No surprises in 1QFY19
■ FIRT’s 1QFY19 DPU of 2.15 Scts is in line with our expectations, at 24.4% of our FY19F forecast.
■ The robust balance sheet provides FIRT room to pursue inorganic growth.
■ Maintain Add with an unchanged TP of S$1.20.
Yoma Strategic (Yoma SP)
Transitioning Into Next Growth Phase; BUY
BUY, SGD0.57 TP reflects 78% upside plus 1% FY19F (Mar) yield. We believe Yoma Strategic is well-poised for its next leg of growth, with the steady expansion of its non-real estate segment offsetting weakness in its real estate unit. Key risks: slow pace of political and economic reforms, macroeconomic uncertainty and forex risks. TP reflects a 20% discount to our SOP valuation.
Singapore Press Holdings (SPH SP)
Takeaways From 2QFY19 Results Briefing
SPH provided an update on its recent PBSA acquisitions which have high occupancy rates and robust demand. Inorganic expansion seems to be gaining momentum as the group works towards building up a defensive portfolio with strong recurring income. Maintain BUY and SOTP-based target price of $2.82.
Check out our compilation of Target Prices