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UOB KAYHIAN

OCBC

Oversea-Chinese Banking Corporation (OCBC SP)

2Q19 Results Preview: High Single-digit Growth In Net Interest Income

 

We forecast net profit of S$1,147m for 2Q19, marking a slight easing of 5% yoy and 7% qoq. The sequential reduction in earnings is likely to have been due to moderation in non-II, such as insurance and net trading income. We have toned down our expectations for interim dividend from 25 S cents to 24 S cents as the deterioration in external outlook could prompt management towards a more conservative payout ratio. OCBC will also deploy capital to invest in the GBA. Maintain BUY. Target price: S$14.62.

 

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Frasers Commercial Trust: A good run thus far

Frasers Commercial Trust’s (FCOT) 3QFY19 scorecard was broadly within our expectations. DPU for 3QFY19 was flat YoY at 2.4 S-cents, representing 25.0% of our full-year forecast. We estimate that FCOT still has ~S$153m available for capital top-ups, including the gains from the disposal of 55 Market Street. Since our upgrade in Apr’18, FCOT has achieved a total return of 25.7%, outpacing the FTSE Straits Times Real Estate Investment Trust Index by 4.2%pts over the same period. While the ~344,100 sqft taken up by Google at ATP has helped to boost the asset’s committed occupancy to 93.7% (as of 30 June 19), we believe this has already been well digested by the market. We lower our risk-free rate assumption from 2.3% to 2.0%, given the more dovish interest rate outlook. With a slight drop in our cost of equity assumption, our fair value estimate rises slightly from S$1.69 to S$1.70. Downgrade from Buy to HOLD

RHB 

DBS VICKERS

Singtel (ST SP)

Lock In Some Gains Now; Stay NEUTRAL

 

 NEUTRAL, SOP-based TP of SGD3.40 from SGD3.35, 3% downside. FY20 (Mar) EV/EBITDA has retraced to its 5-year mean following the recent share price re-rating, spurred by investors seeking refuge from external macroeconomic risks. At 5% prospective dividend yields (committed DPS of SGD0.175 for FY19/20), valuations are fair. Singtel remains our preferred Singapore telco, with earnings diversity and balance sheet strength as key investment merits. We would recommend that investors accumulate on dips.

 

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Singapore Banks

 

Earnings likely to be supported in 2Q

• Loan repricing continues into 2Q19; likely to still see marginal NIM improvement

• Apr-May’19 saw strong industry loan growth numbers amid slowing economy; 2Q19 loan drawdowns likely to be on track with guidance

• Overall market sentiment remains resilient, supporting wealth management income

• Singapore banks due to declare interim dividends; UOB remains preferred pick

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

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AEM Holdings1.170-0.020
AusGroup0.022-
Avi-Tech Electronics0.340-0.005
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CEI0.935-0.010
China Sunsine1.1000.010
CNMC GoldMine0.2850.005
CSE Global0.4700.005
Eagle HTrust USD0.655-
Food Empire0.500-0.005
Golden Energy0.168-0.005
GSS Energy0.069-
ISDN Holdings0.220-0.005
ISOTeam0.225-
JB Foods0.645-0.010
KSH Holdings0.4650.005
Miyoshi0.036-
Moya Asia0.063-
Nordic Group0.265-
Oxley Holdings0.305-0.005
Procurri0.305-
REX International0.084-0.001
Riverstone0.930-0.035
Roxy-Pacific0.380-0.010
Sing Holdings0.390-
SingMedical0.325-
Straco Corp.0.755-
Sunningdale Tech1.230-
Sunpower Group0.4500.015
The Trendlines0.078-
Tiong Seng0.215-
Uni-Asia Group0.710-0.005
Yangzijiang Shipbldg1.000-0.050

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