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UOB KAYHIAN

CGS CIMB

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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SPH REIT

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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PHILLIP SECURITIES DBS VICKERS

Singapore Coal Monthly

Prepare for higher coal demand in winter

 

SINGAPORE | MINING | SECTOR UPDATE

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 Holdings1.150-
AusGroup0.023-
Avi-Tech Electronics0.270-
Best World Int.1.360-
CEI0.9400.025
China Sunsine1.030-0.020
CNMC GoldMine0.285-
CSE Global0.4450.010
Eagle HTrust USD0.685-0.005
Food Empire0.520-0.015
Golden Energy0.187-0.001
GSS Energy0.0730.001
ISDN Holdings0.215-
ISOTeam0.230-
JB Foods0.640-0.005
KSH Holdings0.440-0.005
Miyoshi0.040-
Moya Asia0.068-
Nordic Group0.265-
Oxley Holdings0.305-
Procurri0.320-
REX International0.0830.007
Riverstone0.9250.010
Roxy-Pacific0.375-0.005
Sing Holdings0.395-
SingMedical0.320-0.020
Straco Corp.0.730-0.010
Sunningdale Tech1.300-
Sunpower Group0.450-0.010
The Trendlines0.0830.001
Tiong Seng0.210-
Uni-Asia Group0.730-0.005
Yangzijiang Shipbldg0.915-0.015

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