UOB | OCBC |
Frencken Group (FRKN SP) 1Q18: Results In Line, Broad-based Improvements Ahead
Frencken’s 1Q18 results are in line. Despite the absence of revenue from a sold subsidiary, higher sales from Mechatronics offset reduced sales from IMS to deliver overall growth of 3.2% yoy. Stripping out 1Q17’s one-off disposal gain, attributable net profit grew 10.8% yoy. As Frencken executes its strategies amid a positive macro background, we expect broad-based improvements in 2Q18. Maintain BUY with an unchanged PE-based target price of S$0.79, implying 46.3% upside.
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Genting Singapore: EBITDA up 27% YoY!
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CIMB | PHILLIP |
Wilmar International Weaker tropical oils a drag on 1Q18 earnings
■ Wilmar’s 1Q18 results below expectation due to lower tropical oils earnings. ■ Core net profit fell 37% yoy due to weaker performances from key divisions. ■ Tropical oils and sugar posted poorer earnings due to weaker refining margins. ■ The group said the plan to list its China operations is on track for 2H19. ■ We retain our Add call due to its attractive valuations and plan to list its China assets
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Health Management International In the pink of health SINGAPORE | HEALTHCARE | 3Q18 RESULTS
9M18 Revenue/Core PATMI met 73%/76% of our full year estimations Remains a medical tourism hotspot; 9M18 Foreign patient load +15% YoY Improving operating efficiencies, with higher Day Surgery cases and benefitting from its cost-saving initiatives; FY18e EBITDA margin could +2pps YoY to c.25% Maintain BUY with unchanged DCF-derived TP of S$0.83
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DBS | DBS |
HRNetGroup Ltd A good start Thesis: Riding on labour market recovery.
We maintain our BUY recommendation for HRnetGroup as a beneficiary of the economic and labour market improvement. The counter is currently trading at 16.5x/15.8x FY18F/19F PE. Excluding cash estimated on its balance sheet, PE (ex-cash) would be even lower at c.10.6x/10.1x our earnings estimates. The institution of the group’s co-ownership model with its IPO has seen over 400 of its employees becoming shareholders. In our view, this aids in increasing motivation and bodes well for the group.
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Hongkong Land (HKL SP) Offices shining
Central office vacancy fell below 1% on continued favorable rental reversion Office reversionary growth in Singapore to turn positive later this year Recent share buyback signals strong embedded value Maintain BUY with US$8.53
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