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Maybank Kim Eng KGI Securities

Hi-P International

Initiate at BUY with SGD2.11 TP

We see Hi-P entering a phase of record revenues and improved earnings quality. FY18E-19E EPS CAGR of 19% is driven by its key wireless customer, as well as the ramp-up of business with IOT customers and P&G. ROE profile should also markedly improve now that Hi-P has selectively moved way from unprofitable assembly projects to focus on stable ones from blue-chip customers, such as Apple, Keurig, and Colgate. Our TP is based on FY17E P/B of 3.4x.


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What to expect for Singapore markets in 2018: Positive on Oil & Gas, Properties, REITs and Apple supply chain

The investment environment remains favourable going into 2018 as global growth is accelerating and corporate earnings have surprised on the upside.

Among sectors in Singapore that we believe will continue to ride on the positive momentum are the banks, Apple-related manufacturing, property and oil & gas.

Singapore’s residential property market is mainly expected to be driven by the declining supply of new homes. As of 3Q17, there were only 16,031 unsold private residential units compared to >35,000 unsold units in 4Q12.

Even with the recent en-bloc frenzy, URA expects these redevelopments to be completed only from 2021 onwards.

Among Singapore-listed property developers that may potentially benefit from the tightening demand/supply dynamics are City Development, UOL, CapitaLand and GuocoLand.



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