| UOB KAYHIAN | CIMB |
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Raffles Medical Group (RFMD SP) Limited Near-term Negative Impact From Insurance Co-pay
While the change in insurance co-pay terms for new policies could have some negative near-term impact, we see limited impact on RMG, given its group practice model, price transparency and peer-doctor review. Maintain BUY and DCF-based target price of S$1.32.
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Perennial Real Estate Holdings Purchasing the remaining 50% of Capitol Singapore
■ PREH to buy remaining 50% of Capitol Singapore. ■ Gearing could rise to 0.7-0.8x; opportunity to generate S$40m-50m of recurrent income. ■ Raising RNAV by 5% as acquisition cost is below current market replacement cost. ■ Maintain Add with a slightly higher TP of S$1.18.
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| DBS VICKERS | RHB |
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Keppel Corporation (KEP SP) Awilco contract in the bag
• Inked US$425m contract with Awilco for a newbuild mid-water harsh environment semisubmersible drilling rig • Marking first contract win in 2018 • Positive on contract wins ahead • Reiterate BUY; TP unchanged at S$10.20
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GSS Energy Maiden Dividend Policy Due To Positive Outlook
GSS has adopted a maiden dividend policy of at least 20% of PATMI for FY18F-19F. We think that this is a positive signal and a strong vote of confidence by the management on the positive outlook of the company. We understand that its PE business is robust and may likely enjoy 15-20% growth this year, with orders from existing customers like Phillips and Lego growing YoY. In addition, we expect it to produce and sell oil by 1H18. As a result, we remain upbeat on our outlook for the company, and keep our BUY call and SGD0.25 SOP-based TP (46% upside).
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Check out our compilation of Target Prices