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UOB KAYHIAN |
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Far East Hospitality Trust Encouraging 2QFY18
■ FEHT’s 2QFY18 DPU of 1.01 Scts (+4.1%) was in line with our expectations. 1HFY18 DPU made up 46.2% of our full-year forecast. ■ The stronger hotel business had offset the weaker serviced residence (SR) and commercial segments as well as higher interest expenses. ■ We expect solid earnings growth in 2H due to the contribution from Oasia Downtown, post-renovation of Orchard Parade and recovery in the industry. ■ Maintain Add at an unchanged TP of S$0.79.
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Alpha Picks: A Better July
Our portfolio enjoyed a pick-up in performance after a challenging June. We lean towards large caps, and stocks with reasonable dividend yields or near-term catalysts. Conversely, developers have been removed owing to a lack of catalysts and weaker take-up rates after the recent property cooling measures.
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| MAYBANK KIM ENG | PHILLIP SECURITIES |
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Japfa Ltd (JAP SP) Appetite should improve
2Q much better than expected 2Q18 profit recovery was stronger than expected, propelled by topline growth in PT Japfa TBK, APO and Dairy divisions combined with margin improvement from cost and yield efficiencies. Only Consumer Food continued to struggle in a very competitive Indonesia market. 2Q18 reported PATMI of USD29.6m turned around from the loss in the prior year and was up 77% QoQ with 1H18 accounting for c52% of our full year forecast. Maintain BUY with SOTP-based PT of SGD0.86 (unchanged).
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Singapore Banking Monthly June loans growth the fastest in 2018 SINGAPORE | BANKING & FINANCE | UPDATE
Singapore’s domestic loans rose 5.9% YoY in June, the fastest pace this year. Loans growth in Hong Kong tapered to 10.9% in June. 3-month SIBOR spiked to near 10-year high in July. Maintain ACCUMULATE for the Singapore Banking Sector.
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RHB SECURITIES |
DBS VICKERS |
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Sheng Siong Highest Ever Gross Margin Achieved
Maintain BUY and TP of SGD1.27, 18% upside. Sheng Siong is our Top Pick in the sector. 2Q18 results recorded the highest ever gross margin achieved in Sheng Siong’s history, mainly on stronger fresh food sales. We believe gross margin expansion is sustainable given the continued drive to push fresh food sales and penetration, as well as cut wastage. YTD, Sheng Siong has secured six new stores, two of which were opened only in July, and are expected to underpin sales growth in 2H18
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Mapletree North Asia Commercial Trust
Going from strength to strength • 1Q19 DPU of 1.881 Scts (+1.6% y-o-y) in line with expectations • Maiden contribution from Japan and growth in core properties offsets headwinds from a weaker HKD • Tenant sales and rental reversions accelerate at Festival Walk which points to better growth ahead • Maintain BUY, TP of S$1.45
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Check out our compilation of Target Prices
