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Cityneon Holdings (CITN SP)

1Q18: Results In Line With Expectations; Seasonally Weak First Quarter


Cityneon’s 1Q18 results were in line with expectations. Net profit rose 80.4% yoy to S$4.0m, driven by higher sales from the intellectual property rights segment and an uptick in gross margins from a positive sales mix. The group guides for 9-10 completed sets by end-18 and the orderbook for 2019 should likely be filled soon, given the strong indication of interest from different partners in different cities. Maintain BUY and PE-based target price of S$1.55.


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First Resources Ltd

1Q earnings impacted by lower CPO prices and inventory build-up


■ FR’s 1Q18 core net profit is broadly in line with our expectations but below consensus forecasts.

■ 1Q18 earnings impacted by lower ASPs for palm products and inventory build-up.

■ CPO sales volume impacted by net inventory build-up of 37,000 tonnes in 1Q18.

■ We project stronger earnings in subsequent quarters on the back of higher output, better ASPs for palm products and improved downstream margins.

■ Maintain Add with an unchanged target price of S$2.03 (15x CY19F P/E).


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Singapore O&G Ltd.

O&G still on and going strong



 1Q18 Revenue/PATMI met 25.3%/28.5% of our full year estimations

 Number of deliveries increased despite industry decline; Cancer-related segment continues to ramp up

 HIFU, new technology in Singapore to bring in new revenue avenue

 Maintained ACCUMULATE and TP of S$0.42


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Health Management Int’l (HMI SP)

Expanding into Ambulatory Care Centre

Long-term potential to compensate start-up losses

HMI has committed SGD40m to acquire a 62.5% stake in StarMed @ Farrer Square, a new ambulatory care centre in Singapore. HMI could tap into the positive trend of more day procedures being done outside of hospitals and expand its presence in the ASEAN region. We expect startup losses of SGD1-2m for the first two years of operations, but this deal should be positive over the long term. Accordingly, we trimmed our FY19-20E EPS by 4-7% but maintain our DCF-based TP of SGD0.80 (WACC 7.4%, LTG 2.0%) as we expect earnings contribution in FY21E onwards to compensate for the start-up losses with upside potential on good startup.


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Ezion Holdings

Bottom-fishing opportunity


BUY; TP S$ 0.29 based on 1.4x FY18 book value. Ezion’s sell-off since resumption of trading is unwarranted. We hold on to our view that Ezion is poised to re-rate from its current low valuation (which reflects insolvency), catalysed by: i) successful refinancing exercise which provides a 6-year runway; ii) improving utilisation and day rates driving an earnings recovery; iii) Temasek-linked Pavilion Capital as strategic investor boosts confidence; and iv) potential strategic partners to brighten growth prospects.


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Jumbo Group (JUMBO SP) : HOLD


Incurring higher costs in expansion phase


• 2Q18 slightly below on higher staff costs

• Interim DPS of 0.5 Scts declared

• Trimmed FY18-19F earnings by 6% each

• Maintain HOLD and TP of S$0.58 based on 23x blended FY18F/19F earnings


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.9050.005
Alliance Mineral0.240-0.010
Anchor Resources0.027-
Avi-Tech Electronics0.290-0.010
Best World Int.2.7100.030
China Sunsine1.300-0.020
CSE Global0.4300.010
Food Empire0.535-
Geo Energy0.190-0.001
Golden Energy0.225-
GSS Energy0.1020.001
ISDN Holdings0.198-0.002
KSH Holdings0.525-0.010
Moya Asia0.079-
Nordic Group0.390-
Oxley Holdings0.300-
REX International0.074-
Sing Holdings0.395-
Sino Grandness0.117-
Straco Corp.0.700-0.015
Sunningdale Tech1.4800.010
Sunpower Group0.4050.010
The Trendlines0.0950.002
Tiong Seng0.275-
Uni-Asia Group1.2000.020
XMH Holdings0.161-
Yangzijiang Shipbldg1.300-

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