PHILLIP SECURITIES | CIMB |
Geo Energy Resources Ltd Temporary headwinds are limited SINGAPORE | MINING | 1Q17 RESULTS Revenue and net profit exceeded our expectation mainly due to higher average selling price (ASP). Our forecasted ASP is US$37/tonne in FY17, and average ICI 4,200 price was US$43/tonne. We maintain the unchanged forecast of 8.5mn tonnes of coal sales volume with US$37/tonne average selling price (ASP) in FY17. Due to the probably early redemption of MTN, the mild drop in finance costs will improve the net profit slightly from previous forecasted US$41mn to updated US$42mn. Based on unchanged PER of 11x, we maintain our TP of SG0.45 for FY17.
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mm2 Asia Keep the camera rolling, and earnings coming ■ FY3/17 core PATMI of S$18.8m (+130% yoy) formed 107% of our forecast. ■ All segments reported strong growth, and we expect organic expansion (North Asia penetration for movie-making) and M&As to remain as the key drivers for mm2. ■ Unusual’s annualised core net profit met its S$5m profit target. We expect stronger earnings contribution to mm2 in FY18-20F, backed by its pipeline of artiste tours. ■ Potential 50% stake acquisition of GV Singapore cinemas could translate into additional S$11m earnings for mm2. ■ Maintain Add with higher SOP-based TP of S$0.65, on higher earnings estimates.
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OCBC |
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Yoma Strategic Holdings: Diversification efforts bearing fruit |
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UOB KAYHIAN | DBS VICKERS |
Property – Singapore REITs: Rosier Economic Outlook, S-REITs In The Spotlight? We have raised our target prices by about 8% on average on the back of a rosier economic outlook in Singapore, as we raise our long-term growth expectations by 60bp. We opine that S-REITs may be viewed as growth vehicles (instead of the more conventional yield plays). We upgrade FCT and Parkway Life REIT to BUY and downgrade Cache to HOLD. We remain OVERWEIGHT on REITs with AREIT, CCT, FLT and FHT as our top picks.
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Rising SUNN • Initiating coverage on Sunningdale with BUY and TP of S$2.62, based on 13x FY18F (vs larger US peers’ 20x) • Leading global manufacturer of precision plastic components, with lower customer concentration risk vs local peers and offers higher growth vs the bigger boys • Competitive edge in advanced manufacturing capabilities, global presence and diversification still underappreciated • Robust growth outlook underpinned by positive underlying demand trends
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