| MAYBANK KIM ENG |
UOB KAYHIAN |
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Oxley Holdings (OHL SP) Profit Surge on reval. gain
Maintain HOLD; TP raised 6% to SGD0.36 FY18 EBIT was in line at 91% of our full-year estimate. We update our model for its latest project completion timeline and raise our valuation for Chevron House after incorporating its latest AEI details. Our FY19/20E EPS is tweaked by +4%/-2% and we introduce FY21E forecasts (see Fig. 2). We roll-forward our valuation basis and lift our RNAV estimate to SGD0.71 from SGD0.68. Our TP is raised 2 cts to SGD0.36, based on an unchanged 50% RNAV discount. With a diversified geographical and business exposure, we believe Oxley can weather the headwinds to Singapore’s residential market. Nonetheless, we expect its steep valuation discount to persist as the market remains cautious towards highly leveraged developers. Maintain HOLD.
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Synagie Corporation (SCL SP) Propelling E-Commerce In The Fast Lane
Synagie is the fastest-growing e-commerce solutions provider in Southeast Asia, focusing on the beauty, body and baby care sector. The group’s platform entails endto-end services for more than 250 brand partners. Furthermore, Insurtech is a disruptor that complements its ecosystem. Investors can look forward to growth propulsion as Synagie rides on Southeast Asia’s undeveloped e-commerce opportunities. Initiate with BUY and 4.2x P/S-based target price of S$0.45.
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| CGS CIMB | RHB |
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Silverlake Axis Ltd A mixed bag but look to stronger FY19F ahead
■ SILV’s results were below expectations with 4QFY6/18 and FY6/18 core net profit accounting for 22% and 87% of our full-year forecasts, respectively. ■ Negative surprise in 4QFY18 came from RM12.8m impairment of goodwill for its SHGH JV in 4Q18. ■ We expect stronger FY19F ahead on the back of RM340m order backlog. ■ Maintain Add with an unchanged TP of S$0.56.
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UG Healthcare Management: Increased Capacity To Drive Efficiency
Maintain BUY with TP of SGD0.32, offering 39% upside, pegged to 12x FY19F EPS. We met with management and came out optimistic on the outlook. In the new manufacturing block, an additional 500m (pa) glove capacity production should be in full commercialisation by Oct 2018 – this should bolster production efficiency. We forecast FY19 & FY20 net profit growth of 16% and 23% respectively – and we believe continued glove output growth will catalyse share price upside.
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Check out our compilation of Target Prices
