Singapore Stock Market News

Singapore Strategy - Earnings bubbling

StockFanatic
Publish date: Mon, 05 Mar 2018, 09:33 PM
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■ The 4Q17 results of Singapore corporates were not impressive, with underachievers outnumbering those that beat expectations 15 to seven.

■ This shows that corporates are still grappling with costs and kitchen-sinking. However, overall EPS still held up, mainly led by banks and manufacturing sectors.

■ Order book upgrade in capital goods also added meat to forward EPS expectations; we see risks of disappointment by mid-18 if orders do not trickle in.

■ Our bottom-up target for FSSTI now stands at 3,705, based on 14.2x 2018F P/E (+0.5 10-year mean) vs. 10% yoy EPS growth for 2018F.

Our Alpha picks are SMM, VMS, UOL, GENS and STE (big caps); and AEM, China Sunsine, Yongnam and mm2 (small caps).
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