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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 Holdings1.9300.030
Avi-Tech Electronics0.4200.005
Best World Int.1.360-
China Sunsine0.5100.010
CNMC GoldMine0.245-
CSE Global0.535-
Eagle HTrust USD0.515-0.005
Food Empire0.615-
Golden Energy0.159-
GSS Energy0.0860.002
ISDN Holdings0.2200.005
JB Foods0.655-
KSH Holdings0.4400.010
Moya Asia0.065-0.001
Nordic Group0.280-
Oxley Holdings0.350-0.005
REX International0.1860.007
Sing Holdings0.3900.005
Straco Corp.0.6750.005
Sunningdale Tech1.3300.050
Sunpower Group0.5900.015
The Trendlines0.087-
Tiong Seng0.200-
Uni-Asia Group0.745-
Yangzijiang Shipbldg1.1300.040

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