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Frencken Group (FRKN SP)

1Q18: Results In Line, Broad-based Improvements Ahead


Frencken’s 1Q18 results are in line. Despite the absence of revenue from a sold subsidiary, higher sales from Mechatronics offset reduced sales from IMS to deliver overall growth of 3.2% yoy. Stripping out 1Q17’s one-off disposal gain, attributable net profit grew 10.8% yoy. As Frencken executes its strategies amid a positive macro background, we expect broad-based improvements in 2Q18. Maintain BUY with an unchanged PE-based target price of S$0.79, implying 46.3% upside.


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Genting Singapore: EBITDA up 27% YoY!

Genting Singapore (GS) posted a strong set of quarterly results to start FY18. 1Q18 revenue increased 15% YoY to S$675.1m, supported by a 17% increase in gaming revenue and 10% increase in non-gaming revenue. 1Q18 adjusted EBITDA grew 27% YoY to S$358.9m, with a margin of 53.2% for the quarter. After making adjustments, our FCFE-based fair value remains at S$1.45. As of 10 May’s close of S$1.16, GS’s share price has corrected 17% from its peak in Jan and has an expected upside of 25% to our fair value, excluding dividends. Given the robust operational outlook, we re-iterate BUY on the stock.


Wilmar International

Weaker tropical oils a drag on 1Q18 earnings


■ Wilmar’s 1Q18 results below expectation due to lower tropical oils earnings.

■ Core net profit fell 37% yoy due to weaker performances from key divisions.

■ Tropical oils and sugar posted poorer earnings due to weaker refining margins.

■ The group said the plan to list its China operations is on track for 2H19.

■ We retain our Add call due to its attractive valuations and plan to list its China assets


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Health Management International

In the pink of health SINGAPORE | HEALTHCARE | 3Q18 RESULTS


 9M18 Revenue/Core PATMI met 73%/76% of our full year estimations

 Remains a medical tourism hotspot; 9M18 Foreign patient load +15% YoY

 Improving operating efficiencies, with higher Day Surgery cases and benefitting from its cost-saving initiatives; FY18e EBITDA margin could +2pps YoY to c.25%

 Maintain BUY with unchanged DCF-derived TP of S$0.83


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HRNetGroup Ltd

A good start Thesis: Riding on labour market recovery.


We maintain our BUY recommendation for HRnetGroup as a beneficiary of the economic and labour market improvement. The counter is currently trading at 16.5x/15.8x FY18F/19F PE. Excluding cash estimated on its balance sheet, PE (ex-cash) would be even lower at c.10.6x/10.1x our earnings estimates. The institution of the group’s co-ownership model with its IPO has seen over 400 of its employees becoming shareholders. In our view, this aids in increasing motivation and bodes well for the group.



Hongkong Land (HKL SP)

Offices shining


 Central office vacancy fell below 1% on continued favorable rental reversion

 Office reversionary growth in Singapore to turn positive later this year

 Recent share buyback signals strong embedded value

 Maintain BUY with US$8.53


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.9050.005
Alliance Mineral0.240-0.010
Anchor Resources0.027-
Avi-Tech Electronics0.290-0.010
Best World Int.2.6900.010
China Sunsine1.300-0.020
CSE Global0.4300.010
Food Empire0.535-
Geo Energy0.190-0.001
Golden Energy0.225-
GSS Energy0.1020.001
ISDN Holdings0.198-0.002
KSH Holdings0.525-0.010
Moya Asia0.079-
Nordic Group0.390-
Oxley Holdings0.300-
REX International0.074-
Sing Holdings0.395-
Sino Grandness0.117-
Straco Corp.0.700-0.015
Sunningdale Tech1.4800.010
Sunpower Group0.4050.010
The Trendlines0.0950.002
Tiong Seng0.275-
Uni-Asia Group1.2000.020
XMH Holdings0.161-
Yangzijiang Shipbldg1.290-0.010

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