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Health Management International 1QFY18: booster dose from Heliconia


■ S$11m new share placement to Heliconia not only boosts shareholder base but also offers fresh funds and new partnerships, possibly expediting inorganic growth.

■ 1QFY6/18 core EPS of 1.9cts (+56% yoy) was in line, thanks to topline growth, EBITDA margin expansion and full consolidation of MI.

■ Stronger medical tourism drove total patient load growth (+5.4% yoy) and higher average bill sizes (inpatient +3.6% yoy, outpatient +12.2% yoy).

■ 1Q18 net gearing improved to 0.3x as HMI pared down acquisition debt.

■ Our Add call and DCF-based TP of S$0.83 (7% WACC) are unchanged.


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Bumitama Agri (BAL SP) Delivering results


No surprises in earnings 3Q17 results were within our and consensus estimates, boosted by output recovery. Unlike prior years, there will not be a distinct peak output in 4Q17 but earnings could still be stronger QoQ as 92% of 2017’s fertilizing activities have been completed in 9M17. We are keeping our earnings forecasts. BAL remains a BUY with an unchanged SGD0.95 TP on unchanged 14x FY17 PER, its 4-year mean.


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Golden Agri Resources: Results in line


Golden Agri Resources (GAR) saw a 2.9% YoY fall in revenue to US$1.8b and a 80.1% drop in net profit to US$43.7m in 3Q17. However, excluding one-off items, underlying profit rose 3.0% to US$79.5m in 3Q17. In 9M17, PATMI was 70.8% lower at US$103m, accounting for 70% of our full year estimates but only 58% of Bloomberg’s FY17F consensus; the significant drop was mainly because of the recognition of deferred tax income on revaluation of US$242m in the previous period. The plantations and palm oil mills segment reported 9M17 EBITDA of US$378m, 58% higher compared to last year, mainly due to rise in fruit production, aided by favourable weather conditions. GAR is still planning to rationalize its China operations, especially the oil seeds processing business in Tianjin. An interim dividend of 0.693 S cents/share has been declared, representing 30% of GAR’s underlying profit. We roll over our valuations to FY18 earnings, and our fair value estimate rises from S$0.35 to S$0.37. Maintain HOLD.



Asian Pay Television Trust

Guiding for 11% yield for 2018



 2Q17 revenue and EBITDA were in-line with our estimates.

 Management has guided 2018 DPU at 6.5 cents (10.7% dividend yield), unchanged from 2017.

 We downgraded to ACCUMULATE with an unchanged target price of S$0.64. Our downgrade is due to the price appreciation of APTT and the resulting lower expected return. There has been no change in fundamentals.


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LionelLim8.16Check out our compilation of Target Prices

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