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CGS CIMB

UOB KAYHIAN

Banks

Leaning on stronger capital

 

■ We think the implications of a pause in US rate hikes have been priced into bank valuations. Absence of asset quality pressure should prevent de-rating.

■ 2019F could see weaker loan growth momentum in ASEAN markets due to slowing China growth. Resolution of US-China trade conflict is a key catalyst.

■ DBS is our preferred pick for the sector due to its demonstrated execution in raising asset yields, strong CASA funding base, and visibility on dividends.

■ Maintain Overweight. The sector trades below mean at 1.2x CY19F P/BV. Stronger CET-1 of c.14% underlines sustained dividend yields in 2019F.

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STRATEGY – SINGAPORE

4Q18 Results Wrap-up – Another Weak Quarter

 

4Q18 results recorded continued weakness, where 35% of the companies missed expectations vs 36% in 3Q18. Post results, we further reduced our 2019F EPS by 2.2%. We recommend investors stick to a select group of large caps and small caps with a strong economic moat and earnings visibility.

 

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PHILLIP SECURITIES OCBC

Banyan Tree Holdings Limited

Gathering momentum in management contracts

SINGAPORE | REAL ESTATE (HOSPITALITY) | FY18 RESULTS

 

 PATMI met expectations excluding the surge in effective tax due to higher withholding tax and under provision of taxes in prior years.

 Sizable uptick in property salesfrom Phuket. Secured a record 28 new hotel management contracts in 2018, with a pipeline of 53 hotel openings from 2019 to 2022.

 Hotel investments segment took a hit from Thailand underperformance and Seychelles deconsolidation effect. Decline in forward bookings, dragged down largely by Thailand.

 Long-term growth catalysts remain intact. Focus would be the continued build-up in fee-based income and property sales.

 Maintain ACCUMULATE with adjusted target price of S$0.76 (prev. S$0.73).

 

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Singtel: Recapitalisation exercise at Airtel

 

Following Bharti Airtel’s (Airtel) upcoming US$3.5b rights issuance, Singtel has announced that it will be subscribing fully to its rights entitlement for its direct stake of 15% in Airtel, or ~US$525m. Airtel will also be looking to issue ~US$1b in perpetual bonds, which Singtel will not be participating in. Management remains cautiously optimistic of Airtel’s prospects in India, given the significant consolidation, as well as Airtel’s 4% QoQ growth in mobile ARPU after 9 consecutive quarters of decline. Assuming that no further than US$525m of contribution is required of Singtel, we believe that FY20 should see net debt to EBITDA (including associates) rise from 1.59x to 1.70x. Maintain BUY with unchanged FV of S$3.79.

 


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.210-0.030
Alliance Mineral0.178-0.003
Anchor Resources0.021-
AusGroup0.028-
Avi-Tech Electronics0.285-0.005
Best World Int.2.380-0.060
China Sunsine1.180-0.020
CSE Global0.540-
Food Empire0.560-
Geo Energy0.182-0.004
Golden Energy0.235-
GSS Energy0.099-0.003
HMI0.535-
ISDN Holdings0.240-
KSH Holdings0.505-0.005
Miyoshi0.045-
Moya Asia0.079-0.001
Nordic Group0.325-0.005
Oxley Holdings0.315-0.005
REX International0.077-0.004
Riverstone1.100-
Roxy-Pacific0.390-0.010
Sing Holdings0.3950.005
SingMedical0.445-0.010
Sino Grandness0.0530.010
Straco Corp.0.790-
Sunningdale Tech1.360-
Sunpower Group0.565-0.015
The Trendlines0.086-0.003
Tiong Seng0.2350.020
Uni-Asia Group1.210-0.010
XMH Holdings0.200-
Yangzijiang Shipbldg1.480-0.030

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