ We expect GENS to report 3Q17 adjusted EBITDA of S$285.1m in the upcoming 3Q17 results release scheduled for 6 Nov. Maintain Add and target price of S$1.35.

 

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Keppel Corporation: Active in China

 

Keppel Corporation announced yesterday that Keppel Land China has entered into an agreement with Delight Prime Ltd (unit of HK-listed Logan Property) to divest its 100% stake in Keppel China Marina Holdings Pte Ltd for approx. RMB2.9b (~S$597.4m), subject to completion adjustments. A gain of S$290m is expected from this divestment, which should be completed by the end of this year. We are positive on the group’s strategy to recycle assets to seek higher returns and rebalance its portfolio to focus on selected high-growth cities in China. KEP’s Tianjin Eco-City project is also bearing fruit, with average selling prices of Eco-City residential land having increased significantly since 2016. We take this into account in our sum-of-parts valuation, and after adjusting our estimates, our fair value rises from S$7.73 to S$8.31. Maintain BUY.

PHILLIP SECURITIES

Singapore Exchange Limited

Strong Performance as Markets Spur into Action SINGAPORE | FINANCE |1Q18 RESULTS Highlights

 

 1Q18 PATMI was in line with our estimates.

 New IPOs in FY18 expected to be in the high 20s compared to FY17’s 22.

 Equity, FX and commodity derivatives volume expected to be strong in FY18.

 Securities clearing fee spreads were down due to higher trading volumes by MMLPs and higher composition of products such as ETF and DLC.

 An interim dividend of 5 cents per share proposed, unchanged YoY.

 Maintain Accumulate with lower TP of S$8.31 (previous TP S$8.39) based on 23.9x historical 5-year average PE ratio.

 

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UOB KAYHIAN

Aviation – Singapore

Results Preview: Expect A Strong Quarter For SIA, STE And SATS, Upgrade STE To BUY

 

SIA, STE and SATS will report their latest quarterly results on 7, 8 and 9 November respectively. WE expect STE’s net profit to rise by at least 50% yoy, partly due to a low base. We also upgrade the stock to BUY with an unchanged target price of S$3.80. We expect SATS to report a 24% yoy rise in net profit, aided by disposal gains. SIA’s net profit should double yoy on the back of strong load factors. Maintain MARKET WEIGHT on the sector

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.120-0.070
Avi-Tech Electronics0.280-
Broadway Ind0.141-
China Sunsine0.4800.005
DISA0.003-
Food Empire0.505-0.005
Fortress Minerals0.340-
Geo Energy Res0.380-
Golden Energy0.8450.030
GSS Energy0.048-
InnoTek0.455-0.010
ISDN Holdings0.455-0.010
ISOTeam0.104-
IX Biopharma0.139-
Jiutian Chemical0.081-0.001
KSH Holdings0.345-
Leader Env0.050-
Medtecs Intl0.114-
Meta Health0.028-
Moya Asia0.0890.001
Nordic Group0.520-0.010
Oxley Holdings0.159-0.002
REX International0.240-
Riverstone0.560-0.015
Sinostar PEC0.190-
Southern Alliance Mining0.660-
Straco Corp.0.400-
Sunpower Group0.310-0.010
The Trendlines0.091-0.003
Totm Technologies0.126-
UG Healthcare0.1810.001
Uni-Asia Group0.945-0.005
Wilmar Intl3.900-0.050
Yangzijiang Shipbldg1.120-0.120

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