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Quantitative Analysis FSSTI Review For Sep 19 – Potential Inclusion And Exclusion Candidates
Based on our quantitative analysis, we anticipate two significant movements in the FSSTI review for Sep 19: a) exclusion of Hutchison Port Holdings Trust (HPHT), and b) inclusion of Mapletree Commercial Trust (MCT) from the FSSTI. This was due to the 31.7% fall in the market cap of HPH Trust in the past three months, creating a window for MCT whose market cap has risen 4.7%. While SPH’s market cap had fallen by 15.4% in the same time frame, its market cap ranking of 36th is still well above the threshold for exclusion.
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UG Healthcare (UGHC SP) Capacity Rise Delay, Valuation Attractive; BUY
Reiterate BUY with new SGD0.30 TP from SGD0.32, 67% upside. Our TP is pegged to 11x FY20F (Jun) EPS, which is at a discount to the 19x peer average, factoring in UG Healthcare’s relatively smaller production output. Whilst FY19 net profit disappointed, the 47% YoY rise in gross profit reflects strength. We believe continued growth in gross margin will strengthen FY20 earnings.
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KGI |
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UNI-ASIA GROUP UAG reported a 52% YoY increase in 2Q19 PATMI to US$3.0mn, driven mainly by the US$3.9mn fair value gains from its Hong Kong office property projects.
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Check out our compilation of Target Prices
