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First Resources (FR SP) 3Q results within our expectation


Expect potentially better results in the final quarter 3Q17 core earnings met 23%/21% of our (within)/consensus (below) fullyear estimates. Results would have been better had it not for the sharp inventory build-up and lower-than-expected CPO ASP achieved during the quarter. We maintain our EPS forecasts pending an update. Maintain HOLD and unchanged TP of SGD2.04 on 17x 2017 PER (5-year mean).



Fraser and Neave

Vinamilk for the win 


 FY2017 Revenue and Adjusted PATMI was c.6% lower than our full year expectations; due to persistently challenging environment in Malaysia and Singapore

 Vinamilk to provide a further uplift to FY18e EBIT and cushion against the subdue Malaysia and Singapore markets

 Upgraded to “Accumulate” with higher SOTP-derived TP of S$2.83 (previously S$2.52)


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Wilmar: Steady performance


Wilmar reported a 0.4% YoY rise in revenue to US$11.1b in 3Q17, supported by increased sales from Oilseeds & Grains. Net profit fell 5.7% YoY to US$370.0m while core net profit decreased 15.9% to US$323.7m in 3Q17. Results were within expectations; 9M17 revenue and net profit accounted for 74% and 70% of our full year estimates, respectively. The good performance in Oilseeds & Grains and strong contributions from associates were offset by weaker results in the Tropical Oils and Sugar businesses. Looking ahead, management expects the good performance in the Oilseeds & Grains segment to continue into 4Q17, with crush margins and volume likely to remain positive. Performance of the other major business segments is expected to be “satisfactory”. We tweak our estimates and roll over our valuations to FY18 earnings, and our FV estimate eases from S$3.66 to S$3.51. Maintain HOLD.



Valuetronics Holdings Ltd 2QFY3/18: order backlog still strong


■ VALUE’s 2QFY18 core net profit of HK$51m was in line with our/Bloomberg consensus expectations. 1HFY18 core net profit formed 54% of our FY3/18F forecast.

■ CE’s IoT-enabled lighting product is still in ramp-up phase, with development of thirdgeneration series underway.

■ Robust ICE order backlog for automotive connectivity modules despite near-term supply chain pressure; we expect sales contribution from its 2nd AU OEM in FY19F.

■ Interim DPS of HK$0.07 declared; the stock offers 3.8% FY18-20F dividend yields.

■ Maintain Add with higher TP of S$1.10 (pegged to 11x CY19F P/E) for higher EPS and valuation rollover. Synergistic M&As are a potential key catalyst.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.8100.010
Avi-Tech Electronics0.280-
Best World1.780-0.010
Broadway Ind0.120-
China Sunsine0.400-0.005
Food Empire0.635-0.005
Fortress Minerals0.375-
Geo Energy Res0.350-
Golden Energy0.790-
GSS Energy0.048-0.001
ISDN Holdings0.400-0.005
IX Biopharma0.125-0.002
Jiutian Chemical0.0810.001
KSH Holdings0.345-0.005
Leader Env0.056-
Medtecs Intl0.138-
Meta Health0.025-
Nordic Group0.475-
Oxley Holdings0.151-
REX International0.230-0.005
Sinostar PEC0.195-
Southern Alliance Mining0.410-0.090
Straco Corp.0.395-
Sunpower Group0.2750.005
The Trendlines0.093-
Totm Technologies0.101-0.001
UG Healthcare0.194-
Uni-Asia Group0.810-
Wilmar Intl4.070-0.020
Yangzijiang Shipbldg1.400-

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