ANALYSTS SAY: Buy, Sell, Hold (15 Sept 2017)

Image result for buy sell hold

OCBC	UOB KAYHIAN
YOMA STRATEGIC Recently, the Myanmar Business Today reported that the Ministry of Planning and Finance is overseeing the Myanmar Agriculture Development Bank’s (MADB) dispersion of ~17 billion Kyat in long and short-term loans to farmers for machinery purchases. This follows from an Official Development Assistance loan from the Japan International Cooperation Agency, and would allow individual farmers and small-scale commercial operations to tap on capital to procure modern agriculture equipment such as tractors. The successful implementation of this could be beneficial towards Yoma’s distribution and after-sales services for New Holland tractors. This development comes on the heels of the Ministry of Agriculture and Irrigation’s nationwide mechanization programme involving 600 New Holland tractors being delivered to farmers in Myanmar. Recall that as of 1QFY18, Yoma will deliver the remaining 312 tractors under the programme, and is expected to record ~S$8m in further revenue moving forward. Maintain HOLD with an unchanged fair value estimate of S$0.58.	ELLIPSIZ On 21 Aug 17, Ellipsiz entered into a sale and purchase agreement to dispose of the probe card business for a total consideration of US$65m. With the sales proceeds, Ellipsiz should have a net cash position of S$0.83/share, greater than its current share price. The recent purchase of shares at S$0.7525/share by Ellipsiz’s CEO underlines confidence in the completion of the deal and we opine that there is a good chance part of the proceeds will be distributed. Read more...
NOMURA
Action: Maintain reduce on ComfortDelGro; UK bus woes set to rise We maintain our Reduce rating and SGD1.98 TP (based on 13x FY18F EPS and implying ~9% potential downside) on CDG given the stock trades at 14.6x FY17F P/E despite a FY16-19F earnings CAGR of only 3% (consensus estimate). Go-Ahead (GOG), CDG’s competitor in the London bus business, reported results last week and guided a tough outlook for the London bus business. We estimate the UK bus business (mainly London) contributes ~20% of group operating profits

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	1.850	-0.010
Best World	2.480	-0.020
Boustead Singapore	0.955	0.005
Broadway Ind	0.157	0.009
China Aviation Oil (S)	0.870	-
China Sunsine	0.400	-
ComfortDelGro	1.390	0.010
Delfi Limited	0.875	-
Food Empire	1.110	-
Fortress Minerals	0.295	-
Geo Energy Res	0.305	-
Hong Leong Finance	2.440	-
Hongkong Land (USD)	3.450	-0.050
InnoTek	0.515	0.005
ISDN Holdings	0.305	-
ISOTeam	0.049	-0.001
IX Biopharma	0.042	0.002
KSH Holdings	0.250	-
Leader Env	0.049	-
Ley Choon	0.056	0.002
Marco Polo Marine	0.068	0.001
Mermaid Maritime	0.139	0.001
Nordic Group	0.300	-0.005
Oxley Holdings	0.088	0.001
REX International	0.125	-0.001
Riverstone	0.925	-0.005
Southern Alliance Mining	0.485	-
Straco Corp.	0.480	-
Sunpower Group	0.220	-
The Trendlines	0.064	0.001
Totm Technologies	0.019	-0.001
Uni-Asia Group	0.800	-0.010
Wilmar Intl	3.140	0.010
Yangzijiang Shipbldg	1.750	0.010

Counter Name

Last

Change

AEM Holdings

1.850

-0.010

Best World

2.480

-0.020

Boustead Singapore

0.955

0.005