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UOB KAYHIAN |
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ISDN Holdings Ltd Trade war bites
■ ISDN’s 2Q19 net profit fell 73% yoy and was below our expectations. ■ The revenue decline was mainly due to the impact from the trade tensions and the downturn in the semiconductor industry. ■ We cut our TP to S$0.27 on our lowered earnings forecasts. Maintain Add.
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Oversea-Chinese Banking Corporation (OCBC SP) Successful Integration Of Wing Hang; Opportunities From GBA Beckon
The acquisition of Wing Hang Bank has provided OCBC with a platform to grow its Wholesale Banking, Treasury and Private Banking businesses. The next phase of growth involves capturing business opportunities in the GBA and cross-border flows between China and ASEAN countries. Having successfully integrated OCBC Wing Hang, OCBC is poised for inorganic growth within the core markets of Singapore, Malaysia, Indonesia and Greater China. Maintain BUY. Target price: S$14.48.
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MAYBANK KIM ENG |
CGS CIMB |
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Manulife US REIT (MUST SP) Fundamentally Sound
2Q19 NDR: Well-placed assets, high DPU visibility We hosted an NDR for MUST in Singapore following its 2QFY19 results. Key highlights include: (1) discussions on its leasing activity in 6M19; (2) low leasing risk from its long WALE; and (3) management’s case study initiative in explaining its US office leases versus others in Singapore. We continue to favour MUST for its DPU visibility, supported by stable income growth (portfolio rental escalations are at +2.0% pa) and low leasing risks. Our DPU estimates and DDM-based TP is unchanged at USD1.00 (COE: 7.8%, LTG: 2.0%). BUY.
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Grand Venture Technology Ltd The aim is to grow
■ Grand Venture Technology Ltd’s (GVT) 1H19 net profit was below our expectations as revenue was hurt by the slowdown in the semicon industry. ■ GVT was listed on 23 Jan 2019 and this is its first set of half-year results post listing. ■ Given the revenue miss due to the slowdown in the semicon industry, we have adjusted our forecasts downwards. ■ We also downgrade to Hold from Add and lower our TP to S$0.22.
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Check out our compilation of Target Prices
