ANALYSTS SAY: Buy, Sell, Hold (28 Aug '18)

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DBS Vickers	MAYBANK KE
UMS Holdings Dragged by AMAT’s weaker outlook Downgrade to HOLD with a lower TP of S$0.86 as AMAT’s disappointing sales outlook may have negative implications for UMS over the near-term. During its recent 3Q18 results, AMAT gave a disappointing sales outlook, which could directly impact UMS’s Endura business (which contributes c.50% of top-line, on average) over the near term and give rise to a weaker 2H18 vs 1H18. To reflect this, we have lowered our earnings projections for FY18F/19F by 9%/14%, mainly on more conservative revenue estimates. Against a valuation multiple of 10x FY19F PE, we arrive at a lower TP of S$0.86. Downgrade to HOLD, as UMS’ prospective 7.4% yield should limit any further significant downside to share price. Read more....	GuocoLand (GUOL SP) Unexciting Outlook TP cut 5% to SGD1.90; Maintain HOLD While FY18 sales were in line with expectation, core EBIT was a miss on weaker profitability. Nonetheless, higher valuation for its investment properties led to a 7% improvement in net profit. We cut FY19-20E EPS by 31/48% after pushing out the project completion timeline for its China projects. As such, our RNAV is lowered by 5% to SGD3.45. Our TP is cut to SGD1.90, based on an unchanged RNAV discount of 45%. While valuations are not expensive, we believe the recently implemented policy tightening will continue to weigh on sector sentiment. Furthermore, with majority of its unsold stock in the prime region, it could be more impacted by the measures targeting property investors. Maintain HOLD. Read more....
UOB KH
Raffles Medical Group Uplifting Partnership To Boost China Prospects Raffles Medical Group announced the signing of an MOU with China Taiping Insurance Group (CTIG), in a positive tie-up with one of the top five insurance players in China. The MOU seeks to build a partnership in health insurance provision, among other opportunities. We have not factored the MOU into our estimates, but note that a successful execution would raise earnings. Maintain BUY and DCF-based target price of S$1.28. Read more...

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	1.970	-0.050
Best World	2.470	-0.020
Boustead Singapore	0.950	-
Broadway Ind	0.132	0.002
China Aviation Oil (S)	0.880	-0.035
China Sunsine	0.395	-
ComfortDelGro	1.440	0.010
Delfi Limited	0.870	-0.005
Food Empire	1.140	0.060
Fortress Minerals	0.300	-
Geo Energy Res	0.275	-0.010
Hong Leong Finance	2.440	0.010
Hongkong Land (USD)	3.350	0.080
InnoTek	0.510	-
ISDN Holdings	0.310	-
ISOTeam	0.046	-0.001
IX Biopharma	0.039	-0.001
KSH Holdings	0.250	-0.005
Leader Env	0.049	-0.001
Ley Choon	0.050	-0.001
Marco Polo Marine	0.070	0.001
Mermaid Maritime	0.143	-0.003
Nordic Group	0.310	-
Oxley Holdings	0.088	0.001
REX International	0.126	-0.001
Riverstone	0.890	0.115
Southern Alliance Mining	0.475	-
Straco Corp.	0.480	0.005
Sunpower Group	0.205	-
The Trendlines	0.065	-0.001
Totm Technologies	0.021	-
Uni-Asia Group	0.825	-
Wilmar Intl	3.180	0.010
Yangzijiang Shipbldg	1.720	-

Counter Name

Last

Change

AEM Holdings

1.970

-0.050

Best World

2.470

-0.020

Boustead Singapore

0.950

Broadway Ind