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🌟 ❪ CIMB Analysts’ Alpha Picks for 2H18 - Small Cap

Newly added Small Cap Alpha Picks are:
#Riverstone (capacity expansion),
#Sunningdale Tech (de-rated significantly post 1Q18 results).

Existing small-cap Alpha Picks are:

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🌟 ❪ CIMB Analysts’ Alpha Picks for 2H18 - Large Cap

Newly added Alpha Picks are:
#DBS (strong earnings growth),
#KeppelCorp (higher dividend potential),
#ShengSiong Group (positive Singapore consumer sentiment).

We removed:
#VentureCorp (trade/tech tensions and well-owned) and
#SembcorpMarine (weak margin).

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#StockStrategy #Singapore -
CGS-CIMB 2018-05-24: 1Q18 Earnings Wrap.

☹️The 3 sectors that had most misses were capital goods, property developers and small-cap technology.

🎯 Our bottomed-up #FSSTI target now stands at 3,738.

➠ OVERWEIGHT: banks, property, capital goods, consumer.
➠ NEUTRAL: Technology, transport.
➠ UNDERWEIGHT: Healthcare, Telco.

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#SingaporeREITs -
OCBC Investment 2018-05-23: Rising Yields Negate Improving Industry Fundamentals.

Looking at the recently concluded 1QCY18 results season, 19 out of the 23 S-REITs under our coverage reported results which met our expectations, while 4 missed. The average DPU growth came in at -2.6% on a y-o-y basis.

Despite the #SREITs' share price correction YTD, valuations are still stretched, in our view.

Maintain NEUTRAL on the S-REITs sector, with a selective stock picking approach remaining key at this juncture.

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Singapore lists 3 stocks that make up the Insurance Sector -

💰 #GreatEasternHoldings,
💰 #UnitedOverseasInsurance, and
💰 #SingaporeReinsuranceCorp.

The 3 stocks have a combined market value of S$15.5 billion.

Together the 3 stocks have averaged a 8.6% total return in the 2018 YTD, bringing their average 12M return to 31.4%. By comparison the #MSCIWorldInsuranceIndex has gained 1.8% in the YTD, bringing its 12M total return to 10.5% in SGD terms.

While intensified competition and economic uncertainty provide challenges, the insurance industry is expected to further diversify distribution channels while exploring and engaging digital innovation.

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#SingaporeStock Strategy -
CGS-CIMB Research 2018-05-24: Hunger Games.

📈📉 The share price performances of #ComfortDelgro, #GentingSingapore and #VentureCorp in 2Q18 clearly show that the market is hungry and quick to reward underdogs and vice versa.

We identify 3 stocks that could be the next out-performers on the back of these basic criteria –
- positive newsflow,
- earnings growth,
- 12 months of underperformance.

We highlight 3 names that could yield more than 10% capital returns in the next 6-9 months:

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#SingaporeTelecommunications (ST SP) -
UOB Kay Hian 2018-05-24: Optus Benefits From 3 Nationwide Outages At Telstra.

The 3 nationwide outages suffered by #Telstra in May will dent its reputation for network quality and reliability built over the years. #Optus is likely to maintain its growth momentum and continue to gain market share at the expense of Telstra.

Optus has enhanced its network coverage and gained traction in regional Australia. It also differentiates through bundling captivating content, such as EPL, NatGeo and Cricket Australia.

Optus is the largest contributor to earnings accounting for 28.5% of #Singtel group PBT in 4QFY18. Maintain BUY and target price of S$4.22.

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#SingaporeStock 1Q18 Results Wrap-up -
UOB Kay Hian 2018-05-23: In Line; Good Earnings Momentum.

📊 59% of the 1Q18 results were in line, with circa 15% surprising on the upside. #DBS and #OCBC continued to exceed expectations while #SIA’s 4QFY18 earnings trounced the street’s estimate.

🎯 2018 #StraitsTimesIndex target: 3️⃣7️⃣1️⃣0️⃣

In the large-cap space, we like
and ....

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#Yongnam Holdings -
CGS-CIMB Research 2018-05-23: Major North-south Corridor Contract Won.

#YongnamLeighton Contractors JV won the contract for the North-South Corridor (tunnel) package N103, with the lowest bid of S$553.8m.

This boosts Yongnam's order book to S$358m, above its 3-year average (c.S$290m),based on 30% stake in the JV plus c.S$50m strut order. We believe there could be an opportunity for Yongnam to be subcontracted for the strutting works of N107 as well as for the N106 package that Samsung won in Nov 2017.

We maintain our ADD call.

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#SingaporeBanks -
RHB Invest 2018-05-16: NIMs Expansion & Loans Growth On Track.

💵 Net Interest Margin expansion remains a key catalyst to #banks’ earnings growth. The banking operators are on target to hit a 2018 high single-digit loans expansion.

➠ We like #UOB, given its greater share of housing loans – which is likely to gain from optimism in the domestic residential property market – and high CAR (which provides scope for more #dividends).

#DBS’ valuation is relatively high, in comparison.

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