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UOL Group: Boost from UIC consolidation


The group’s net attributable profits, excluding other gains, for the quarter increased 8% YoY to S$90.9m. 3Q17 PATMI increased from S$91.5m to S$639.7m as a result of accounting for UIC as a subsidiary following the group’s acquisition of 60m UIC shares in August. In addition to a turnaround in domestic home prices, management also expects office rents to stabilize ahead while the retail sector is expected to remain under pressure. In the hospitality sector in Asia Pacific, UOL also highlights competitive pressures and an oversupply of rooms, particularly in China and Myanmar. The group recently acquired Nanak Mansions in Meyer Road for S$201.1m through an en-bloc transaction with a 50-50 JV with Kheng Long. We understand the transaction will likely be completed in Dec 2017. We update our valuation model for latest results and firmer assumptions and our fair value estimate rises to S$9.70 versus S$9.01 previously. Maintain BUY.


Memtech International 3Q17: a turbo-charged quarter


■ MTEC’s 3Q17 core net profit of US$4.2m (+32% yoy, +114% qoq) was above our expectations. 9M17 core net profit formed 81% of our full-year forecast.

■ The muted revenue in 3Q17 was partly due to a more selective uptake of CE projects, but management remains optimistic on its core pillars in AU and CE.

■ Gross margin gained 7% pts from better product mix and operational efficiency.

■ Maintain Add with higher FY17-19F EPS and TP as we roll over our valuation to endFY19 P/E (pegged to 10x). MTEC offers a 4-5% forecast dividend yield.


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ComfortDelGro Corporation

(CD SP) 9M17: Broadly In Line. Coping Well Amid Revenue Pressure


CD’s 3Q17 results were in line with our expectations, with 9M17 net profit of S$242m which fell 2% yoy. 9M17 operating profit fell 10% yoy but lower minorities, taxes and higher investment income helped limit the decline. We trim 2018-19 earnings forecasts by up to 4% to build in more conservative taxi and rail assumptions. Maintain BUY with a lower PE-based target of S$2.25 (previously S$2.34). A catalyst could be its potential alliance with Uber.


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Singapore Medical Group Ltd

Robust growth prognosis


 Initiate coverage with BUY and TP of S$0.75 on the back of continued robust growth post a successful turnaround

 Project net profit growth of 292%/32% on ramp-up in diagnostics, recent acquisitions, and margin improvements

 Further re-rating catalysts to come from acquisitions, better operating performance and overseas ventures

 TP based on 25x FY18F/19F PE

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