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MAYBANK KIM ENG

OCBC

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.

UOB KAYHIAN DBS VICKERS

 

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 Holdings2.090-0.140
AusGroup0.043-0.005
Avi-Tech Electronics0.415-0.020
Best World Int.1.360-
CEI1.000-0.020
China Sunsine0.445-
CNMC GoldMine0.2550.010
CSE Global0.550-0.015
Eagle HTrust USD0.470-0.050
Food Empire0.760-0.010
Golden Energy0.153-0.002
GSS Energy0.088-0.004
ISDN Holdings0.198-0.001
ISOTeam0.215-
JB Foods0.625-0.030
KSH Holdings0.390-0.010
Miyoshi0.028-0.003
Moya Asia0.074-0.004
Nordic Group0.275-0.020
Oxley Holdings0.335-0.010
Procurri0.315-0.015
REX International0.178-0.015
Riverstone1.040-0.030
Roxy-Pacific0.365-0.010
Sing Holdings0.405-
SingMedical0.320-0.020
Straco Corp.0.560-0.010
Sunningdale Tech1.240-0.020
Sunpower Group0.530-0.015
The Trendlines0.109-0.016
Tiong Seng0.200-
Uni-Asia Group0.685-0.010
Yangzijiang Shipbldg1.000-0.040

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