Although the Macau VIP market growth is decelerating, we are sanguine about the Singaporean one. Yet, GENS still trades at an attractive 6.8x FY19E EV/EBITDA or ...

Maintain BUY albeit with a lower ROE-g/COE-g TP of SGD17.48, as i) we proactively lower FY18-20E EPS by 2-9% for macroeconomic uncertainties; and ii) increase ...

We downgrade HIP to SELL from HOLD and cut our ROE-g/COE-g TP to SGD0.68. We: i) cut FY18-20E EPS by 2-4% after its biggest customer revised its revenue ...

Maintain BUY, though with a lower ROE-g/COE-g TP of SGD0.90. We cut FY19-21E earnings by 3-6%, as a slowing of consumer sentiment and/ or an escalation of the ...

SPHREIT has announced its first overseas acquisition; an 85% interest in Figtree Grove in New South Wales Australia for AUD188.2m (SGD188.2m). We see this as a ...

We hosted senior management in a series of investor meetings and came away with our positive view intact. The Trust’s business model and virtual monopoly of ...

Fuelled by the rebound in PT Japfa Tbk (JPFA IJ; IDR2,240; NR) and APO divisions, YTD FY18 has been far stronger than we expected. Upcoming Indonesian ...

SIE’s share price, close to nine-year lows, has been on a decline for the past two and a half years due to growth concerns caused by structural changes in ...

CMT’s shares have held-up well against the market in spite of weak underlying sector drivers; we remain cautious against a backdrop of soft retail sales, rising ...

1HFY19 core EPS forms 41%/41% of MKE/consensus estimates (Fig 1). With 2H traditionally driving the bulk of its annual profits - 58% in 2HFY18, results were in ...

2QFY19 core net profit was below our and consensus expectations primarily due to a SGD118m impairment of its Virgin Australia associate, which was double our ...

3Q18 was a good quarter on most fronts with the exception of Marine, which performed worse-than-expected that led to group profit missing our expectation by ...

Despite posting a strong 35% YoY output growth in 3Q18, BAL has failed to sell as much produce due to industry-wide logistics issues in Kalimantan. The large ...

Despite a 1.3% YoY fall in revenues, 2QFY19 core PATMI (+14% YoY) met our estimate due to a favourable product mix and FX gain. We conservatively shave FY19-21E ...

Sasseur REIT reported another strong set of earnings with DPU of SGD1.542cts, 4.5% ahead of its IPO projection. Sales growth momentum was strong in 3Q18 at ...

3Q18 PATMI of SGD33.8m (-11.9% YoY) was ahead of our expectation as we overestimated the margin erosion from pricing pressure and lower yields. As such, we ...

3Q18 core earnings met 28%/29% of our/consensus full-year estimates, within expectations. We make no changes to our earnings forecasts. Maintain BUY and ...

StarHub’s 9M18 revenues and profit were 74%/74% and 82%/85% of MKE/consensus. Given that 4Q is typically a higher expense quarter, we maintain current forecasts ...

Since reporting 2Q18 results, GENS’ share price has plunged 28%. 3Q18 results not only pleasantly surprised us, but GENS is optimistic on its outlook. We raise ...

We estimate a 2QFY19 core net profit of SGD118m (-38% YoY, -16% QoQ). We think yield attrition and higher jet fuel prices will weigh on its bottom line. ...