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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 Holdings1.190-0.020
AusGroup0.022-0.001
Avi-Tech Electronics0.355-0.005
Best World Int.1.360-
CEI0.945-0.005
China Sunsine1.090-0.010
CNMC GoldMine0.285-0.005
CSE Global0.465-0.010
Eagle HTrust USD0.660-0.015
Food Empire0.5050.005
Golden Energy0.172-0.002
GSS Energy0.070-0.001
ISDN Holdings0.225-
ISOTeam0.225-
JB Foods0.655-
KSH Holdings0.460-0.005
Miyoshi0.037-
Moya Asia0.064-
Nordic Group0.265-
Oxley Holdings0.310-
Procurri0.305-
REX International0.087-0.001
Riverstone0.970-
Roxy-Pacific0.390-
Sing Holdings0.390-0.005
SingMedical0.310-
Straco Corp.0.755-
Sunningdale Tech1.220-0.020
Sunpower Group0.430-
The Trendlines0.078-
Tiong Seng0.215-
Uni-Asia Group0.715-
Yangzijiang Shipbldg1.0600.010

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