ANALYSTS SAY: Buy, Sell, Hold (12 Feb '19)

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MAYBANK KIM ENG	UOB KAYHIAN
Singapore Banks 4Q18 What to expect End of ‘growth’ phase; but remain POSITIVE DBS will be reporting 4Q18 results on 18 Feb, followed by UOB and OCBC on 22 Feb. As discussed in our recent report – Singapore Banks: Still got the juice (30 Jan), we expect slowing loan growth as the sector leaves the ‘growth’ phase of its cycle and enters ‘consolidation’. Nevertheless, we expect continued NIM expansion as asset yields are re-priced upwards amid falling YoY credit costs. We will pay close attention to these as the banks report. A good showing here should support improving ROEs and robust dividends. DBS and UOB are our top picks. Short-term pair trade: long DBS, short OCBC. Read More ...	Bumitama Agri (BAL SP) 4Q18 Results Preview: Inventory Drawdown Compensates For Weak Selling Prices Based on our earnings estimates, BAL is expected to delivery lower qoq and yoy net profit for 4Q18. 4Q18 core net profit is expected to be in the range of Rp240b-260b on the back of a weaker CPO ASP (yoy and qoq) and lower production (qoq). 4Q18 is likely to see the lowest ASP for 2018, but price weakness should have been offset by a higher inventory drawdown with logistics-related issues being resolved gradually. Maintain BUY. Target price: S$0.81. Read More ...
CGS CIMB	RHB
Venture Corporation Venture: expecting qoq revenue growth ■ Guided by Venture’s qoq revenue growth expectations, we estimate 4Q18 net profit at S$100.7m. ■ Key risk is impact on economic growth from the US-China trade war. ■ Maintain Add and S$17.44 TP based on 12.56x FY20F core EPS. Read More ...	APAC Realty (APAC SP) Buy (Maintained) Deepening Overseas Presence  Regional expansion into Indonesia and Thailand market. APAC has deepened its South-East Asian presence with the purchase of the ERA master franchise operations for Indonesia and Thailand. The move is in line with management’s outlined IPO growth strategy and would help in the long-term diversification of its earnings base amidst challenges in the Singapore residential market. Read More ...

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.370	0.030
Best World	2.460	-
Boustead Singapore	0.945	-0.015
Broadway Ind	0.133	-
China Aviation Oil (S)	0.920	-0.005
China Sunsine	0.420	0.005
ComfortDelGro	1.480	-
Delfi Limited	0.895	-
Food Empire	1.260	-
Fortress Minerals	0.300	-0.005
Geo Energy Res	0.305	-0.005
Hong Leong Finance	2.500	-
Hongkong Land (USD)	3.140	0.020
InnoTek	0.550	0.030
ISDN Holdings	0.305	-0.005
ISOTeam	0.044	0.001
IX Biopharma	0.042	0.001
KSH Holdings	0.250	-
Leader Env	0.047	-0.004
Ley Choon	0.045	-
Marco Polo Marine	0.067	-
Mermaid Maritime	0.139	-0.001
Nordic Group	0.305	-0.005
Oxley Holdings	0.088	-0.001
REX International	0.133	-0.003
Riverstone	0.795	-0.020
Southern Alliance Mining	0.430	-
Straco Corp.	0.485	-0.025
Sunpower Group	0.210	0.005
The Trendlines	0.067	-
Totm Technologies	0.022	-
Uni-Asia Group	0.820	-0.005
Wilmar Intl	3.470	-0.030
Yangzijiang Shipbldg	1.740	-0.010

Counter Name

Last

Change

AEM Holdings

2.370

0.030

Best World

2.460

Boustead Singapore

0.945

-0.015

Broadway Ind