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SGinvestors.io
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Market Research  - 
 
#Telecommunications -
UOB Kay Hian 2017-01-18: To Share Or Not To Share?

#M1 and #StarHub will be commencing studies on the sharing of network infrastructure, such as base stations and backhaul transmission. We believe the likelihood of the two companies collaborating is high, given that they share common equipment vendors, namely #Huawei and #Nokia. We have upgraded M1 (Target: S$2.50) and StarHub (Target: S$3.55) to BUYs, assuming network sharing reduces mobile-related capex and 5G-related opex by 25%. Upgrade to OVERWEIGHT.

#AnalystReport #SGinvestors #Singtel
Telecommunications - UOB Kay Hian 2017-01-18: To Share Or Not To Share? M1 and StarHub will be commencing studies on the sharing of network infrastructure, such as base stations and backhaul transmission. We believe the like...
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SGinvestors.io
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Market Research  - 
 
#Property Development & Inventory -
CIMB Research 2017-01-16: Stabilising sales.

2016 home sales, net of ECs, were 8.3% above 2015, the highest since 2013.
Declining new inventory and gradual digestion of the new supply are potential catalysts for stock prices.
Maintain Overweight. Top picks are #UOL, #CityDev and #Capitaland.


#AnalystReport #SGinvestors
Property Development & Inventory - CIMB Research 2017-01-16: Stabilising sales. 2016 home sales, net of ECs, were 8.3% above 2015, the highest since 2013. Declining new inventory and gradual digestion of the new supply are p...
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SGinvestors.io
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Market Research  - 
 
#SingaporeBanking Sector -
Phillip Securities 2017-01-16: Challenges to Loans and Net Interest Income Growth.

#Singapore banks’ high Loan-To-Deposit Ratio amid credit cycle contraction indicates performance has peaked and are entering a phase of low net interest income growth.
Rising non-performing loans amid weak net interest income growth implies weaker ability to set aside provisions to increase coverage ratio.

#AnalystReport #DBS #OCBC #UOB #SGinvestors
Singapore Banking Sector - Phillip Securities 2017-01-16: Challenges to Loans and Net Interest Income Growth. Singapore banks’ high Loan-To-Deposit Ratio amid credit cycle contraction indicates performance has peaked and are...
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SGinvestors.io
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Market Research  - 
 
#Telecom Sector -
DBS Research 2017-01-13: Prudent sharing of network.

#M1 and #StarHub have signed a Memorandum of Understanding (MOU) to study potential collaboration in mobile infrastructure sharing, with a focus on sharing radio access network (RAN), backhaul and access assets.
We estimate ~20% capex savings for both the companies from 2018 onwards. Upgrade StarHub and M1 to HOLD as negatives are priced in.

#AnalystReport #SGinvestors #SingaporeTelco
Telecom Sector - DBS Research 2017-01-13: Prudent sharing of network. M1 and StarHub have signed a Memorandum of Understanding (MOU) to study potential collaboration in mobile infrastructure sharing, with a focus on sharing ...
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SGinvestors.io
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Market Research  - 
 
#Singapore #Healthcare -
Maybank Kim Eng 2017-01-11: Tapping the silver dollar.

Singapore’s healthcare sector has been harnessing structural growth drivers like: rising affluence; an ageing population; and growing medical tourism. These key drivers will remain relevant and continue to support the industry’s growth.
#RafflesMedicalGroup is our Top Pick in the sector.

#AnalystReport #SGinvestors #IHH #ISEC #QMDental
Singapore Healthcare - Maybank Kim Eng 2017-01-11: Tapping the silver dollar. Singapore’s healthcare sector has been harnessing structural growth drivers like: rising affluence; an ageing population; and growing medical t...
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SGinvestors.io
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Market Research  - 
 
#SingaporeAviation -
UOB Kay Hian 2017-01-11: Forward Capacity Growth Suggests Lacklustre Prospects For #SATS And #SIAEC.

In Nov 16, pax throughput rose by only 3% yoy despite a 14% rise in Chinese pax throughput. Meanwhile, forward capacity until Jun 17 indicates just 4% growth - half of 1H16’s pax throughput growth. This could have negative implications for SATS and SIAEC.

#AnalystReport #SGinvestors #SIA #ChangiAirport
Singapore Aviation - UOB Kay Hian 2017-01-11: Forward Capacity Growth Suggests Lacklustre Prospects For SATS And SIAEC. In Nov 16, pax throughput rose by only 3% yoy despite a 14% rise in Chinese pax throughput. Meanwhile, ...
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SGinvestors.io
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Market Research  - 
 
#SingaporeBanking -
UOB Kay Hian 2017-01-06: Upside From Rate Hikes, Limited Downside From O&G.

The banking sector is lifted by tailwinds from higher interest rates and bond yields while headwinds from the O&G sector have diminished. #DBS and #OCBC trade at 2017F P/B of 0.99x and 1.03x, at a discount of 26% and 38% below their long-term mean respectively.

#AnalystReport #SGinvestors
Singapore Banking - UOB Kay Hian 2017-01-06: Upside From Rate Hikes, Limited Downside From O&G. The banking sector is lifted by tailwinds from higher interest rates and bond yields while headwinds from the O&G sector have di...
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Market Research  - 
 
#SingaporeREITs -
RHB Invest 2017-01-03: #SREITs To Remain Resilient.

SREITs currently offer an average FY17F yield of 6.6%, the highest among the global REIT sector. We believe the impact of Fed Funds rate hikes has been largely priced in.
Our Top Picks are #AscendasREIT, #CapitaLandCommercialTrust and #FrasersCentrepointTrust (FCT).
In the small-cap space, we like #ManulifeUSREIT and #VivaIndustrialTrust.

#AnalystReport #SGinvestors
REITs - RHB Invest 2017-01-03: SREITs To Remain Resilient. We expect yield instruments to remain in favour in 2017 amid a volatile macroeconomic environment and slow growth. SREITs currently offer an average FY17F yield of 6...
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SGinvestors.io
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Market Research  - 
 
#Plantation -
UOB Kay Hian 2017-01-06: Plantation Companies’ Share Prices Underperform CPO Prices.

Going forward, plantation companies with strong recovery in FFB production should benefit from the current high CPO prices. Our top picks are #BumitamaAgri (BAL), #FirstResources (FR) and KIML. Maintain OVERWEIGHT.

#AnalystReport #SGinvestors
Plantation - UOB Kay Hian 2017-01-06: Plantation Companies’ Share Prices Underperform CPO Prices. Share prices of plantation companies under our coverage underperformed (-10% yoy to +35% yoy) CPO prices (+45.6% yoy) in 2016...
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SGinvestors.io
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Market Research  - 
 
#Healthcare -
RHB Invest 2017-01-03: Buy For Your Elderly Care.

We have an OVERWEIGHT call on the healthcare sector. We believe that an ageing population and increased sophistication in medical insurance plans are the key growth drivers in Singapore’s private healthcare industry. We have #RafflesMedicalGroup (RMG) and #SingaporeMedicalGroup (SMG) as our Top Picks.

#AnalystReport #SGinvestors
Healthcare - RHB Invest 2017-01-03: Buy For Your Elderly Care. We have an OVERWEIGHT call on the healthcare sector. We believe that an ageing population and increased sophistication in medical insurance plans are the key gr...
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SGinvestors.io
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Market Research  - 
 
#SingaporeBanks -
Maybank Kim Eng 2017-01-17: Covered Bonds - Diversify Source Of Funding.

#DBS announced it has successfully priced the issue of EUR750m in fixed-rate covered bonds due 2024 under its USD10b Global Covered Bond Programme. These covered bonds will bear a fixed coupon of 0.375% per annum payable yearly in arrears.
This is DBS’s third issuance of covered bonds, after its USD1b and AUD750m issuance in 2015 and 2016 respectively.

#AnalystReport #SGinvestors
Singapore Banks - Maybank Kim Eng 2017-01-17: Covered Bonds: Diversify Source Of Funding. DBS announced it has successfully priced the issue of EUR750m in fixed-rate covered bonds due 2024 under its USD10b Global Covered Bon...
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SGinvestors.io
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Market Research  - 
 
SG #Hospitality -
OCBC Investment 2017-01-17: A closer look at Chinese visitors growth.

As we continue to monitor industry developments, we believe 2017 looks to be another tough operating year with the supply injection and moderating growth in Chinese arrivals, but there are good opportunities for dollar-cost averaging before the industry stabilizes in 2018.
We are positive on #OUEHospitalityTrust (#OUEHT) [BUY; FV: S$0.73], as well as geographically-diversified #AscottResidenceTrust (#ART) [BUY; FV: S$1.24] and #CDLHospitalityTrust (#CDLHT) [BUY; FV: S$1.48].

#AnalystReport #SGinvestors #Singapore
SG Hospitality - OCBC Investment 2017-01-17: A closer look at Chinese visitors growth. As we continue to monitor industry developments, we believe 2017 looks to be another tough operating year with the supply injection and m...
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SGinvestors.io
moderator

Market Research  - 
 
Singapore #PropertyDevelopers & #REITs -
DBS Research 2017-01-06: Rocky Road, Take me home.

 Luxury residential and office subsectors to bottom out ahead of other subsectors in 2017.
 Diversification remain a key strategy for most real estate companies, cheap valuations could spark M&A.
 Deleveraging trend to kick in from 2017.

Developers – Our picks are #CDL and #UOL. A wildcard could be a potential unwinding of government policies.
Singapore REITs – capital preservation is key. Picks are #KREIT, #AREIT and #MCT. Small cap picks are #FLT, #KDCREIT and #Croesus.

#AnalystReport #SGinvestors
Singapore Developers & REITs - DBS Research 2017-01-06: Rocky Road, Take me home.  Luxury residential and office subsectors to bottom out ahead of other subsectors in 2017.  Diversification remain a key strategy for most ...
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SGinvestors.io
moderator

Market Research  - 
 
SG Hospitality -
OCBC Investment 2017-01-13: 2017 – Tough Year, Good Opportunity.

With the prospect of RevPAR stabilization in 2018, we believe that 2017 will present important opportunities for dollar-cost averaging for our top picks given the weak operating outlook.
We are positive on #OUEHT [BUY; FV: S$0.73], #AscottResidenceTrust (ART) [BUY; FV: S$1.24], and #CDLHospitalityTrusts (CDLHT) [BUY; FV: S$1.48].

#AnalystReport #SGinvestors #REIT
Maintain NEUTRAL on the sector.
SG Hospitality - OCBC Investment 2017-01-13: 2017 – Tough Year, Good Opportunity. With the prospect of RevPAR stabilization in 2018, we believe that 2017 will present important opportunities for dollar-cost averaging for our...
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SGinvestors.io
moderator

Market Research  - 
 
#SingaporeProperty -
Maybank Kim Eng 2017-01-11: Trend of narrowing margins could continue.

#UOL (BUY, TP SGD7.39), our top developer pick, could outperform as it offers decent returns from its large recurring income base and good development earnings visibility from a conservative residential portfolio.
The potential sale of #UnitedEngineers and #GlobalLogisticProperties could drive fund flow into the other three large-cap developers, #CAPL, #CIT and UOL, as investors redeploy capital within the sector.

#AnalystReport #SGinvestors
Singapore Property - Maybank Kim Eng 2017-01-11: Trend of narrowing margins could continue. UOL (BUY, TP SGD7.39), our top developer pick, could outperform as it offers decent returns from its large recurring income base and...
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SGinvestors.io
moderator

Market Research  - 
 
#Offshore & Marine -
RHB Invest 2017-01-03: Short-Term Relief To Provide Positive Sentiment.

OPEC’s agreement to cut oil production offers some hope to the Singapore-based O&M players that there could be an end to the long and dark tunnel. We keep our OVERWEIGHT rating on the sector, on the back of positive sentiment and the expectation of an earnings recovery in the medium term.

#AnalystReport #SGinvestors #KeppelCorp #Sembcorp #SembcorpMarine
Offshore & Marine - RHB Invest 2017-01-03: Short-Term Relief To Provide Positive Sentiment. OPEC’s agreement to cut oil production offers some hope to the Singapore-based O&M players that there could be an end to the long an...
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SGinvestors.io
moderator

Market Research  - 
 
#SingaporeBanks -
RHB Invest 2017-01-03: Wider NIMs a Catalyst Going Forward.

We believe the NPL ratio for Singapore banks would continue to rise, although at a slower pace, following the reported increase over the first nine months of 2016. Expected Fed Funds rate hikes in 2017 should lead to firmer SIBOR.
Our sensitivity analysis shows that #DBS’ net profit would rise the most for every bps rise in SIBOR – thereby supporting our BUY recommendation for this stock.

#AnalystReport #SGinvestors #OCBC #UOB
Banks - RHB Invest 2017-01-03: Wider NIMs a Catalyst Going Forward. We believe the NPL ratio for Singapore banks would continue to rise, although at a slower pace, following the reported increase over the first nine months o...
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SGinvestors.io
moderator

Market Research  - 
 
#ConsumerSector -
RHB Invest 2017-01-03: Finding Opportunities In The Low-Growth Era.

We believe consumer staples would still be at the forefront of attention in 2017. Maintain OVERWEIGHT, as most of our covered stocks in this sector are in the consumer staple space. Top Picks are #BreadTalk, #DairyFarm and #ShengSiong.

#AnalystReport #SGinvestors
Consumer - RHB Invest 2017-01-03: Finding Opportunities In The Low-Growth Era. We believe consumer staples would still be at the forefront of attention in 2017. Discretionary spending is likely to remain cautious, as consum...
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SGinvestors.io
moderator

Market Research  - 
 
#WaterUtilities -
RHB Invest 2017-01-03: Hydraulic Revolution.

We keep our OVERWEIGHT rating on the water sector as companies in our coverage universe have strong book-to-bill ratios and solid balance sheets to bid for new projects.
Our Top Pick for the sector is #SIICEnvironment.

#AnalystReport #SGinvestors #CEWL
Water Utilities - RHB Invest 2017-01-03: Hydraulic Revolution. We keep our OVERWEIGHT rating on the water sector as companies in our coverage universe have strong book-to-bill ratios and solid balance sheets to bid for new p...
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SGinvestors.io
moderator

Market Research  - 
 
#Telecommunications -
RHB Invest 2017-01-03: Dialling On The Number Four.

Concerns over competition should continue to haunt investors as Singapore shifts from a three player market to a four player model in 2017.

#AnalystReport #SGinvestors #M1 #Singtel #Starhub
Telecommunications - RHB Invest 2017-01-03: Dialling On The Number Four. Concerns over competition should continue to haunt investors as Singapore shifts from a three player market to a four player model in 2017. TPG Telecom...
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