Research reports and recommendation by Maybank Kim Eng released last week (15-May-2015).
OLAM INTER: Hold - TP $2.07. No new growth impetus
1Q in line. Food staples & packaged foods underperformed, hit by dairy farming & currency devaluation. Maintain HOLD for lack of catalysts. TP still at SGD2.07, ...
HYFLUX: Hold - TP $0.96. Wait for stronger order momentum
1Q15 net in line. Management optimistic about 2H15 recovery. Maintain HOLD pending a return of order momentum. Prefer China Everbright Water & SIIC in sector. ...
GENTING SPORE: Hold - TP $0.97. Only marginally better QoQ
1Q15 still disappointed on lower-than-expected VIP volume, VIP win rates & high bad debts. Cut EBITDA by 12-13% & TP by 10% to SGD0.97, still at 9x FY15 ...
NAM CHEONG LTD: Hold - TP $0.33. Keeping faith, amid wait for turn
1Q15 missed, but GPM of 20.0% a pleasant surprise. Part of 2015 shipbuilding pushed to 2016. 30 vessels for 2016 delivery. Cut FY15-17 EPS by 14-28%. TP cut ...
RAFFLES MED GRP: Hold - TP $3.89. Early days for China expansion
Forms JV to develop 400-bed hospital in Shanghai. Long-term positive but limited near-term impact due to lengthy completion timeline of mid-2018. Maintain HOLD ...
SINGTEL: Hold - TP $4.50. High capex limits DPS upside
FY3/15 below forecast. Revenue up but EBITDA hit by higher subsidy costs in Singapore. Weak AUD did not help. Lower FY3/16 EPS by 1.9%. Guidance could be ...
SATS LTD: Hold - TP $3.15. Awaiting stronger air traffic trends
FY3/15 beat on stronger associate contributions. DPS higher at 14 SGD cts. TFK remained weak. Raise EPS by 7-10% for franchise-fee rebate at Changi Airport & ...
ISEC HEALTH: Hold - TP $0.44. No catalysts to be seen yet
1Q met at 13% of FY15E. Typically weakest quarter compounded by start-up costs. Expect Dr Lee’s contributions to improve from higher ASPs. Wildcard still MYR. ...
COMFORTDELGRO: Hold - TP $2.90. Strong organic growth priced in
1Q15 net in line. Could have been stronger if not for weaker AUD & GBP. Low leverage to support acquisition-led growth. Positives priced into 22x FY15 EPS. ...
ST ENGRG: Hold - TP $3.45. Marine remains a drag, DPS to fall
1Q15 net fell 5% with more provisions for US shipyard. Aerospace stable. In line. Prospect of falling DPS as payouts are lowered to more sustainable levels. ...
Source: http://www.maybank-ke.com.sg/
