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Memtech International (MTEC SP)

Continued Drag From High Raw Material Costs


Key takeaways from our recent Asian Gems Investor Conference: a) high raw material costs could continue to drag gross margin; b) tighter environmental and labour regulations in China could lift operating costs; and c) expect a better 2019 on more new projects, but near-term outlook could remain soft. We cut our 2018-20 net profit forecasts by 4.6-5.0%, and our target price by 12.0% to S$0.95, based on peers’ average 2018F PE of 9.8x (from 10.7x). Maintain HOLD. Entry price: S$0.75.


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Improving gradually


■ FY8/18 results were in line, with DPU accounting for 99.5% of our forecast.

■ Improvement in rental reversion and contribution from the Rail Mall are expected to be the main growth drivers in FY19 and FY20.

■ Lacking major catalysts. Maintain Hold with a lower target price.


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Singapore Coal Monthly

Prepare for higher coal demand in winter



China Slight relaxation of air pollution control for the upcoming winter. In Sep-18, China’s Ministry of Ecology and Environment and other commissions jointly issued an air pollutioncontrol plan for the Beijing-Tianjin-Hebei region and surrounding areas for the fall and winter spanning 2018-2019. The new plan calls for a 3% reduction of PM2.5 and a 3% drop in the number of severely polluted days during the period from Oct-18 to Mar-19. Meanwhile, production schedules for the steel, coking, and foundry industries should take turns peaking to reduce air pollution. The production of steel in hot weather was limited to 50% of capacity in key cities. Other cities were told to cut production by no less than 30%. Enterprises that failed to follow these regulations would have their electricity cut.


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Singapore Retail REITs


Jewel of the East reaches new leasing milestone

• Changi Jewel hits 90% pre-commitment rates

• Retail supply not a major risk, contrary to investors' expectations

• 2019 could be a time for retail REITs to shine


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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 Empire0.5450.010
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 Holdings0.320-
REX International0.090-
Sing Holdings0.395-
Sino Grandness0.058-0.002
Straco Corp.0.750-0.010
Sunningdale Tech1.5600.010
Sunpower Group0.5200.020
The Trendlines0.100-0.001
Tiong Seng0.270-
Uni-Asia Group1.190-
XMH Holdings0.170-
Yangzijiang Shipbldg1.390-0.010

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