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OCBC |
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Japfa Ltd Key takeaways from Vietnam visit
■ Last week, we visited Japfa’s swine fattening and poultry businesses in Vietnam, its largest revenue generator in “animal protein other” segment. ■ We lift our SOP-based TP to US$0.90 as we roll forward our valuation to CY20F. Maintain Add. ■ Firmer 4Q18F margins and revenue growth (results to be released at endFeb) could re-rate the stock.
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Mapletree North Asia Commercial Trust: Steady as she goes
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| PHILLIP SECURITIES | RHB |
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SHS Holdings Ltd The excitement in modular housing SINGAPORE | CONSTRUCTION| SITE VISIT
Modular business was given building consent from authorities in earthquake-prone New Zealand New factory will increase module production capacity by 300% (end FY19e) We maintain our ACCUMULATE recommendation with an unchanged TP of S$0.24. Our valuation is derived from a 10X PE of FY19e earnings. Contributions from the new factory will only materialise in FY20.
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M1 (M1 SP) Neutral (Maintained) Go For The VGO
Risk-reward points to cash exit being the most optimal route
Maintain NEUTRAL; share price capped at the voluntary general offer (VGO) price of SGD2.06 for 0% upside, plus 5% FY19F yield. M1’s FY18 results were in line with consensus, albeit slightly ahead of our estimates on stronger-than-expected ARPU. We continue to see downside risks to the company’s earnings and dividends, as it is more predisposed to the price-sensitive/value segment coupled with the weaker bundling strategy vs its larger (more converged) peers. The focus on enterprise/fixed services remains a key earnings catalyst in the medium to longer term. We expect deeper synergies for this segment via operational transformation post VGO.
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Check out our compilation of Target Prices
