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#Ezion Holdings -
OCBC Investment 2017-02-20: Issues profit guidance.

Ezion Holdings announced last Friday evening that it expects to record a net loss for 4Q16 and FY16, as there will be impairments on its assets.
This is not a surprise to us as we are already forecasting a US$15m net loss for FY16, after US$33m of net profit in 9M16.

#AnalystReport #SGinvestors

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Singapore O&G Ltd. -
Phillip Securities 2017-02-20: Business grown out of the baby stage.

We remain positive of the Singapore O&G Ltd’s (“#SOG”) ability to deliver organic growth despite the current sluggish birth rate.
We expect the growth momentum to extend into FY2017.
SOG maintained a strong financial position, cash-rich and no debt.
SOG generated positive operating cash flow of S$10.4mn and has a net cash position of S$8.75mn as of end-FY2016.

#AnalystReport #SGinvestors

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#OUE Limited -
OCBC Investment 2017-02-20: Expanding into healthcare real estate.

FY16 revenues from the Property Investment division increased 36.9% primarily due to the full year consolidation of One Raffles Place while the boost from the Property Development division was attributed to healthy sales at OUE Twin Peaks.
OUE recently launched a mandatory unconditional cash offer for #InternationalHealthwayCorporation Ltd (IHC) at S$0.106 per share.
Maintain BUY with an unchanged fair value estimate of S$2.17.

#AnalystReport #SGinvestors


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#UOB -
DBS Research 2017-02-20: Positive turns ahead.

*UOB's 4Q earnings in line, reversal in general provisions. Worst could be over for asset quality.
FY17-18F earnings raised by 5-8% on lower credit cost and higher NIM. Upgrade to BUY, TP raised to S$22.70.
Of its peers, UOB stood out with asset quality prospects appearing more optimistic.*

#AnalystReport #SGinvestors

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#UOB -
RHB Invest 2017-02-17: Lower Overall Provisions Due To GP Write-back.

We project a higher NPL ratio of 1.7% by end-2017 (vs 4Q16 of 1.5%), due to the oil & gas space and slowing economy.
UOB’s 1.2% GP-to-loan ratio is the highest amongst peers, and provides scope for a further write-back. The anticipated Fed rate hikes would also bring NIM closer to our 2017 forecast of 1.76%. We raised our 2017 net profit forecast by 10% on lower provisions and higher non-interest income.

#AnalystReport #SGinvestors

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#CapitaLand -
CIMB Research 2017-02-17: Buys properties in Japan.

CapitaLand announced that it has purchased three office buildings and a mall in the Greater Tokyo area for ¥49.7bn (S$620.1m).
The properties, with a combined NLA of c.921,000sqft, include two office buildings in Yokohama (Yokohama Blue Avenue and Sun Hamada), Kokugikan Front in Tokyo and Seiyu & Sundrug, a shopping mall in Saitama.
The initial entry yield of 4.1% translates to a net operating income of S$25m p.a.

#AnalystReport #SGinvestors

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#Ezion Holdings -
CIMB Research 2017-02-19: Net loss warning for 4Q/FY16 results due on 23 Feb.

Ezion expects to report a net loss for 4Q16 and FY16 due to possible impairments for its assets. Impairments of at least US$45m-50m are implied, in our view. The news is not a huge surprise to us and the impairment exercise, subject to quantum, could help to remove overhang on the stock.

#AnalystReport #SGinvestors

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#UnitedOverseasBank -
CIMB Research 2017-02-17: Relative outperformer.

#UOB's 4Q16 net profit of S$742m in line, thanks to a large writeback in general provisions (GP). FY16 net profit at 101% of our and Bloomberg consensus forecasts.
Fees had a good quarter despite seasonal challenges, as credit cards, wealth management (WM) and loan-related fees did well. NIM was stable qoq at 1.69%.

#AnalystReport #SGinvestors

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#UnitedOverseasBank (UOB SP) -
Maybank Kim Eng 2017-02-20: Relatively shielded.

#UOB’s FY16 results were in line with our expectation. Loans grew 8.9% YoY, surprising on the upside and ahead of peers of +4-6%.
We raised our FY17-18E net profit by c.8% each mainly to reflect:
higher loan growth assumption of 4% (from 2-3%); and
8-9% less provisions as we think it is relatively more well-shielded from O&G loan impairments due to its lower sector exposure.

#AnalystReport #SGinvestors

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#UOB -
OCBC Investment 2017-02-17: Steady Growth Despite Challenges.

UOB delivered net earnings of S$739m, down 6% YoY or 7% QoQ , slightly better than market expectations. Net Interest Margin (NIM) held steady from the previous quarter at 1.69%.
Management has declared a final dividend of 35 cents, bringing full year dividend payout to 70 cents.

#AnalystReport #SGinvestors
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