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UOB KAYHIAN

PHILLIP SECURITIES

Singapore Airlines (SIA SP)

4QFY19: Better-than-expected Earnings, Not A Stock Price Catalyst

 

While 4QFY19’s earnings were better than expected, we believe that SIA might not fare well in the coming quarters as there are already signs of a slowdown in demand for air travel. This is likely to be compounded by deteriorating air cargo volume and yields. Uncertainty regarding the eventual clearance to operate the B737Max remains the biggest risk as SIA is dependent on not just local aviation authorities but also other regions’. We maintain HOLD. Target: S$9.60. Entry level: S$8.80.

 

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SATS Ltd Eyes set on growth abroad

SINGAPORE | TRANSPORT SERVICES | FY19 RESULTS

 

 FY19 net income was in line with our expectations.

 Food Solutions and Gateway Services revenue grew 4.4% and 7.9% YoY, with growth showing in both Aviation (+11.7%) and Non-Aviation (+8.8%) industries.

 Deepening presence in China through accretive acquisitions

 Food and cargo volumes at Brahims and PT CAS remain flat.

 Maintain ACCUMULATE; unchanged target price of $5.47.

 

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PHILLIP SECURITIES PHILLIP SECURITIES

Penguin International Ltd

Waddling is normal

SINGAPORE | OIL & GAS | 1Q19 RESULTS

 

 Revenue is historically volatile and lumpy. No changes to our earnings forecast.

 Jump in inventories, non-financial liabilities and asset held for sale point to a healthy outlook.

 Balance sheet still in net cash position of S$43.8mn, or 45% of the market capitalisation.

 Our BUY recommendation and target price of S$0.61 remain unchanged.

 

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China Everbright Water Limited

On-track expansion SINGAPORE | UTILITIES | 1Q19 RESULTS

 

 Both 1Q19 revenue and PATMI met our expectations.

 Two projects secured, 14 projects under construction and one project commenced operation during 1Q19. Seven WWT projects hiked tariff in 1Q19

 10% price difference between HK and SG market post-dual-listing

 We raise our target price to S$0.50 (previously SG$0.48) based on FY19e EPS of 5.5 SG cents and the slightly higher peers’ PER of 9.0x (previously 8.9x), and we maintain our BUY recommendation.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.000-
Alliance Mineral0.1500.005
Anchor Resources0.012-0.001
AusGroup0.026-
Avi-Tech Electronics0.260-0.020
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.4850.010
Food Empire0.495-
Geo Energy0.1530.003
Golden Energy0.210-0.005
GSS Energy0.083-0.003
HMI0.6650.015
ISDN Holdings0.225-0.005
KSH Holdings0.410-0.005
Miyoshi0.0440.001
Moya Asia0.0770.002
Nordic Group0.3100.030
Oxley Holdings0.320-0.005
REX International0.073-
Riverstone1.0000.005
Roxy-Pacific0.390-
Sing Holdings0.390-0.005
SingMedical0.3950.010
Sino Grandness0.0630.021
Straco Corp.0.750-
Sunningdale Tech1.3400.010
Sunpower Group0.4800.010
The Trendlines0.077-
Tiong Seng0.230-
Uni-Asia Group0.7600.005
XMH Holdings0.1550.002
Yangzijiang Shipbldg1.500-0.020

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