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RHB |
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Venture Corporation Taking a breather at S$15.98
■ Given global GDP growth concerns and slower revenue growth for Venture’s customers, we now think 2H19 may be weaker than 1H19. ■ We keep our Add call but cut FY19F core EPS by 2.8% to reflect the above view. We will reassess our FY20-21F forecasts post 3Q19 results (8 Nov). ■ Technically, we suggest locking in profits with better re-entry levels at S$14.70-15.00.
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Kingsmen Creatives (KMEN SP) Shoot For The Future
Kingsmen Creatives is a communication design and production group which provides a “one-stop-shop” solution for retail and corporate interiors as well as exhibitions, events, theme parks and museums. Similar to the strategy employed by Cityneon, Kingsmen is also moving into the content and IP development business which could create new income streams and inject fresh breath of life into the stock. So far, Kingsmen inked agreements to develop NERF experience centres, multi-Hasbro brands entertainment centres and Animal Planet travelling experiences.
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UOB KAYHIAN |
PHILLIP SECURITIES |
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Singapore Press Holdings (SPH SP) 4QFY19: Misses Expectations; Still Seeing Weak Advertising
SPH’s FY19 core net profit of S$150m missed our expectations. Media ad revenue took another hit from a weaker quarter. While restructuring efforts would help, ad revenue needs to see a much slower decline for a better outlook. Full-year dividend of 12 S cents came as a slight positive surprise and further acquisitions may help recurring income levels for dividend payout. Maintain HOLD with a lower SOTP-based target price of $2.25. Entry price: S$2.00.
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JEP Holdings Ltd Taking off under new management
SINGAPORE | TECHNOLOGY MANUFACTURING | INITIATION Secular growth in aerospace where commercial aircraft orders have a 10-year backlog. Turnaround to record profits under new management. Earnings in the past 12 months rose 9-fold. Initiate coverage with a BUY recommendation and target price of S$0.20. Our valuation is based on 10x PE FY19e. This is a discount to global aerospace parts supply chain valuations. We believe the discount will narrow on the back of the future scale and consistent profitability.
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Check out our compilation of Target Prices
