| UOB KAYHIAN |
OCBC |
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Singapore Press Holdings (SPH SP)
Page Count: Still Down, But Showing A Moderation In Pace
Our page count of The Straits Times showed a fall of 12.5% yoy (2QFY17: 12.7%). The pace of decline appears to be moderating, and print revenue decline for FY18 appears to be shaping up for 10-11% for the year. We note a slight decoupling in the correlation between physical page counts and print revenue. Our earnings estimates are unchanged. Maintain HOLD with a revised target price of S$2.46. Entry price: S$2.40.
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Banking Sector: Bank for your buck!
Banking stocks have performed well this year, up some 9%YTD at the high, as measured by the FTSE ST FinancialIndex (FSTFN). The outlook is definitely improving withseveral quarters of improvement as allowances declined,NPLs plateaued and margins started to reverse up.Quarterly profitability trends have also shown goodimprovements in recent quarters. We think that the recentprice weakness, partly due to the lull period in May andJune, is an opportune time to accumulate. Our top pick inthe sector is DBS. |
| CIMB | PHILLIP |
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Ground checks show healthy residential take up
■ Take-up rate at Amber 45 continues to increase ■ New project The Tre Ver to be rolled out in 3Q18 ■ Inching up stake in UIC, builds exposure to the rising office market and recurrent income base ■ Maintain Add with unchanged TP of S$9.65, based on 20% discount to RNAV
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shopper360 Limited The key to win consumers’ dollars SINGAPORE | CONSUMER | TRADING NOTE
Contracts from new and existing clients, and expanded media portfolio would drive FY19e earnings; Expect Core earnings to grow at 20% p.a. in FY18-19e First mover advantage in Southeast Asia’s final frontier via strategic partnership with Myanmar’s leading modern retail chain Initiate with Trading BUY and TP of S$0.33; Undemanding valuations with adjusted trailing-PE of 5.8x, vs global peers’ 13.0x
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Check out our compilation of Target Prices