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#RHTHealthTrust -
DBS Research 2017-05-24: Lacks Near Term Earnings Drivers.

While we are positive on #RHT’s expansion plans in the long term and exposure to the growing demand for healthcare services in India, we believe the loss of income from the sale of FHTL (Fortis Hospotel Limited) has yet to be fully priced in. However, media reports of a potential privatisation has kept share price above NAV (1.06x).

RHT’s FY17 DPU (excl special dividend) fell 23% y-o-y. 4Q17 DPU fell 41% y-o-y to 1.12 Scts due to the disposal.

We maintain a HOLD rating on RHT Health Trust.

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#SGX -
RHB Invest 2017-05-24: Helping Tech SMEs Access Capital Markets.

Media reports highlighting that SGX is nearing a deal with IMDA to develop a system to encourage local start-ups to list on SGX is a positive, in our view. This could potentially bring back more listings to SGX.

Whilst the impact of such a system would take time, we believe investors would be excited. 

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#WingTai Holdings Ltd -
OCBC Investment 2017-05-24: Offer For Wing Tai Malaysia Berhad.

Wing Tai Holdings Ltd (Wing Tai), together with its subsidiaries, has announced an unconditional voluntary take-over offer to acquire all issued ordinary shares of Wing Tai Malaysia Berhad (WTM).

To recap, Wing Tai reported a firm set of 3QFY17 results with PATMI increasing to S$7.4m from S$2.1m in the same period last year.

In terms of the topline, 3QFY17 revenues dipped 35% YoY to S$73.5m similarly due to lower income recognition from development projects.

Maintain BUY on Wing Tai with an unchanged fair value estimate of S$2.37.


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#BousteadProjects Limited -
CIMB Research 2017-05-23: Earlier-than-expected Dividend.

Reported net profit of S$36.1m in FY17 was boosted by one-off gains, excluding which core net profit rose 2.5% yoy to S$27.1m.
Strong balance sheet with S$25m net cash as at end-FY17; BP proposed maiden dividend of 2.5 Scts per share, leading to a 2.9% yield.
BP needs to secure more contracts to replenish its design & build (D&B) order book, which currently stands at a five-year low of S$146m.
Maintain Add call and TP of S$1.04, still based on a 40% discount to FY18F RNAV.

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#WingTai Holdings (WINGT SP) -
UOB Kay Hian 2017-05-24: Bringing It All Back Home.

Wing Tai Holdings announced an unconditional cash offer for Wing Tai Malaysia (WTM) at a compelling 53% premium to last traded price. Completion of the acquisition will still leave Wing Tai with S$1.45b in debt headroom for inorganic growth.

We have factored in the potential RNAV accretion of the takeover (as if complete basis) into our new target price of S$2.61 (previously S$2.54). Maintain BUY.

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#BousteadSingapore Ltd -
CIMB Research 2017-05-23: Solid FY17 Performance Amid Challenging Landscape.

FY3/17 core net profit beat our expectation, at 118% of our forecast. The surprise was due to a still profitable energy division vs. our forecasted slight loss.

FY17 reported net profit of S$33.3m was boosted by one-off gains at BP level. Excluding one-offs, group core net profit fell 11% yoy in FY17.

Pure cash position of S$163m at BSL level (equivalent to 35% of group market cap). Maintain Add call with higher target price of S$0.96.

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#YomaStrategic Holdings -
OCBC Investment 2017-05-24: Diversification Efforts Bearing Fruit.

#Yoma’s 4QFY17 PATMI increased to S$24.1m from S$8.9m in the same period last year mostly due to higher fair value gains on investment properties and improved gross profit margins driven by the sales of residences and LDRs in 4QFY17.

Notably, about 47% of revenues were attributed to the Yoma’s non real estate business. Specifically, revenues from the automotive and heavy equipment business increased 27% in FY2017 to S$38.1m due to the growth in its New Holland tractor business.

Maintain HOLD with an unchanged fair value estimate of S$0.54.


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#UOB -
RHB Invest 2017-05-24: More Net Interest Income Growth Ahead.

UOB’s 1Q17 net interest income QoQ growth of 2.1% outstripped that of peers, contributing to three quarters of outperformance. Going forward, UOB’s NIM should widen with the expected hike in US FFR, which would contribute to stronger net interest income.

UOB also has robust balance sheet strength. Its loan loss coverage of 117% is higher than its two peers’ average of 102%, acting as a buffer, given asset quality uncertainties from a rising SIBOR and weak domestic economy.

We maintain BUY, a higher TP of SGD25.95.

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#mm2Asia -
DBS Research 2017-05-24: FY2017 Net Earnings Beat Our Expectations By 13%.

Net profit for FY2017 of S$18.8m (+130%) due to better margin. Revenue came in at S$95.4m (+149%). The increase in revenue was mainly due to additional revenue generated from its newly acquired subsidiary, UnUsUal, which recorded revenue of S$22.6m, and additional revenue generated from cinema business of S$7.7m.

Gross profit increased by 146% y-o-y to S$45.3m in FY2017. Net cash position in FY2017 improved to S$14.1m, from S$1.7m a year ago.

Maintain BUY with TP of S$0.70 based on SOTP valuation.

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#WingTai Holdings -
CIMB Research 2017-05-23: Makes Takeover Offer For Wing Tai Malaysia.

Wing Tai Holdings (WINGT) announced today that it is making a takeover offer for Wing Tai Malaysia.
We view the deal positively and expect it to raise WINGT’s RNAV when completed.
Maintain Add rating with an RNAV-based target price of S$2.05, pending completion of transaction.

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