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Singapore Medical Group (SMG SP)

1Q18: Results In-Line; SW1 Acquisition Earnings Yet To Make Contribution


Singapore Medical Group’s 1Q18 net profit is in line with our estimate. Net profit rose 138.9% yoy due to earnings-accretive acquisitions made during the year. The stock is trading at an undemanding 17.7x 2018F PE, with zero contribution from the recently-acquired SW1 clinic. With S$10.8m cash coming from the rights issue later this year, the group is on the lookout for further acquisitions. Maintain BUY and PEbased target price of S$0.74.


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Property Devt & Invt

Take-up rates continued to be firm in Apr


■ Private home sales improving mom in Apr.

■ Expect pace of new launches to continue to pick up in coming months.

■ Maintain sector Overweight. Our top picks are UOL and City Developments.


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NetLink NBN Trust: Unexciting but offers stability


NLT NBN’s FY18 (19 Jun 17 – 31 Mar 18) revenue of S$228.6m came in 1.8% lower than its forecast as installation-related revenue of S$10.3m was 44% lower than forecasted, but partly offset by higher revenue across all other segments. Installation-related revenue was lower due to slower than expected project deployment by some customers, as well as change in customers’ deployment requirements being different from management’s projections. FY18 total expenses of S$186.3m came in 4.5% lower than forecasted mainly resulting from lower operation and maintenance costs as well as lower finance costs. Consequently, FY18 profit after tax of S$50.0m came in 10.8% higher than forecasted. Looking ahead, we remain positive over NLT NBN’s resilient business model and growth outlook with the development of new residential areas as well as increase in penetration rates. Furthermore, we continue to expect NLT NBN to be a key participant of growth in other connected services within the non-residential and NBAP space, especially with Singapore’s push to transform into a digital economy. All considered and on above mentioned reasons, we reiterate BUY on NLT NBN but with a slightly lower FV of S$0.90 (prev: S$0.91).


Q & M Dental Group

Encouraging results; Waiting for better organic growth



 1Q18 Revenue/PATMI met 19.4%/24.7% of our full year expectations; 1Q18 effective tax rate was lower than our assumption

 Broad-based growth across business segments and countries; Distribution business in Malaysia potentially get a lift from GST abolition

 Yet to see progress for its intensive expansion plan of adding 10 new clinics each in SG and MY by end-FY18e

 Maintained NEUTRAL and TP at S$0.63, based on estimated 2.3 SCents FY18 EPS and 27x FY18e PER


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Robust Residential Property Launch Pipeline


Maintain BUY and TP of SGD0.88, pegged to P/RNAV of 0.65x and offering 69% upside. After talking to management, we remain optimistic about Amara. The group recorded a 32% YoY jump in 1Q18 net profit, driven by the hotel investment and management segment. Looking ahead, the Singapore hotel segment should benefit from more travellers and muted new hotel room supply in 2018. The 343-room Amara Signature Shanghai, which was soft launched in Jan/Feb 2018, has close to 300 rooms opened for travellers currently. In 2H18, management is targeting to relaunch the balance 26 residential units at M5@Jalan Mutiara (of which seven units were sold earlier), and launch the freehold 56-unit residential development at Newton Road. These two projects are potential contributors to total revenue. We believe the positive news flow would narrow the discount between the stock’s traded price and our RNAV estimate.


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Spackman Entertainment

Still Upbeat On a 2H18F Turnaround


Maintain BUY, while we cut our TP to SGD0.10 (from SGD0.20) to imply a FY18F P/E of 14x. Spackman’s disappointing 1Q18 was mainly due to the absence of profits recognised from its blockbuster movie, Master, and the underperformance of Golden Slumber – as a result of the latter, we slash FY18F PATMI by 33%. However, with yield-accretive acquisitions done in 2017 boosting the company’s recurring income – while another potential hit, Sovereign Default is set to hit the big screen in 2H18 – we keep our positive outlook, premised on a future comeback.


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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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