| UOB KAYHIAN | CIMB |
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Ezion Holdings (EZI SP) Delayed Resurrection
Ezion’s successful restructuring puts it on the path to recovery, and could result in a multiples re-rating. However, valuations are highly dependent on conversions by shareholders and security holders. Current book value is closer to 15.1 S cents assuming 50% conversion by Series B security holders. Share price of S$0.197 is at a premium to that of peers who have significantly lower debts. Upgrade to HOLD and raise target price to S$0.18, pegged to 1.0x 2019F P/B. Entry price: S$0.151.
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Property Devt & Invt Mar sales supported by new project launch
■ Higher month-on-month (mom) sales in Mar, underpinned by launch of The Tapestry. ■ Expect pace of new launches to pick up in coming months ■ Maintain sector Overweight. Our top picks are UOL and City Developments.
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| MAYBANK KIM ENG | PHILLIP |
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M1 (M1 SP) 1Q18: In(line) with the New
In line but with muted expectations; Prefer SingTel Despite some variances due to implementation of new contract accounting standards, we believe M1’s 1Q18 results were in line with low expectations (ours and consensus). Increasing competition in the wireless space is likely to constrain the operational and share price performances. We maintain our forecasts, DCP-based TP of SGD1.63, and HOLD rating unchanged. We prefer Singtel (ST SP, SGD3.36, HOLD, TP SGD3.69), which has a more regionally diversified structure.
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Keppel DC REIT Stable portfolio to start the year SINGAPORE | REAL ESTATE (REIT) | 1Q18 RESULTS
Gross revenue 4.8% higher than we expected and DPU 10.4% lower than we expected, due to net tax and adjustments Gross revenue and DPU met 25% and 23% respectively, of consensus FY18 estimates Acquisition of maincubes Data Centre in Germany was completed on March 30, growing the portfolio QoQ from S$1.51bn to S$1.66bn Maintain Neutral; unchanged target price of $1.47
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Check out our compilation of Target Prices
