CIMB | UOB KAYHIAN |
■ 4Q17/FY17 sales were in line at 26%/101% of our full-year forecast. ■ Our TP rises slightly to S$2.82, based on a higher FY18F P/BV of 1.374x (1.33x previously).
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Venture Corporation (VMS SP) This Changes Everything
Our own investigation reveals strong evidence that Venture is the manufacturer of a leading consumer device, which has potential revenue in excess of S$2.5b p.a. A production ramp-up in 2017 to meet rising demand in Asia and Europe will likely continue into 2018. A launch of the device in the US will push production to full capacity, with earnings likely exceeding consensus estimate in 2018. Maintain BUY and raise target price to S$31.88, based on 19x 2018F PE.
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OCBC | RHB |
Wilmar: Ups final dividend to 7 cts
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BreadTalk Group A Special Ang Pow For The Lunar New Year
SP 2017 was an awesome year for BreadTalk. Excluding gains from the divestment of investment properties, its full-year core profit came in at SGD17.7m, an improvement of >100%. In view of the strong results, the company announced an additional special dividend of SGD0.01/share on top of the final dividend of SGD0.02/share. We maintain our BUY call but think that there could near-term slowdown in earnings growth as the company is now back on its capex expansion phase. We revise our TP to SGD2.00 (from SGD2.09, 14% upside).
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DBS VICKERS |
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Sembcorp Marine
Look beyond weak near-term earnings Maintain BUY; TP reduced to S$ 2.90 after earnings revisions, still based on higher 2.4x FY18 P/BV multiple (0.5SD below mean). We continue to like SMM as a key proxy to the recovery in the O&G and O&M sectors, with strong order wins as key re-rating catalyst. Though, in the near term, we reckon that sentiment might be adversely affected by the wider-than-expected losses in 4Q17; and the M&A premium, which we estimated to be ~40 Sct. This could be given back if privatisation rumour is off the table.
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Check out our compilation of Target Prices