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Sunningdale Tech Ltd Building a sustainable business model


■ Business conditions remain challenging for Sunningdale given the pricing pressure from customers and rising labour costs.

■ Volatile exchange rates also impacted profitability.

■ However, we believe Sunningdale will still enjoy the seasonality strength effect of the second half in FY17F.

■ Its Penang plant, which will help lower operating costs, is due to be completed by 1Q18.

■ As we roll over our valuation to FY18F, our target price rises to S$2.86.


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Sheng Siong Group Continues to deliver with a one-off tax refunds boost



 9MFY17 Revenue/PATMI met 75%/76% of our full year FY2017 expectations

 Trading environment continue to recover; Sales from mature stores extended uptick with 3% growth after six consecutive contractionary quarters before 2Q17

 Upgrade to BUY with higher TP at S$1.13 (previously S$1.06), as we roll forward to FY18e


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REITs − Singapore

3QFY17: Results Of CDREIT (Below), Suntec (In Line); 4QFY17: FHT (In Line)


Results of CDREIT were below expectations, while those of Suntec and FHT were in line. Maintain HOLD on CDREIT with a raised target of S$1.70 (from S$1.62). Maintain HOLD on Suntec with a higher target price of S$2.05 (from S$1.95). Maintain BUY on FHT with a higher target price of S$0.85 (from S$0.80). Maintain OVERWEIGHT.


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Viva Industrial Trust

Another Stellar Quarter


Viva’s 3Q17 results came within our expectations. The occupancy rate for VBP’s white space continues to improve, with spill-over effects starting to be seen in VBP’s business park. UEBH is also poised to benefit from the recent opening of DTL-3. Positive rental reversions are set to continue, with improving fundamentals in the industrial market. Despite the challenging conditions, Viva continues to impress via well-planned asset enhancements and yield-accretive acquisitions. Maintain BUY, with a higher TP of SGD1.02 ( from SGD0.97, 7% upside).


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LionelLim8.16Check out our compilation of Target Prices

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AEM Holdings2.2800.140
Avi-Tech Electronics0.265-
Best World1.6700.040
Broadway Ind0.0990.012
China Sunsine0.4000.010
Delfi Limited0.9700.005
Food Empire1.430-0.010
Fortress Minerals0.280-
Geo Energy Res0.330-
GSS Energy0.026-0.001
Hong Leong Finance2.480-
Hongkong Land (USD)3.250-0.130
ISDN Holdings0.315-0.005
IX Biopharma0.045-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.130-0.002
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1360.003
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.510-0.020
Sunpower Group0.230-
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.810-0.030
Wilmar Intl3.3600.040
Yangzijiang Shipbldg1.7800.030

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