Singapore Stock Market Analysis for Share Investor

Cityneon Holdings

Third time lucky with Jurassic World

■ Proposed acquisition of 3rd intellectual property (IP), Jurassic World for US$25m, and US$5m profit target; to be funded by existing cash and borrowings.

■ We like its attractive 5x 12M forward P/E valuation, strong franchise, proven track record and new Universal Studios partnership, with secured locations for FY18F.

Singapore Press Holdings (SPH SP)

Total Ads Decline Slows To 10%; Not Out Of The Woods Yet

Total ads for SPH continued on a decline (-10% yoy) in 4QFY17, but at a lower rate than in 3QFY17. Historical analysis of such a slowdown indicates it is still early to call a reversal to the decline in print revenue. In the best case, we expect print revenue to bottom out and stay flat. Negatives have largely been priced in. Maintain HOLD and target price of S$2.85. Entry price: S$2.60.

Mapletree Logistics Trust: Impressive execution continues 

Mapletree Logistics Trust (MLT) has proposed to acquire Mapletree Logistics Hub Tsing Yi in Hong Kong from its sponsor. The purchase consideration of ~HK$4.8b (S$834.8m) represents a discount of 2.7% to the average of two independent valuations on the property and offers MLT an attractive initial NPI cash yield of 5.7%. Funding is expected to come from a mixture of debt and equity. MLT also announced earlier this month two proposed divestments, with the intention to distribute the net divestment gains to its unitholders. We believe management has illustrated its capabilities of generating returns for its unitholders. This strong track record and MLT’s continued astute footprint expansion in overseas markets warrants a further re-rating, in our view. Raising our fair value estimate from S$1.15 to S$1.35, we upgrade MLT from Hold to BUY.

Health Management International

Setting for next expansion

 FY17 Revenue was in line with expectation; while Core PATMI missed by 7% due to higher than expected tax

 Aggregate bed capacity to increase by 16% in FY18; Regency’s new extension block to more than double its current capacity in FY21

 Proposed final dividend of RM1.0 Cents per share (20% of FY17 Core EPS)

 Maintained Buy with unchanged DCF-derived TP of S$0.83

UG Healthcare (UGHC SP)

Dragged by forex losses and expansion costs

Earnings missed on expansion costs; Maintain Sell

FY17 earnings missed our estimate by 19% due to higher-than-expected admin expense and weak associates’ contributions. We cut our FY18-19E EPS by 11-16% for higher expansion costs and lower TP 16% to SGD0.21. Our TP is still based on 12x FY18E EPS (c. 40% discount to peers’ target PER of 22x due to UG’s smaller size and shorter listing track record). Maintain SELL due to weak cost management and weaker ability to pass on additional costs. FY17 revenue grew 11% YoY, driven by a 26% capacity increase to 2.4b gloves pa. However, gross margin fell 7ppt to 15% due to a significant increase in average raw materials prices, gas tariff hike, higher depreciation charge for new production lines, and a levy on foreign workers. A further capacity expansion is underway to add another 0.5b by end-FY18.

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Source - Nextinsight

Singapore Market Update Regarding CAPITALAND

CapitaLand and its REITs were facilitated by DBS Research at Bangkok to meet with financial specialists. Inquiries were raised about their development prospects in 2018 and their capacity to seek after merger and procurement exercises. 

DBS Research sees openings and is on track for its objective of meeting 8.0% consequently on value. 

In spite of the solid headwinds in the REIT business, the REITs of CapitaLand is required to stay solid and climate the components. Capital reusing endeavors will be made simple with the REITs and enable CapitaLand to redeploy the capital for different open doors. 

CapitaLand 

As space for advancement ended up noticeably restricted, CapitaLand has been forcefully growing abroad in a previous couple of years. 

China is currently a huge market of the gathering with an inexact 45% of its benefits connected to China's retail and private market. 

Resource reusing is the key for CapitaLand's technique and is present during the time spent stripping near $2.4 billion of advantages which will be utilized towards $2 billion of new wage creating resources. 

In light of information from Bloomberg, CapitaLand is exchanging at a demonstrative profit yield of 2.69% (as at 30 Aug 11:01 am). 

Experts from DBS Research gave CapitaLand Limited (SGX: C31) a "Purchase" call with an objective cost of $4.35. 

Ascott Residence Trust 

Ascott Residence Trust is under Ascott Limited, one of the biggest administrator of overhauled flats on the planet. With the obtaining of Quest Apartment 

Lodgings in Australia and Synergy Global Housing in the US, Ascott Residence Trust will have a bigger and more differentiated pipeline of potential acquisitions from its support. 

Albeit 2Q2017 outcomes were frail, the supervisor detailed a get sought after and is expecting a more grounded 2H2017. 

Adapting proportion of the REIT stays low at 32.4 percent, which will give it headroom to make acquisitions. 

Experts from DBS Research gave Ascott Residence Trust (SGX: A68U) a "Purchase" call with an objective cost of $1.28. 

CapitaLand Commercial Trust 

With the supply of office balancing out, the prospect of the part is hoping to enhance in the vicinity of 2018 and 2020. 

That will enable landowners to have additionally dealing power as supply gets taken up. 

Late transfers of properties by CapitaLand Commercial Trust (CCT) demonstrated that the book estimation of its properties are a traditionalist, which suggests that it might have a higher Net Asset Value (NAV) than as of now figured. 

Examiners from DBS Research gave CapitaLand Commercial Trust (SGX: C61U) a "Purchase" call with an objective cost of $1.85. 

CapitaLand Mall Trust 

Despite the fact that it is adequate and an expanding supply of retail space in Singapore, the supervisor trusts that the arrangement of CapitaLand Mall Trust (CT) will stay flexible. 

That is because of the key area of the properties that will guarantee high pedestrian activity in the shopping centers. 

Effect of eCommerce has been felt by the shopping centers yet the dispatch of Amazon Prime in Singapore is probably going to have an insignificant effect on the REIT as the new administration is focused on the basic supply section. 

Examiners from DBS Research gave Capitaland Mall Trust (SGX: C38U) a "Purchase" call with an objective cost of $2.19. 

CapitaRetail China Trust 

Operations for shopping centers in China keep on being solid as CapitaRetail China Trust (CRCT) with higher rental inversions. The administrator is hoping to patch up its shopping centers and remixing its occupants in would like to offer customers more decisions. 

BHG will stop to be the stay occupant at CapitaMall Wangjing, which will be changed over into the claim to fame retail space. The change is relied upon to acquire higher rental wage.

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Review about Wing Tai Holdings Ltd share price movements

• FY17 results broadly in line
• Total FY17 dividends of 6.0 S-cents
• Top bid for Serangoon Garden site

4QFY17 PATMI Up 406% YoY to S$9.5m

Wing Tai’s 4QFY17 PATMI increased 406% YoY to S$9.5m mostly due to a positive lift from taxes and higher share of profits from associates and JVs. We note, however, that operating profit worsened from a S$4.1m loss in 4QFY16 to a S$12.9m loss in 4QFY17 due to lower contributions from property development, though the fall through to the PBT line was partially mitigated by a higher share of profits from Wing Tai Properties Ltd in Hong Kong.

In terms of the topline, 4QFY17 revenues similarly fell 58% YoY from S$140.7m to S$58.6m due to lower development contributions. Over the financial year, the group recognized progressive sales from The Tembusu and the additional units sold in Le Nouvel Ardmore in Singapore and Verticas Residences in Malaysia.

Full year FY17 PATMI amounted to S$20.1m, which translates to a 184% YoY increase, and is broadly within our expectations. A total dividend of 6.0 S-cents (3 S-cents first and final dividend and 3 S-cents special dividend) was proposed, unchanged from the previous year.

JV With Keppel Land for Serangoon Garden Top Bid

Together with Keppel Land Ltd, Wing Tai was recently jointly awarded the tender for a 99-year leasehold residential site at Serangoon North Ave 1 with a top bid of S$446.3m (S$965 psf ppr). The group plans to develop over 600 units for the redevelopment. In China, Wing Tai launched Phase 1 of Malaren Gardens in Shanghai, China, and more than 90% of the 189 units launched (301 total units) has been sold.

To recap, Wing Tai also made a voluntary unconditional cash offer for Wing Tai Malaysia Berhad (WTM) in May 2017, and will proceed to delist WTM after holding 96.75% of the voting shares at the final closing date, which triggered the compulsory acquisition threshold.

We continue to like Wing Tai for its compelling valuation (0.52x PB) and healthy balance sheet, and see the group to be well positioned to benefit from firmer conditions in the domestic housing sector. Maintain BUY with an unchanged FV estimate of S$2.37.

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Source - i3investor.com

SGX Share Update: DBS raises Venture’s target price by 16% amid strong growth

DBS Group Research is keeping its “buy” call on Venture Corporation with a higher target price of $16.60, raised by some 16% from $14.30 previously.

“The company has demonstrated consistent revenue growth on a year-on-year basis for the last 15 quarters,” says DBS lead analyst Suvro Sarkar in a Monday report.

In the 2Q ended June, the electronics services provider posted a 61% surge in earnings to $69.8 million, on the back of a 48.3% growth in revenue to $1 billion.

“With earnings growth trajectory gaining momentum over the last five quarters due to its exposure in attractive end-markets such as genome sequencing, we believe that there is a possible upside to dividends,” Sarkar adds.

On the back of this strong growth momentum, the Singapore Stock Market analyst believes that there is potential for Venture to raise its dividends by as much as 10% to 55 cents per share in FY17F, from the 50 cents per share it has been paying since FY2012. This would translate to an FY17F dividend yield of about 3.6% at current Stock prices.

Sarkar is also revising Venture’s earnings forecast for FY17F and FY18F upwards by 15% and 11%, respectively.

“We remain positive on Venture’s growth trajectory and believe the market has yet to fully price in the company's growth potential given its unique offerings, superior technology know-how, and hard-to-replicate ecosystems,” Sarkar says.

Sarkar says the research house is rolling forward its valuation base to FY18F, pegged to Venture’s five-year historical mean PE valuation of 18.2x. This is lower than the average of forwarding PE of approximately 19x for its high-mix low-volume Electronic Manufacturing Services (EMS) peers.

As at 1.14pm, shares in Venture Corp are trading 7 cents higher at $15.13.

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Singapore Stocks to Move of The day

Shares in Blumont, Thakral and Mary Chia surged this morning.

Offers in Blumont, Thakral and Mary Chia surged early today. 

Offers in Blumont Group multiplied to 0.2 penny early today with 103 million offers trading hands, making it the best volume mover. 

The surge takes after Thursday declaration that Ultimate Horizon, an organization possessed by Malaysian representative Siaw Lu Howe, has made a 0.0182 penny for each offer to assume control over the organization. 

Headquartered in Singapore, Blumont's organizations incorporate venture holding, disinfection of nourishment bundling and restorative gadgets, property and also mineral and vitality assets. 

While the offer cost is a huge markdown off the last exchanged value, it is really not very far away from the organization's net resource esteem. As of June 30, Blumont's NAV was 0.02 penny, down from 0.03 penny at Dec 31, 2016. 

Blumont said that Ultimate Horizon had before purchased more than 69.56% of the organization for $4 million. Under the posting principles of the Singapore Exchange, an obligatory general offer must be made to whatever remains of the investors. 

In the mean time, shares in Thakral Corporation rose 8 pennies or 15.7% to 59 pennies with 1.3 million offers exchanged in the wake of announcing the previous evening it had acknowledged an offered of HK$420 million ($74.07 million) for its stockroom properties in Hong Kong. 

Exchanging the counter was stopped on Thursday pending the declaration and continued today. 

The arrangement, if finished, will enable the organization to book a net pick up of HK$192 million or $33.9 million. It will likewise help Thakral's present NTA to $1.02 per share from 74.6 pennies for each offer. 

At long last, offers of magnificence chain administrator Mary Chia Holdings surged 4.4 pennies or 65.7% subsequent to exchanging the counter continued on news of a compulsory takeover offer at 11.1 pennies by Suki Sushi. 

Suki Sushi, a F&B organization which has a place with the girl and child in-law of the organizer Mary Chia Ah Tow, plans to turn the misfortune making organization around. 

The offer value esteems the organization at $18.1 million and is 68.2% higher than its last exchanged cost of 6.6 pennies on Wednesday, the last market day before the takeover declaration. 

The required general offer was activated after originator Chia went into a consent to pitch her 60.98% stake in the organization to Suki Sushi for $11 million.

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SGX Share: Singapore Telecommunications Limited’s Recent News

Singapore Telecommunications Limited’s $2 Billion Netlink NBN Trust Windfall

The time has sought Singapore Telecommunications Limited (SGX: Z74) to capitalize on its stake in Netlink NBN Trust (SGX: CJLU). 

The telco held a 100% stake in Netlink NBN Trust preceding the list's first sale of stock (IPO). 

As a major aspect of a concurrence with Singapore's Info-correspondence Media Development Authority (IMDA), Singtel was to strip no less than 75% of its stake in the trust before 22 April 2018. With the IPO posting a month ago, Singtel has satisfied its commitment. 

The enormous abundance 

In its most recent income declaration, Singtel detailed: 

"In July 2017, NetLink NBN Trust was effectively recorded, raising continues of S$2.3 billion. 

This open offering satisfies Singtel's endeavor to the Info-correspondence Media Development Authority to strip its 100% stake in NetLink Trust to under 25% preceding 22 April 2018. A net pick up of roughly S$2 billion from this divestment will be recorded in the second quarter." 

Singtel showed that it would get $2 billion in net continues. The Singapore-based telco noticed that it intends to hold a 24.99% stake in Netlink NBN Trust after the IPO. 

What's next? 

In its official explanation, Singtel stated: 

"We are right now auditing the use of the returns and will declare any capital administration activities amid our half year comes about." 

Singtel's Chief Executive Officer, Chua Sock Koong, gave assist bits of knowledge amid the telco's profit preparation: 

"… we will take a gander at utilizing it for putting resources into our center, take a gander at new business openings, pay down obligation and we will likewise survey other capital administration activities." 

Toward the finish of the financial first quarter, Singtel had S$632 million in real money and counterparts and S$11.5 billion in the red. Along these lines, the trade will turn out convenient should Singtel diminish its obligation. Chua included: 

"Affirm, I think how we will utilize the returns everything is under thought. Everything is under the container of capital administration activities." 

Was Singtel's head implying at a probability of an extraordinary profit? We may need to hold up until the second monetary quarter to perceive what Singtel has in store.

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SGX Investment outlook of Tat Hong Holding

• Pre-assess misfortune limited 
• 
  
• Sound request from China looks good 
• 
  
• ASEAN as yet confronting some shortcoming 

Delicate Results With Some Bright Spots 

Tat Hong as of late announced its 1QFY18 outcomes, which reflected delicate quality with some brilliant spots. Income was up 1% YoY to S$118.3m and was 7.4% higher QoQ. The gathering recorded a marginally bring down pre-impose misfortune, yet observed a higher net loss of S$5.1m versus S$3.6m in 1QFY17 basically because of a nonappearance of tax reductions for this quarter. 

Income this quarter was helped by an enhanced execution over all business fragments aside from the Crane Rental division. Be that as it may, edges were weaker for the Crane Rental and Tower Crane Rental division. In that capacity, net benefit declined 13% to S$30.4m. 

As per administration, the silver covering is the change in EBITDA (barring impedance misfortunes) from S$3.6m in 4QFY17 to S$20.2m in 1QFY18. Pre-impose misfortune likewise limited to S$3.3m versus S$3.8m on the back of lower working costs and better commitments from related organizations and JVs. 

Certain Markets Seeing Strong Utilization Rates 

All portions with the exception of Crane Rental recorded better incomes YoY – Tower Crane Rental (+8%), General Equipment Rental (+25%), and Distribution (+7%), yet Crane Rental division was down 17% because of weaker execution from business sectors like Singapore, Batam and Hong Kong. Tower Crane Rental in China kept on observing solid usage rates at ~81% with inclusion in ventures crosswise over different areas. 

General Equipment Rental division in Australia saw better usage rates with longer contract periods and new tasks beginning particularly in the framework space. Dissemination income would be wise to deals in Australia, however, bring down interest for different markets. 

Still Some Weakness in ASEAN 

Administration has noticed some early indications of a turnaround for its Australian backup Tutt Bryant Group, especially for their general gear rental and conveyance organizations, though the last portion's commitments can be uneven. By the by, the early positive signs are supported by a bounce back in framework development and enhancing market notions. 

The gathering additionally expects proceeded with solid request in China, which is strong for the Tower Crane Rental Division. Be that as it may, ASEAN nations are as yet confronting market shortcoming and aggressive evaluating weights. Therefore the gathering will proceed with its cost control activities and armada justification work out. 

With regards to the above, we reexamine our appraisals and lower our FV from S$0.40 to S$0.37, look after HOLD.

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