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mm2 Asia

Home run, finally


■ The proposed 100% stake acquisition in Cathay Cineplexes gives mm2 a strong foothold in Singapore and enhanced bargaining power with suppliers.

■ S$230m purchase consideration implies 13.8x EV/EBITDA, pricey relative to previous deals, but in exchange for rare SG assets, full ownership and an established brand.

■ 1HFY3/18 PATMI (+65% yoy) was in line at 45% of our FY18F estimate; synergistic M&As as key potential catalysts.

■ Unusual also gains traction with North Asia and new product line for “Disney On Ice”.

■ Our SOP-based TP is now higher on EPS upgrades and as we roll over to CY19F.


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Venture Corporation (VMS SP)

3Q17 Results Above Expectations; Making The Old Economy New


Venture’s 3Q17 results were above our expectations with net profit a whopping 134.8% higher yoy. 2017 has been a breakthrough year for Venture, justifying its approach for careful selection of customers that are industry leaders in fast-growing technology domains. This approach creates interdependencies between Venture and its customers, resulting in far superior net margins. Maintain BUY with a higher target price of S$23.50.


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United Overseas Bank (UOB SP)

Steady And Consistent


3Q17 in-line; EPS and TP raised

3Q17 core PATMI of SGD883m (+5% QoQ, +12% YoY) was in-line with our expectations, but beat Bloomberg consensus estimates by 5%. 9M17 core PATMI of SGD2.5b (+8% YoY) met 70% of our FY17 forecast. We leave our forecasts for FY17E largely unchanged, but raised FY18-19E core net profit slightly by ~2-3%. With the change in EPS forecasts, our assumed sustainable ROE is now 11.7% (11.5% previously), COE 10.1%, and growth rate 3.5% (both unchanged). Accordingly, our TP is raised 3% to SGD27.10, pegged to 1.2x FY18E P/BV, slightly below its 10-year mean of 1.3x to reflect lower forecast ROEs compared to previous periods.


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Sembcorp Industries Ltd

Underlying business trend remains unchanged



 Revenue and net profit missed our full year expectation by 5.5% and 22% respectively.

 In Utilities segment, Singapore market continued to deliver favorable performance while India market dragged. Marine profitability remained weak.

 We lowered our FY17e earnings by 25.2%. Bulk of our downward earnings revision comes from Marine division. We raised our target price to S$3.70 to account for the higher valuation on SMM


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.090-0.100
Avi-Tech Electronics0.280-
Broadway Ind0.141-
China Sunsine0.4800.005
Food Empire0.510-
Fortress Minerals0.340-
Geo Energy Res0.380-
Golden Energy0.8400.025
GSS Energy0.048-
ISDN Holdings0.455-0.010
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 International0.235-0.005
Sinostar PEC0.190-
Southern Alliance Mining0.660-
Straco Corp.0.400-
Sunpower Group0.300-0.020
The Trendlines0.094-
Totm Technologies0.126-
UG Healthcare0.1810.001
Uni-Asia Group0.945-0.005
Wilmar Intl3.890-0.060
Yangzijiang Shipbldg1.130-0.110

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