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UOB KayHian


Health Management International (HMI SP)

Homecoming; Our Key Mid-cap Healthcare Pick


HMI’s latest venture into ambulatory care rides upon the latest growth trend in outpatient procedures. The centre builds upon the group’s regional focus and expansion on the local front. We trimmed our FY19-20 net profit forecasts by up to 3.6% due to higher interest expenses. Maintain BUY with a revised DCF-based target price of S$0.82. (from S$0.83)


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MindChamps PreSchool (MCHAMPS SP)

Planting seeds for future growth

Largest operator of premium range preschool centres in Singapore


MindChamps currently holds pole position in the premium range of preschools in Singapore, with a market share of 38.5% (based on number of private child care centres). It is also the only preschool operator to own intellectual property on the Champion Mindset. With its entrenched position in Singapore, the group is well-positioned to ride on the growth of the early childhood education industry in Australia, China and globally.


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StarHub (STH SP)

Value Has Emerged


Much is priced in. Upgrade to BUY

Even after reducing our forecasts and TP (Fig 1), StarHub is offering respectable upside to value investors and thus we upgrade to a BUY with a SGD1.96 DCF (WACC 5.7%, LTG -1%) based TP. At current levels, the share price is implying extreme scenarios of pay TV revenues going to zero or that wireless service revenues drop a further c15% from our estimates. With the impact of TPG (TPM AU, Not Rated) still to be felt we acknowledge short-term risk but believe the stock has more than priced in long-term profit erosion.


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City Developments Limited: Bearing the brunt of policy headwinds


City Developments Limited: Bearing the brunt of policy headwindsWe expect City Developments Limited (CDL) to be one of the worst hit among the developers under our coverage after the latest set of cooling measures announced on 5 Jul. Based on our previous forecasts prior to the announcement of the tightening measures, CDL’s Singapore residential projects formed ~30% of our GAV forecast. We apply a significantly higher RNAV discount of 40% (previously 5%), as our previous thesis of CDL being a key beneficiary to the Singapore residential market upcycle given its large land bank would now likely work against them after these new measures. We also scale back our ASP and sales volume assumptions for CDL’s Singapore residential projects, and thus derive a lower fair value estimate of S$9.59 (previously S$15.78). Although CDL’s share price slumped 15.6% to S$9.46 on 6 Jul 2018 after the cooling measures were announced, we believe the negative investor and buyer sentiments may curtain a meaningful rebound in its share price in the near future. Downgrade to HOLD. 



Singapore Property Sector

A surprise fresh set of cooling measures



 New cooling measures: Higher Additional Buyer’s Stamp Duty and LTV tightening.

 Negative short-term impact on transaction volumes and prices but makes for a more sustainable upcycle with more gradual price increases.

 Property price increases have been backed by income growth which has outpaced home price increases.

 We maintain our OVERWEIGHT view on Singapore Property Sector even as we reduce assumed selling prices for selected projects and increase sector RNAV-discount.


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Singapore Banks

Property cooling measures strikes again!


• New property cooling measures (wef 6 Jul 2018) will dampen loan growth; downside to 2018-19 loan growth

• Previous property cooling measures caused loan growth to half from a high of 16% after a year; banks’ share prices did not correct sharply as business loans stayed strong

• Downgrade banks to HOLD; TPs for UOB and OCBC lowered to S$28.30 and S$12.20 respectively on earnings revision of c. -1% to -5% over FY18-19F


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.0100.010
Alliance Mineral0.1860.002
Anchor Resources0.025-
Avi-Tech Electronics0.3000.010
Best World Int.2.710-
China Sunsine1.3000.010
CSE Global0.460-
Food Empire0.5400.005
Geo Energy0.188-0.003
Golden Energy0.240-
GSS Energy0.119-0.001
ISDN Holdings0.210-
KSH Holdings0.510-
Moya Asia0.0830.001
Nordic Group0.360-0.020
Oxley Holdings0.3250.005
REX International0.090-
Sing Holdings0.395-
Sino Grandness0.058-0.002
Straco Corp.0.750-0.010
Sunningdale Tech1.5700.020
Sunpower Group0.5150.015
The Trendlines0.100-0.001
Tiong Seng0.270-
Uni-Asia Group1.190-
XMH Holdings0.170-
Yangzijiang Shipbldg1.400-

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