Brokers' Call

Singapore Banks: What is our outlook for 2019 and which is our top pick?

SIBOR has increased 6bps YTD, following a 63bps rise in 2018. We believe SIBOR will continue this trajectory in 2019E as: (a)somebank deposit liquidity gets diverted to Singapore Savings Bonds (SSB)and (b) MAS maintainsits current SGD appreciation policy in April...
 

Singapore Economics: Post-Budget - Airport REIT an Option for Funding Infrastructure?

The government is planning to borrow and tap on a government guarantee, with the President’s concurrence, to finance Changi Airport’s expansion. The project is set to cost “tens of billions of dollars,” which includes a new Terminal 5 (to startin2030) and a third runway. ..
 

M1 - Soft quarter

M1 recorded a softer 4Q18 that missed consensus net profit by 7% but beat ours by 15%...
 

AEM Holdings - After the rain comes a rainbow

We model a base case scenario where 2020E earnings could rebound 133% YoY following a 51% slump in 2019E, driven by i) a potential recovery of HDMT test handler (TH) deliveries, and ii) production ramp-up from new customers...
 

CapitaLand Mall Trust- Expanding The Store

We revised forecasts following in-line 4Q18 results. CMT has worked hard on its recycling efforts; Westgate deepens its long-term suburban footprint while a rejuvenated Funan should support DPUs...
 

Valuetronics - Decent showing despite headwinds

Despite a 1.3% YoY fall in revenue, 2QFY19 core PATMI (+14% YoY) met our expectation driven by a favourable product mix and FX gain...
 

SIA Engineering - Less Icarus, more Phoenix

SIE’s share price, close to nine-year lows, has been on a decline for the past two and a half years due to growth concerns caused by structural changes in aviation MRO...
 

Sasseur REIT - Another strong quarter; 4Q18 should be even better

Sasseur REIT reported another strong set of earnings with DPU of SGD1.542cts, 4.5% ahead of its IPO projection...
 

mm2 Asia - Brighter 2H Picture

1HFY19 core EPS forms 41%/41% of MKE/consensus estimates (Fig 1). With 2H traditionally driving the bulk of its annual profits - 58% in 2HFY18, results were in line...
 

Japfa Ltd - On a high protein diet

Fuelled by the rebound in PT Japfa Tbk (JPFA IJ; IDR2,240; NR) and APO divisions, YTD FY18 has been far stronger than we expected...
 

Educator Index

Archive

2019
March
February
2018
November
December
November
December
November
October
September
August
July
June
May
April
March
February
January