UOB KAYHIAN |
OCBC |
Health Management International (HMI SP) 1HFY19: Earnings In Line; Strategizing For The Future
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Hutchison Port Holdings Trust: HK$12.3b non-cash impairment
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CGS CIMB | RHB |
Thai Beverage Bring on the pints, please
■ Thailand’s beer sales reportedly grew 7.9% yoy in 4QCY18; four consecutive months of growth since Sep 18. ■ We are positive on the SABECO integration given it reported a CY18 net profit of VND4.2tr, above its target of VND4.0tr. ■ The share price has rallied 18% YTD but the happy hour is not over yet. Maintain Add with a higher SOP-based TP of S$0.83 (vs. S$0.73 previously).
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An Industrial Giant In the Making; Initiate BUY
Initiate at BUY, high-end of Street SGD0.61 TP, 18% upside, 8% yield. ESR-REIT is a pure play on the Singapore industrial sector turnaround with a well-diversified portfolio of 57 assets located across the island. The REIT has been on a transformational path from the time ESR Group (ESR) became its sponsor (Jan 2017), with a more than twofold increase in asset value – it is currently the fourth largest listed industrial REIT. We believe the market is yet to recognise the full potential of the economies of scale from its growth and sponsor strength as it trades at an attractive FY19F yield of 8%. This is 170bps higher than that of its industrial peers and the S-REITs average.
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Check out our compilation of Target Prices