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First Resources (FR SP)

A day with the CEO


Remains underappreciated, BUY

2019’s net profit will benefit from high brought forward inventory in addition to higher FFB growth, driven by new areas coming to maturity and a young tree age profile. Meanwhile, cash cost (per tonne) will be lower YoY on cost control. We reiterate our BUY call and TP of SGD2.03 on unchanged 17x PER peg, its 5-year mean. We continue to like FR for its medium-term growth prospect, cost efficiency.


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Telecom Sector: Stayin' Alive


4QCY18 saw StarHub and M1’s results coming in within our expectations, while that of Singtel’s was slightly under. Across all 3 telcos, postpaid mobile ARPU fell 4%-12% YoY, while StarHub guided for a larger-than-expected FY19 DPS cut. On the 5G front, the government has recently announced its intention for a roll out in 2020, but large capex requirements seems to weigh on the minds of local telcos. The mobile postpaid scene continues to see more competitive offerings ahead of TPG’s commercial launch, which would serve to further erode ARPU. Looking at the yield spread of the telcos, it is evident that the yield spread for StarHub against Singtel has compressed significantly, with the latter committing to its 17.5 S-cents DPS for FY19 and FY20, despite the group’s participation in Bharti Airtel’s rights issuance.



United Overseas Bank (UOB SP)

Takeaways From Taiwan ASEAN Conference


Management guided for mid-single-digit loan growth in 2019. NIM receded by 1bp qoq to 1.80% in 4Q18 but should recover due to hikes in mortgage rates in 1Q19. UOB will launch TMRW, its mobile-only digital bank, in Thailand. It targets 3m-5m digital customers in five markets over the next five years. UOB is committed to maintaining dividend payout ratio at 50% if CET-1 CAR stays above 13% and it achieves RORWA of 1.60-1.65%.


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Cromwell European REIT

Expanding its boundaries


Attractive yield on offer. We maintain our BUY call on Cromwell European Real Estate Investment Trust (CERT) with a revised TP of EUR0.59. We continue to be bullish on CERT’s prospects, given an attractive 8.5% FY19F forward yield with further upside to our DPU estimates should CERT execute its previously announced asset recycling of disposing some of its smaller and lower-yielding properties into better quality properties.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.040-0.020
Alliance Mineral0.151-0.004
Anchor Resources0.013-0.001
Avi-Tech Electronics0.265-0.005
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.490-0.005
Food Empire0.500-
Geo Energy0.1510.001
Golden Energy0.2250.020
GSS Energy0.088-
ISDN Holdings0.2300.005
KSH Holdings0.4200.025
Moya Asia0.078-0.001
Nordic Group0.300-
Oxley Holdings0.330-
REX International0.0740.002
Sing Holdings0.385-0.010
Sino Grandness0.044-0.001
Straco Corp.0.750-
Sunningdale Tech1.3400.010
Sunpower Group0.475-0.015
The Trendlines0.077-0.001
Tiong Seng0.225-0.005
Uni-Asia Group0.760-0.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.020

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