1H17 core earnings c.6% below consensus as competition from private-hire vehicles remained intense. In fact, almost all business divisions were weak. Public ...

2Q17 earnings met 18%/15% of our/consensus full-year estimates - within expectations, as we highlighted last quarter that its strong 1Q17 results were ...

While 1H17 made up just 31% of our FY17E, we deem the results in line as 2H is expected to make up for the shortfall. A strong rebound in home sales and an ...

1H17 core EPS beat our estimate, at 71% of our FY17E. This was thanks to a 9-month lease extension for Westlite Tuas. Occupancy for Singapore asset and student ...

1H17 EPS beat our estimate by c.5%, at 52% of our FY17E, as higher net margin China sales outperformed. 4Q is the seasonally strongest quarter. In 2Q17, China ...

1H17 EPS was slightly below. We lowered FY17E EPS by ~2% but raised FY18-19E EPS by ~1% on higher income. Given sanguine economic prospects, we raise our ...

2Q17 offered no surprises. The valuation of its commercial properties was raised after a 25bp cut to cap rates. Buoyant sentiment has enabled UOL to raise ASPs ...

1Q18 core earnings missed our forecast by c.10% as the operating profit of postal segment fell 14% YoY due to falling domestic mail volume. On the bright side: ...

1H17 core earnings were in line, at 46% of our FY17E, 2Q17 declined 15% QoQ due to volatile raw material price as the high-cost inventories procured in 1Q17 ...

2Q17 earnings were 15% above our estimate. Therefore, we raised our FY17-19 EBITDA estimates by 7-8%. More importantly, operating conditions have improved ...

Active portfolio reconstitution and fair value gains drove a solid 89% increase in 1H17 net profits. We deem core earnings as inline. Strong China performance ...

We downgrade the stock to SELL as: 1) Singapore’s growth missed again for the third straight quarter and underlying weakness is structural in our view, 2) ...

AAREIT’s 1Q18 results were in line with our estimates, with DPU of SGD4.05cts up 4.3% YoY and 5.3% QoQ. This was driven by its Singapore and Australia ...

SIA’s 1QFY18 core net profit was above ours and consensus expectations. The passenger business performance was challenging, as expected, but the cargo business ...

Viva reported strong operating results for 2Q17, led by contributions from recent acquisitions, successful backfilling at Jackson Square, and +5% rental ...

MINT achieved 1Q18 DPU of SGD2.92cts (+2.5% YoY, +1.4% QoQ), with broad-based improvements across its Singapore-focused, multi-tenanted properties, and steady ...

While 1H17 DPU was in line at 51% of our FY17E, distributable income from operations were slightly ahead as Suntec offices beat expectations. We raise FY17E DPU ...

Singapore Airlines (SIA) will report 1Q18 results on 27 Jul and we expect a profit of SGD96m, -8% YoY. We deem this as in line. The long-haul market is brutal; ...

MLT reported 1Q18 DPU of SGD1.89cts (+2.0% YoY, +1.5% QoQ), driven by stabilising asset conversions in S'pore, stronger performance in HK and contributions from ...

Reported profit of SGD57.3m was in line with expectation, up +3.2% YoY at core level (-10.6% at reported level due to divestment gains in 1Q17) at 22% of our ...