Towards Financial Freedom
DBS Equity Research: Wired Daily 28 Oct 2015
IndoAgri - Sequential recovery priced in, Maintain Hold
Results first look - SMRT 2Q16 net profit up 1.9% y-o-y, MAGIC 1H16 DPU 3.499 Scts
Based on 3Q15 CPO ASP of Rp6,763/kg, a 5% q-o-q higher CPO sales volume, and a 45% y-o-y jump in sugar sales volume, IndoAgri is projected to report 3Q15 earnings of c.Rp38bn. However excluding unrealised FX loss of Rp237bn, the group's underlying net profit is estimated to arrive at Rp215bn (i.e. 5-fold jump q-o-q). While this would bring IndoAgri's 9M15 reported earnings to c.Rp75bn (vs. our FY15 forecast of Rp53bn), we are leaving our forecasts unchanged for now. We value IndoAgri at S$0.47/share based on DCF methodology. At its current price level, the counter has 22% downside potential. Maintain Hold.
SMRT's 2Q16 net profit was up by 1.9% y-o-y to S$25.7m. Revenue grew by 4.7% y-o-y to S$328.8m driven by higher fares and non-fare revenue. Operating costs increased across the board, save for electricity and diesel costs which decreased by 9.8% y-o-y to S$36m due to lower energy prices. MRT and LRT saw operating losses of S$2.8m and S$1.2m, respectively, continuing the trend from 1Q16. Bus operations, on the other hand, recorded an improved operating profit of S$2.6m, a reversal of S$1.4m losses in 2Q15. Non-fare business segments achieved an operating profit of S$35m, with rental being the main contributor (S$20.5m or 59%). Advertising and Taxi segments also saw improved operating profits. An interim dividend of 1.5 Scts was declared, similar to 1H16. More updates to follow.
Mapletree Greater China Commercial Trust (MAGIC) reported 1H16 DPU of 3.499 Scts (+10.7% y-o-y). The healthy results was attributed to continued improvement NPI at Festival Walk (+21% y-o-y) and Gateway Plaza (+8.9%). In addition, MAGIC benefited from the first full quarter contribution from the recently acquired Sandhill Plaza. This was despite overall occupancy dipping marginally to 98.4% from 99% in Jun15 which was mainly due to a fall in occupancy at Gateway Plaza (96.3% from 98.6% in 1Q15). Overall, group NPI rose 26% y-o-y to S$69.5m. More updates to follow.
Property developer Oxley Holdings posted a jump in net profit for 1Q to S$35mil from S$10mil a year ago. Revenue rose to S$434mil from S$120mil, led by revenue recognition from the group's industrial property development Ecotech @ Sunview. The group declared an interim dividend of 0.50 Singapore cents.
Source: DBS
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