| CIMB SECURITIES | MAYBANK KIM ENG |
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More reasons to like the stock ■ We are more positive on Wilmar post its briefing, with three positive takeaways. ■ Firstly, the crush margin in China remains strong, which is positive for 1Q18 earnings. ■ Lastly, the group could pay more dividends following the listing of Wilmar China. ■ Maintain Add call with an unchanged SOP-based target price of S$4.10.
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Best World International (BEST SP) Strong Earnings Beat; Better Year Ahead
Key markets outperformed; TP raised 10% FY17 earnings rose 61% YoY, beating our and consensus estimates by 26%, mainly due to a 91% YoY sales increase in China from better demand for DR’s Secret skincare products. Also, the Taiwan market stabilised in 4Q17, with sales growing 110% QoQ. Sales in FY17 for China and Taiwan outperformed our estimate by 5% and 14%, respectively. China is expected to lead sales growth for the group from continued geographical expansion, improved service quality and better customer brand recognition. We raise FY18-19E EPS by 23-30% on stronger China and Taiwan sales. We have raised our TP 10% to SGD2.06, based on 17x FY18E EPS (PEG of 0.8x using FY17-20E EPS CAGR of 21%); We ascribed a c.20% discount to the PEG of 1.0x for regulatory risks and competition. Our target P/E multiple fell from 19x, as our 3-year forward EPS CAGR declined after strong EPS growth in FY17.
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| PHILLIP SECURITIES | UOB KAYHIAN |
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Raffles Medical Group Ltd New capacity to fuel growth SINGAPORE | HEALTHCARE | FY17 RESULTS
FY17 Revenue/Adjusted PATMI were in line with our full year expectations Beneficiary of MOH’s initiatives with new capacity to meet growing demand Declared higher final dividend of 1.75 cents (Full year dividend of 2.25 cents, +12.5% YoY) Maintained ACCUMULATE with unchanged TP of S$1.32
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First Resources (FR SP) 4Q17: Results Within Expectations
FR reported stronger qoq but weaker yoy results in 4Q17, which were within expectations. The stronger qoq performance was mainly due to higher sales volume on higher FFB production, while the weaker yoy showing was due to lower CPO and palm kernel (PK) prices. For 2017, the better yoy results were due to higher FFB production and CPO ASP. FR has declared a final and special dividend of 5.55 S cents/share, bringing total yield to 3.9%. Maintain HOLD. Target price: S$1.95. Entry price: S$1.75.
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DBS VICKERS |
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Sembcorp Industries Unlocking value through IPO, divestment
Maintain BUY; TP lowered to S$4.40, after lowering our target price for Sembcorp Marine (SMM) from S$3.10 to S$2.90. While the market may be disappointed as there were no drastic actions announced, such as SMM divestment in the Strategic Review, key strategies to grow utilities business and more active capital recycling should be positive for Sembcorp Industries (SCI) in enhancing its ROE. We continue to like SCI as it offers a unique value proposition as a proxy to ride the cyclical O&M upturn, and is supported by a defensive utilities business.
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Check out our compilation of Target Prices
