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Singapore Banking Stocks - DBS vs OCBC vs UOB
UOB Kay Hian 2018-02-19: 4Q17 Round-up ~ Dividends Aplenty.

Banks provided a generous serving of final and special dividends after Basel III reforms were finalised in Dec 17. Banks have guided for loan growth of high single-digits and we expect NIM expansion to continue into 2018.
Maintain OVERWEIGHT.

#OCBC is our preferred BUY (Target: S$14.90) due to IPO of Great Eastern (Malaysia) in 2H18. However, #DBS could provide more short-term momentum in the run-up to the next FOMC meeting on 20-21 March (Target: S$30.40).

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#BreadTalk Group -
RHB Invest 2018-02-23: A Special Ang Pow For The Lunar New Year.

2017 was an awesome year for BreadTalk. Excluding gains from the divestment of investment properties, its full-year core profit came in at SGD17.7m, an improvement of > 100%.
In view of the strong results, the company announced an additional special dividend of SGD0.01/share on top of the final dividend of SGD0.02/share.
We maintain our BUY call but think that there could near-term slowdown in earnings growth as the company is now back on its capex expansion phase. We revise our Target Price to SGD2.00 (from SGD2.09, 14% upside).

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#VentureCorporation ( #VMS SP ) -
UOB Kay Hian 2018-02-23: This Changes Everything.

Our own investigation reveals strong evidence that #Venture is the manufacturer of a leading consumer device, which has potential revenue in excess of S$2.5b per year.

A production ramp-up in 2017 to meet rising demand in Asia and Europe will likely continue into 2018. A launch of the device in the US will push production to full capacity, with earnings likely exceeding consensus estimate in 2018.

Maintain BUY and raise target price to S$31.88, based on 19x 2018F PE.

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#WilmarInternational -
CIMB Research 2018-02-22: Oilseeds And Grains The Star Performer In FY17.

#Wilmar’s FY17 results were in line with our and consensus full-year forecasts. Core net profit grew 7% due to better oilseeds and grains and associates earnings. Tropical oils and sugar posted poorer earnings due to weaker refining margins.

The group is still working on its proposed listing of its China operations. We retain our ADD call due to its attractive valuations and plans to list its China assets.

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#CapitaLand Limited -
Phillip Securities 2018-02-19: A Year Of Active Portfolio Re-constitution.

20% dividend hike to 12c/share for FY17; Replenishing of land bank in Singapore with en bloc purchase of Pearl Bank; Lower residential sales value in China partially offset by higher sales in Vietnam; Active portfolio reconstitution with realised divestment gains tripled y-o-y at S$318mn.

With 85% of CapitaLand’s assets being investment properties (predominantly in Singapore and China) contributing to recurring income, CapitaLand’s earnings outlook remain stable. Maintain ACCUMULATE with unchanged Target Price of S$4.19.

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#OCBCBank (OCBC SP) -
Maybank Kim Eng 2018-02-15: On The Right Track.

Post-results, we remain positive that #OCBC’s earnings momentum will sustain into FY18E. FY17 earnings met only 96% of our forecast due to higher expenses, lower net interest income, and lower income from associates. However, non-interest income beat our expectation due to a strong contribution from Great Eastern and higher wealth management (WM) fees.

We revise estimates with FY18/19E net profit up 7% each on a more positive outlook with higher revenue, lower provisions, partially offset by higher costs. With that, sustainable ROE is now 13.1% vs. 12% previously. Our Target Price is raised 13% to SGD13.50.

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#SingaporeAirlines -
CIMB Research 2018-02-21: Higher Oil Prices Improve SIA’s Competitive Position.

#SIA noted that demand for airfreight and premium travel remained robust so far in 2018F, although higher oil prices ate into profits in the past two quarters. Full-service carrier yields continued to fall y-o-y, although in the US and Europe, yields stabilised as airlines tried to pass on higher fuel costs.

With up to 47% of its fuel needs hedged, Singapore Airlines may benefit if its unhedged competitors are compelled to raise ticket prices to cover the rising cost of fuel.

Maintain ADD, with unchanged target price (S$12.05), based on 1x CY18F P/BV.

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#JumboGroup Ltd (JUMBO SP) -
Maybank Kim Eng 2018-02-15: Temporary Drag From Expansion Costs.

1Q18 earnings fell 20% y-o-y and met only 12% of our FY18E and 13% of consensus due mainly to expansion/pre-opening costs, as well as seasonal factors. The company pointed to pre-opening costs for two new outlets in end-4Q17, the expansion of its corporate office in China, and one-off marketing expenses. It is noteworthy that topline growth was the best 1Q ever reported at 9.3% y-o-y.

Strong revenue growth and new store openings bodes well for 2Q, as Jumbo enters the peak season, which typically forms 40% of full-year earnings.
Maintain BUY and DCF-based Target Price of SGD0.70.

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#UOB (UOB SP) -
DBS Research 2018-02-15: Strong Income Offset By Provisions; Dividends Surprised.

We maintain our BUY call on UOB with Target Price of S$29.50.

We reiterate our three catalysts for the stock:
✔︎ The property market recovery bodes well for UOB as it is perceived to be a proxy - UOB has the largest proportion of property-related loans vs peers.
✔︎ Imminent NIM and loan growth improvement.
✔︎ End to its asset quality woes.

Coupled with higher dividends, these factors should support a re-rating for UOB.

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#SingaporeExchange (SGX SP) -
DBS Research 2018-02-19: Updates On SGX Nifty's Successor Products.

- Successor products to #SGXNifty family of products to be listed before August 2018, offering same ability to invest and maintain risk exposure to Indian capital markets – a positive development.
- SGX Nifty family of products continue to be listed, traded, and cleared uninterrupted until August 2018 at a minimum.
- SGX working with National Stock Exchange of India to develop trading link.
- Maintain BUY, Target Price of S$8.90; share price could still be under pressure pending further details of resolution.
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