Image result for buy sell hold

RHB

CGS CIMB

Oversea-Chinese Banking Corp (OCBC SP)

Expect Wider 1H19 NIM, But Valuation Fair

 

 Maintain NEUTRAL with higher SGD12.20 TP (from SGD10.96), based on 2020F P/BV of 1.12x, giving 4% upside plus 4% yield. We assumed a long-term ROE of 12% (vs 2018’s 11.5%). This would be driven in the short term by sequential NIM expansion and in the next 2-3 years by digitisationdriven expense management. We spoke with OCBC recently – key takeaways are appended below. Prefer UOB and DBS.

 

Read More ...

 

 

 

 

Banks

1Q19F preview: a market-driven rebound

 

■ Three trends in SG bank sector: 1) funding pressure less intense qoq, 2) 10- 50 bp mortgage repricing since Jan 2019, 3) M&As supporting loan growth.

■ Trading and wealth management income likely rebounded (10-36%) towards the levels seen in 2Q18/3Q18, particularly for DBS and OCBC.

■ We estimate UOB achieved the highest yoy income growth (+6.7%), DBS led in NIM expansion (+2bp) and OCBC’s trading income rebounded strongly.

 

Read More ...

PHILLIP SECURITIES DBS VICKERS

Sasseur REIT

China’s propensity towards luxury goods

SINGAPORE |REAL ESTATE| SITE VISIT NOTE

 

We were in China to visit two out of four of Sasseur REIT’s (Sasseur) outlet malls, Chongqing mall and Hefei mall, in March 2019, during their annual Spring sale. Sasseur’s outlet malls not only offer large discounts on branded goods targeted at the middle class, brand-conscious consumer, but also incorporate numerous activities and entertainment programmes to engage different age group. Unique to Sasseur is its revenue model which is based on an Entrusted Management Agreement (EMA) guaranteeing a minimum revenue level.

 

Read More ...

 

 

 

Mapletree Industrial Trust (MINT SP): BUY

Well-timed acquisitions drive earnings to new record

 

• 4QFY19 DPU of 3.08Scts in line with expectations

• Occupancy rates improving on the back of Manager’s defensive strategy

• Development of data-center at 7 Tai Seng to drive earnings in the medium term

• Comfortable gearing level to undertake acquisitions

 

Read More ...


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings0.9000.030
Alliance Mineral0.1890.002
Anchor Resources0.0100.001
AusGroup0.027-
Avi-Tech Electronics0.275-
Best World Int.1.360-
China Sunsine1.1700.010
CSE Global0.480-0.005
Food Empire0.520-
Geo Energy0.148-
Golden Energy0.1990.001
GSS Energy0.071-
HMI0.5600.005
ISDN Holdings0.2300.005
KSH Holdings0.465-
Miyoshi0.046-
Moya Asia0.0780.001
Nordic Group0.270-
Oxley Holdings0.3050.005
REX International0.0630.001
Riverstone0.9300.015
Roxy-Pacific0.400-
Sing Holdings0.380-
SingMedical0.400-0.010
Sino Grandness0.0590.002
Straco Corp.0.760-
Sunningdale Tech1.3100.020
Sunpower Group0.4500.015
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group1.120-
XMH Holdings0.163-
Yangzijiang Shipbldg1.370-0.010

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 2607 guests and no members online