Towards Financial Freedom

DBS Equity Research: Wired Daily 17 May 2016

kiasutrader
Publish date: Wed, 18 May 2016, 10:31 AM
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  • Croesus Retail Trust - Ready to fly
  • Genting Singapore - Still yet to fully turnaround
  • China Everbright Water - Q1 results distorted by VAT
  • mm2 Asia - acquires distribution rights for 19 movies in Singapore and Malaysia
  • SIA - April 2016 operating results
  • Trendlines Group - launches ADR program
  • Ntegrator - clinches five contracts worth S$11m in Singapore and Vietnam
  • April new private home sales down 11.6%
  • US stocks rallied, led by energy shares


Stocks to Watch

Croesus Retail Trust (CRT SP): BUY
Last Traded Price: S$0.83; Price Target: S$0.90 (Upside 8%) (Prev S$0.86)
Ready to fly
• Acquires three Japan retail malls on NPI yield of 7.1%
• 3% uplift to our FY17F DPU but 9% dilution to FY16F DPU due to recent equity placement
• 3Q16 DPU of 1.86 Scts (+3% y-o-y) in line with expectations


Genting Singapore (GENS SP): HOLD
Last Traded Price: S$0.79; Price Target: S$0.79 (Upside 1%) (Prev S$0.65)
Still yet to fully turnaround
• Adjusted EBITDA fell 16% y-o-y - in line
• VIP rolling chip volumes down c.34% y-o-y with bad debts spiking to S$92m from S$45m in 4Q15
• Potential capital management in 2017 if there is a lack of investment opportunities
 
News
 
China Everbright Water (CEWL SP): BUY
Last Traded Price: S$0.67; Price Target : S$0.69 (3% upside) (Under review)
Q1 results distorted by VAT
• 1QFY16 net profit climbed only 2% due to VAT, higher effective tax and administrative cost
• Growth would have been stronger at low-teens if stripping out VAT impact
• Efficiency improvement from M&A will be reflected gradually
• Maintain BUY with TP under review

mm2 Asia - acquires distribution rights for 19 movies in Singapore and Malaysia
mm2 Asia, together with Clover Films, has acquired shared distribution rights for 19 movies in Singapore and Malaysia. The total number of distribution titles by the Group in FY17 to date will add up to 19. This represents a 111% y-o-y increase from the 9 distribution titles in FY16, not including mm2's own produced titles. In addition to titles produced by third parties, mm2 also distributes movies produced and co-produced by the Group companies. With these 19 movies, mm2 is on track to more than double the number of distributed movies in FY17, from FY16. 


SIA - April 2016 operating results
In April 2016, Singapore Airlines' systemwide passenger load factor (PLF) improved 1.8 percentage points to 77.1%. Passenger carriage increased 1.9% compared to last year, against a 0.5% decrease in capacity. Comparing year-on-year, demand was boosted by East Asia routes primarily on the back of promotional activities. Overall cargo load factor (CLF) was 1.3 percentage points higher with growth in cargo traffic of 8.5% exceeding overall capacity increase of 6.3%. East Asia, Europe and South West Pacific regions showed an improvement in load factor with demand outpacing capacity changes.

Trendlines Group - launches ADR program
Trendlines Group launches a sponsored Level 1 American Depositary Receipt (ADR) program. The ADR program will support the expansion of the Company's investor base in US and the ADRs will be traded in the Over the Counter (OTC) market. The ADR registration does not involve any capital raising or the issuance of new shares by the Company. As such, there will be no share dilution to the Company's shareholders.

Ntegrator - clinches five contracts worth S$11m in Singapore and Vietnam
Ntegrator has secured five contracts worth approximately S$11.0m. It has been awarded two contracts for the supply of high-performance batteries to Viettel, Vietnam's largest mobile network operator and another three contracts in Singapore for the provision of pipeline installation and maintenance services and supply of telecommunications equipment and fiber optics. The contracts are slated for delivery in FY2016.

April new private home sales down 11.6%
After surging to an eight-month high in March, developers' sales of private homes eased last month. Developers found buyers for 745 private homes last month, down 11.6% from 843 units in March this year and a 36.2% drop from 1,167 units in April last year. Developers also sold 546 executive condo (EC) units last month, higher than the 485 units in the previous month and 126 units in the year-ago period.

US stocks rallied, led by energy shares
US stocks rallied, led by energy and commodity stocks after oil price rallied to YTD highs on optimism that the supply glut is easing. Brent oil rose 2.4% to US$48.97pbl with data showing China's refineries processed crude at record rates in April, helping ease a supply glut as the number of active rigs in the U.S. declines. West Texas Intermediate climbed 3.3% to $47.72pbl. Apple rose after Warren Buffett's Berkshire Hathaway disclosed a stake in the technology giant worth more than US$1bil at the end of the first quarter.

Source: DBS
Genting Sing (G13)China Everbright (U9E)SIA (C6L)Trendlines (42T)Ntegrator Intl (5HC)
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