| MAYBANK KIM ENG |
PHILLIP SECURITIES |
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Singapore Telcos M1 de-listing: Chaos or Repair?
Uncertainty still prevails. Stay NEUTRAL With M1’s imminent de-listing (date TBD) the key question now is what are the implications for competition in the industry? In theory, a privately held M1 would have room to be more disruptive. However, the initial indications from Konnectivity’s post VGO disclosure suggested a tilt towards internal business restructuring. Despite the wireless industry de-rating, the overhang remains; we maintain our NEUTRAL sector view. StarHub provides the best value while Netlink offers insulation from wireless segment uncertainty.
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Clearbridge Health Ltd Rolling up profits centres in healthcare SINGAPORE | HEALTHCARE | INITIATION
Penetrating high-growth in Indonesian and Phillippine healthcare markets Acquires asset-light healthcare franchises that yield recurrent revenues and revitalised through expansion in capacity, network and capabilities Initiate with a BUY recommendation and target price of S$0.28. We used a DCF valuation to capture the full benefits of CBH’s impressive growth trajectory over the next five years.
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| CGS CIMB | UOB KAYHIAN |
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F J Benjamin Holdings Ltd Fashion turnaround
■ Founded in 1959, F J Benjamin (FJB) is a luxury and lifestyle fashion retailer that operates 220 stores across Singapore, Malaysia and Indonesia. ■ The company aims to return to profitability after five years of net losses and will launch the first Singapore store for a French luxury brand in Jun 19. ■ FJB trades at a historical FY6/18 P/BV of 0.53x, less than 1 s.d. below its 7- year historical average of 1.0x. It is currently on SGX’s watch list.
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Tianjin Zhongxin Pharmaceutical Group Corp (TIAN SP) 4Q18: Results In Line, Proposes 10% Increase To Dividends
TJZX's 4Q18/2018 net profits came in at Rmb158.7m (+34.3% yoy)/Rmb561.7m (+18.0% yoy) respectively. Full-year performance represented 96.4% of our estimate. TJZX proposed a final dividend of Rmb2.2 for every 10 shares (+10.0% yoy), bringing 2018’s dividend yield to 3.2% based on Bloomberg’s 6.72 RMB/US$ rate. Maintain BUY with a higher PE-based target price of US$1.70.
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Check out our compilation of Target Prices
