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AEM Holdings (AEM SP)

Solid 1H19


1H19 ahead of our expectation; maintain BUY

2Q19 PATMI rose 65% YoY to SGD15.7m, largely driven by HDMT and STHI test handler (TH) sales to its key customer. 1H19 PATMI accounts for 65% of our FY19E forecast, surpassing our expectation. For comparison, prior 1H periods made up 39%/53% of FY17-18 PATMI. We maintain earnings forecasts pending further clarity on FY20E. New projects for existing and new customers could provide FY20 upside to our estimates. Maintain BUY and ROE-g/COE-g TP of SGD1.40 (1.4x blended FY19-20E P/BV). Risks to our view include a sharp demand drop in its key customer’s chips.


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2Q19: Building a stable long-term ride


■ 1H19 net profit rose 3.5% yoy to S$146m, slightly below our and consensus expectations. Singapore taxi and weaker £ and A$ were the main drags.

■ FY19-21F EPS cut by 1.95-3.7% to reflect weakness in the taxi segment; strength in public transport services support overall growth outlook.

■ This note marks a transfer in analyst coverage. We continue to like CD for its stable long-term income streams. Maintain Add with lower TP of S$2.78.


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Wilmar (WIL SP)

African Swine Fever Still a Drag; Still BUY


 We will review our forecasts and TP pending Wilmar’s analyst briefing later today. Our last TP of SGD4.50 offers 11% upside and 2.8% dividend yield. Wilmar’s 2Q19 results missed our estimates. 2Q19 core PATMI fell 50% YoY to SGD177m on weaker profits from oilseeds & grains. 1H19 core profit met only 33%/34% of our/Street full-year estimates.





Fu Yu Corp (FUYU SP)

2Q19: Results In Line With Gross Margin Expansion And Higher Dividend


2Q19 core PATMI (+106% yoy) was in line with our forecast; 1H19 met 48% of our full year estimate. Gross margin continued to increase (+2.4ppt yoy), mainly due to a better product mix and increased contributions from higher-margin market, Malaysia. A higher dividend of 0.35 S cents/share was declared, up from 0.30 S cents/share, in line with our forecast of 1.70 S cents/share for 2019. FUYU aims to continue driving sustainable growth. Maintain BUY and target price of S$0.285.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.1300.010
Alliance Mineral0.078-
Anchor Resources0.013-
Avi-Tech Electronics0.2800.020
Best World Int.1.360-
China Sunsine1.0600.010
CSE Global0.4500.010
Food Empire0.5300.020
Geo Energy0.149-
Golden Energy0.190-0.004
GSS Energy0.0700.001
ISDN Holdings0.192-
KSH Holdings0.4250.005
Moya Asia0.066-0.002
Nordic Group0.270-
Oxley Holdings0.310-
REX International0.0680.001
Sing Holdings0.395-
Sino Grandness0.045-0.001
Straco Corp.0.730-
Sunningdale Tech1.280-0.020
Sunpower Group0.440-
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group0.7350.010
XMH Holdings0.153-
Yangzijiang Shipbldg0.9900.130

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