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CGS CIMB

UOB KAYHIAN 

Japfa Ltd

3Q19: Position for the longer-term upcycle

 

■ 3Q19/9M19 core net profit of US$11.8m/US$47.6m (-58.7%/-48.2% yoy) was marginally below at 79.0%/74.7% of our/consensus full-year forecasts.

■ We had overestimated the weakness in Indonesia poultry, but weaker Vietnam swine EBIT and higher finance costs dampened the results.

■ Despite the share price gains since May we still see a longer-term trading opportunity in JAP. Maintain Add, with a higher TP of S$0.56.

 

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Parkway Life REIT (PREIT SP)

3Q19: Resilient Growth From Singapore And Japan

 

PREIT registered stable growth with DPU of 3.30 S cents in 3Q19, up 1.9% yoy. NPI from the Japan portfolio increased 9.9% yoy due to one-off insurance proceeds of S$0.9m. Minimum guaranteed rent for the Singapore properties has increased 1.61% starting 23 Aug 19. Management has further reduced its all-in cost of debt from 0.91% to 0.81% after extension of interest rate hedges in Oct 19. PREIT’s healthcare assets are defensive and resilient. Maintain BUY. Target price: S$3.58.

 

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MAYBANK KIM ENG 

CGS CIMB 

Hi-P International (HIP SP)

Await better entry point

 

3Q19 in line; 2020 recovery priced in; D/G to SELL

While we are more optimistic of FY20E earnings growth, fundamentals appear priced in. Hence, we d/g to SELL, although ROE-g/COE-g TP is raised to SGD1.34 as we roll forward to 1.5x FY20E P/B. 3Q19 PATMI was in line, declining 3% YoY despite a 5% increase in revenue, in part due to persistent pricing pressure. We cut FY19E EPS by 4% to factor in Hi-P’s revenue guidance to “lower” from “similar”, but FY20-21E EPS is higher by 2-3% to account for increased volumes. Accretive M&A is a key upside risk.

 

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United Overseas Bank

3Q19: Margin pressure setting in

 

■ UOB’s 3Q19 net profit of S$1.12bn was 4%/10% above our/consensus S$1.07bn/S$1.02bn estimates. NII was stronger 2% qoq despite -4bp NIM.

■ The beat came mainly from stronger inv. gains (+46% qoq) and credit card income (+4% qoq), offsetting the 21bp credit costs.

■ Maintain Add with GGM-based TP of S$29.54 (implied 1.3x P/BV, 11.5% ROE).

 

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LionelLim8.16Check out our compilation of Target Prices




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