| CIMB | PHILLIP SECURITIES |
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Wilmar International Strong sugar PBT and tax credit boosted 4Q16 ■ FY16 core net profit was above our and Bloomberg consensus estimates. ■ Sugar division posted a strong 4Q16 due to higher sugar prices and sales volumes. ■ Tropical oils division benefited from higher selling prices for palm products. ■ Oilseeds and grains division posted better 4Q16 due to stable crush margin. ■ We raise our target price to S$3.93 but maintain Hold due to limited upside.
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Chip Eng Seng Corporation Ltd Strong take-up expected at new development Chip Eng Seng Corporation’s (CES) FY16 Revenue/PATMI exceeded our estimates and we have adjusted our forecast to reflect the better than expected performance Strong turnout at Grandeur Park Residences pre-launch event could indicate strong takeup rate at official launch slated in end-February Accelerated revenue recognition as handover of Williamson Estate is slated to happen earlier than expected
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| OCBC | |
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Raffles Medical Group: Growth in progress Raffles Medical Group’s (RMG) FY16 results came in within our expectations, as revenue grew 15.4% YoY to S$473.6m, forming 98% of our FY16 estimate while PATMI was up 1.3% to S$70.2m, meeting 96% of full year estimate. While foreign patient volume growth is expected to be small, both the hospital and healthcare segments of the group are still set for growth ahead, with the Raffles Hospital Extension slated to complete by 4Q17. Meanwhile, we believe management continues to stay focused on cost management. All considered, we adjusted our PATMI estimate slightly, giving a S$1.60 FV estimate on the stock (previous: S$1.61). Maintain BUY on the group’s steady long term growth story. |
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| MAYBANK KIM ENG | |
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Singapore Economics Targeted & Climate Conscious Budget Modest Fiscal Stimulus, Targeted Help This Budget is more conservative than we expected. There is some targeted help for marine & process and SMEs, but not broadly for most other sectors (services or manufacturing). A modest amount ($2.4bn over 4 years) is set aside to support CFE strategies, of which $1.5bn is for topping-up of research and productivity funds. We see limited impact to growth, structurally or cyclically, and maintain our GDP forecast at 2.5% for 2017.
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