CIMB | MAYBANK KIM ENG |
First Resources Ltd Weaker qoq earnings due to lower output
■ 1H17 core earnings were broadly in line, making up 42% of our full-year forecast. ■ FFB output surged 27% yoy to a new record high in 1H, as El Nino effect waned. ■ This, coupled with higher CPO prices and refining margins, lifted 1H earnings. ■ However, 2Q net profit fell 50% qoq due to lower output (-13.1%). ■ Maintain Add with an unchanged target price of S$2.32 (13x FY18F P/E).
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Bumitama Agri (BAL SP) Astounding 2Q output growth Driven by post El Nino yield recovery
BAL posted a remarkable 2Q17 FFB output growth of 90% YoY (+26% QoQ) albeit from a low base in 2Q16. 2Q17 results were above our and market expectations. We keep our earnings forecasts pending an update. BAL remains a BUY with an unchanged SGD0.96 TP on 14x FY17 PER, its 4- year mean. An interim DPS of 0.75 SG cents was announced.
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UOB KAYHIAN | |
Golden Agri-Resources (GGR SP) 2Q17: Results Within Expectations
GGR reported a 1H17 core net profit of US$137m, which is in line with our expectation. FFB production surpassed 1H15’s level, suggesting the lagged impact from the severe drought is weakening. With the higher CPO ASP yoy, 1H17 core net profit increased over 100%. However, 2Q17 earnings were weaker qoq mainly due to lower production from the plantation division and the oilseeds division’s weaker margin. Maintain HOLD. Target price: S$0.34. Entry price: S$0.30.
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OCBC | DBS |
Wheelock Properties (S) Ltd: Respectable sales across launched projects
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mm2 Asia Growth path on track Healthy growth even without Golden Village cinema deal.
In view of the uncertainties surrounding the Golden Village (GV) deal, we have removed GV’s contribution from our earnings estimate. We are still expecting healthy EPS growth of 9% for FY18F and a much stronger 34% for FY19F, after factoring in the enlarged share capital from the recent equity fund raising exercise. The strong set of 1Q18 results, with net profit up 30% to S$6.4m, further reinforces our positive view.
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