Brokers' Call

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...
 

CapitaLand Mall Trust - Less An Impulse Purchase

CMT’s shares have held up well against the market in spite of underlying sector weakness...
 

Bumitama Agri - Delay in sales and profit recognition

Despite posting a strong 35% YoY output growth in 3Q18, BAL has failed to sell as much produce due to industry-wide logistics issues in Kalimantan...
 

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