SIIC Environment (SIIC SP) : HOLD

Dual listing in Hong Kong will not improve valuation • Dual listing in Hong Kong by way of introduction

• Positive to share price in the short term

• But we do not expect its valuation to improve after the dual listing

• Maintain HOLD with TP of S$0.53

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Global Invacom Group

Ginva has bounced back into profitability in 1Q17, driven by its US subsidiary and sales from its next generation of LNBs. With increased volumes and wider margins from its new-generation products that are to be incrementally sold throughout the year, we expect its revenue and margins to keep on improving. This is as the company continues to roll out new-generation equipment. However, we are ceasing coverage on this counter due to internal resource reallocation, coupled with the low institutional interest of the stock. Our previous recommendation was BUY, with a SGD0.26 TP.

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