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CGS CIMB |
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Jumbo Group (JUMBO SP) 4QFY18: Results In Line; Expenses Still Outpace Revenue Growth
Jumbo’s 4QFY18 and FY18 results are in line with expectations, representing 22.4% and 101.1% of our full-year estimate respectively. 4QFY18 net profit declined 7.3% yoy as operating expenses ran ahead of revenue growth on aggressive expansion in outlets. The group proposed a final dividend of 0.7 S cents. Jumbo continues to expand nicely in the region through a series of JVs and franchise agreements. Maintain HOLD with a lower PE-based target price of S$0.42. Entry price: S$0.38.
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Q&M Dental Group
3Q18: valuation not yet palatable ■ While 3Q18 revenue was a slight miss, core PATMI of S$3.4m (-2.3% yoy) was in line with our estimate, helped by lower tax rates and financing costs. ■ Softer domestic demand for dental; new education offering likely to take time. ■ Maintain Reduce on slower M&A pace and earnings growth, with current valuation of 24x FY19F P/E still above healthcare services’ average (18x).
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