ANALYSTS SAY: Buy, Sell, Hold (29 Aug '18)

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Phillip Securities	RHB
Micro-Mechanics (Holdings) Consumables provide resiliency  4Q18 revenue and PATMI were 3% and 6% below our full-year expectations. We are trimming our FY19e earnings by 14%.  Margins hurt by higher depreciation (as capex more than doubled in FY18) and weaker sales in Singapore and Malaysia.  Despite lowering our earnings, we maintain our target price at S$2.30. We believe Micro-Mechanics has the most resilient product line and a front-end business could surprise on the upside. Read more...	Japan Foods Ground Checks: At Its Latest Ramen Restaurant Maintain BUY, TP of SGD0.58, 19% upside. The stock is trading at a discount relative to peers, which is unjustified, given its industry-leading yields, high gross profit margin and stable growth prospects from the launch of new franchise brands. We visited Japan Foods’ new ramen franchise restaurant Konjiki Hototogisu and came back positive about the brand’s potential for generating higher revenue per restaurant. We are also upbeat on the likelihood of it delivering net margins similar to other key brands. While this alleviates our concerns about its lower GPM, we do not expect the brand to make material revenue contributions amidst limitations on growth in the number of new restaurants. Read more....
CGS-CIMB	CGS-CIMB
Health Management International 4QFY6/18: healthier margins ■ FY18 core PATMI of RM62.8m was slightly ahead of ours/consensus expectations. ■ Even without the MI consolidation, FY18 core net profit increased 15.9% yoy. ■ We saw growth in volume and revenue intensity, mainly from foreign patients. ■ Both hospitals continue to add capacity and sub-specialties, while StarMed could face gestation of up to 2-3 years. ■ Maintain Add with lower EPS forecasts and DCF-based TP of S$0.79.	Wing Tai Holdings Boosted by associates’ disposal gains ■ 4QFY6/18 and FY6/18 results boosted by associate's disposal gains ■ FY18 core net profit was above expectations at 651% of our forecast ■ Improved residential sales in Singapore also boosted bottomline ■ Recurrent income accounted for a small 10% of FY18 topline; the group plans to explore acquisition opportunities for income yielding assets ■ Maintain Hold, TP at S$1.97

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