China / Hong Kong Company Guide Midea Group Company Limited

Size: px
Start display at page:

Download "China / Hong Kong Company Guide Midea Group Company Limited"

Transcription

1 China / Hong Kong Company Guide Version 6 Bloomberg: CH Equity Reuters: SZ Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Apr 2017 BUY Last Traded Price ( 31 Mar 2017):RMB33.30 (CSI300 Index : 3,456) Price Target 12-mth: RMB36.41 (9% upside) (Prev RMB35.35) Potential Catalyst: Ramp-up of Toshiba and KUKA s growth in China Where we differ: Our FY17/18 earnings estimate is higher than consensus by 7%/1%. Analyst Eric YEE, CFA eric_yee@dbs.com Mavis HUI mavis_hui@dbs.com What s New Maintain BUY with TP fine-tuned to RMB as we benchmark 12.7x rolling PE. Yield is 3.7%. FY17 outlook is decent, with double-digit sales growth and steady margins. Consolidation of Toshiba and KUKA also fuel longterm growth. Price Relative RMB 9.2 Sep-13 Sep-14 Sep-15 Sep-16 (LHS) Relative CSI300 Index (RHS) Relative Index Forecasts and Valuation FY Dec (RMB m) 2015A 2016A 2017F 2018F Turnover 138, , , ,191 EBITDA 15,473 17,660 20,882 22,668 Pre-tax Profit 16,051 18,915 22,698 24,967 Net Profit 12,707 14,684 17,969 19,765 Net Profit Gth (Pre-ex) (%) EPS (RMB) EPS Gth (%) Diluted EPS (RMB) DPS (RMB) BV Per Share (RMB) PE (X) P/Cash Flow (X) P/Free CF (X) EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) CASH CASH CASH CASH ROAE (%) Earnings Rev (%): 1 Nil Consensus EPS (RMB) Other Broker Recs: B: 19 S: 0 H: 1 Source of all data on this page: Company, DBSV, Thomson Reuters, HKEX Multiple growth drivers Reiterate BUY. We continue to like Midea for multiple reasons: 1) Double-digit growth in white goods sales are expected in FY17, with raw material cost pressures being mitigated by better product mix and operating efficiencies. 2) Export sales are expected to contribute more than 50% of group sales, and is poised for margin enhancement as well as translation gain if RMB weakens further. 3) Solid medium-term potentials brought upon by Toshiba and KUKA. 4) Motivated management on progressive share incentive plans. Maintain BUY with revised TP of RMB Coupled with FY17 dividend yield of 3.7%, total upside is c.13%. Decent FY16 results. FY16 results were broadly in-line, with doubledigit growth in both top-line and bottom-line. Net profit increased by 16% y-o-y to RMB 14.7bn, driven by gross margin expansion, higher interest income and forex gain. Revenue recorded 15% growth on the back of Toshiba unit consolidation and sequential sales improvement in 2H16. On full year basis, sales growth for air conditioner, refrigerator, washing machine and small household appliances were 4%, 31%, 34% and 22% respectively. Gross margin inched up by 1.5ppt to 27.3%, while EBIT margin stayed flattish at c. 9.2% due to consolidation of Toshiba unit and higher expenses booked for share incentive plan in 4Q16. Consolidation of Toshiba and KUKA. Recall that the Toshiba and KUKA deals were completed in Jun 2016 and Jan 2017, respectively. Although immediate earnings accretion is expected to be insignificant, the introduction of Toshiba brand in China could enhance Midea group s product-mix and margins in medium-term. Growth visibility for KUKA is also clearer now revenue is targeted to grow from current level of c.eur3.2bn to EUR4-4.5bn by 2020, while net margin remains on track to see significant lift from c.4% to 7% during the period. Valuation: Our new TP of RMB benchmarks 12-month rolling PE of 12.7x (previously based on 12.7x FY17 PE), equivalent to 2 standard deviation above average, to reflect Midea s long-term growth prospects. Key Risks to Our View: Slowdown in domestic home appliances demand & export sales; further spike in raw material prices, and unsuccessful M&A integration. At A Glance Issued Capital (m shrs) 6,425 Mkt. Cap (RMBm/US$m) 213,950 / 31,106 Major Shareholders Midea Holding (%) 34.9 Free Float (%) m Avg. Daily Val. (US$m) ICB Industry : Consumer Goods / Household Goods sa- AH

2 Result summary & comments F Y Dec FY15 FY16 % y-o-y Segmentals (RMB m) Segmental sales : Air conditioner 64,492 66, % Refrigerator 11,423 14, % Washing machine 12,018 16, % Small household appliances 35,446 43, % Motor 3,534 4, % Logistics 1,653 1, % Non-core operations 9,877 11, % Revenue 138, , % Segmental results: Air conditioner 18,221 20, % Refrigerator 2,648 3, % Washing machine 3,377 4, % Small household appliances 8,871 12, % Motor % Logistics % Non-core operations 1,896 1, % Segmental profit 35,778 43, % Segmental margins: ppt chg Air conditioner 28.3% 30.6% 2.3% Refrigerator 23.2% 23.1% -0.1% Washing machine 28.1% 28.6% 0.5% Small household appliances 25.0% 29.7% 4.7% Motor 16.0% 17.0% 1.0% Logistics 12.0% 3.3% -8.7% Non-core operations 19.2% 11.3% -7.9% Segmental margin 25.8% 27.3% 1.5% Page 2

3 Result summary & comments Profit & Loss (RMB m) FY15 FY16 % y-o-y Comment s Revenue 138, ,044 15% attributable to consolidation of Toshiba HA unit since 3Q16 - ex-toshiba - 1% growth Cost of sales (102,663) (115,615) 13% Gross profit 35,778 43,429 21% attributable to GP margin expansion Other net operating income % Selling & distribution expenses (14,800) (17,678) 19% Administrative expenses (7,442) (9,621) 29% Other operating expenses (916) (1,458) 59% Operating profit 12,624 14,677 16% Due to better operating efficiencies Net interest income 200 1, % Non-operating items (incl. associate profit) 3,227 2,882-11% Profit before tax 16,051 18,915 18% Income tax (2,427) (3,053) 26% Minority interests (918) (1,178) 28% Net profit 12,707 14,684 16% Less: extraordinary gain/(loss) 1,795 1,191-34% Core net profit 10,911 13,493 24% Profitability (%): ppt chg Gross profit margin GPM improvement across segments, mainly led by small household appliances segment EBIT margin Net profit margin Lower NP margin expansion vs. GPM expansion Core net profit margin Page 3

4 CRITICAL DATA POINTS TO WATCH Earnings Drivers: Domestic white goods sales. The PRC domestic home appliance industry had staged recovery since 2H16 following the subsiding of inventory issues. Sustained rebound trajectory was seen in 4Q16 - seeing sales of air conditioner, washing machine and refrigerator segments in 4Q16 rebounded by 28% y-o-y (30% in 3Q16), 7% (5% in 3Q16), and 7% (4% in 3Q16), respectively. In the longer term, we are hopeful that the smart home theme will be the next long term catalyst for consumption-upgrade demand. We are of the view that a demand boom can be sparked once a mature range of smart home appliances are well developed and could practically power up a smart home. Supportive margins. Aside from the general consumption upgrade angle, Midea's overseas business (which makes up c.44% of group revenue in 2016) is poised to contribute better margins and bottom-line growth. This is a result from the group's effort to slowly move from OEM & ODM (which accounts for 70% of overseas revenue) to OBM through the fortification of its brand image. Potential rebound in raw material prices (which are a significant gross margin determinant) could also be largely offset by product price hikes. Foreign operational & currency exposure. It is known that Midea s overseas businesses contributed sizeable revenue of >RMB60bn to the company (c.44%of group sales), with six foreign production bases in Vietnam, Belarus, Egypt, Brazil, Argentina and India, and a total of c. 3,800 new overseas branches. Following the acquisition of Toshiba home appliance unit and KUKA AG, overseas revenue contribution could swell to c.50% upon full year contribution in FY17. Aside from an estimated >30% of FY17 group revenue to be denominated in USD, 70% of Toshiba s sales (or c.6% of FY17 group revenue) are domestic-driven (generating Yen), while c.50% of KUKA AG s revenue (or >6% of FY17 group revenue) are derived from Europe (Euro denominated). Foreign exposure, especially in terms of USD, could be bliss amidst weakening RMB, although it is important to watch out for a turn, if any, given the significant proportion of such exposure. 216, , , ,619 92,714 61,809 30, ,340 18,255 12,170 6,085 0 Sales (RMBm) Gross Margin (%) EBITDA margin (%) Operating Cash Flows (RMBm) 30,124 26,764 26,106 24,789 24,414 Cash (RMBm) ,112 71,588 50,959 52,279 32,334 Page 4

5 Balance Sheet: As at FY16, Midea s own funds (the net amount of monetary assets such as monetary funds, notes receivable and bank wealth management products after long-term and short-term borrowings, bonds payable and other interest-bearing monetary liabilities) stood at c.rmb 61bn. The group s own fund is still standing strong after taking out c. EUR 4bn/RMB 29.3 bn bridging loan for acquisition of KUKA AG. Share Price Drivers: Turnaround of Toshiba home appliance unit. Midea completed the takeover exercise of Toshiba s home appliance unit on 30 Jun 16, with a final price tag of JPY 51.4bn (approximately USD 512m / RMB 3.4bn). As mentioned in our earlier report on the deal, an immediate dent in earnings is expected upon consolidation, given the target s loss-making position. However, we believe that Midea would be able to integrate the target unit well and extract synergies, given their more-than-20 years of partnership, and eventually turn the target unit around, by leveraging on its core efficiency competence. More background details in our earlier report Midea +Toshiba - A pact to deepen strategic partnership dated 31st March Leverage & Asset Turnover (x) Gross Debt to Equity (LHS) Asset Turnover (RHS) Capital Expenditure RMBm 4, , , , , , , Capital Expenditure (-) 70.0% 60.0% 50.0% ROE Key Risks: Slower-than-expected recovery in home appliance demand; fluctuation of raw material prices, and higher-than-expected risks in overseas market Depending on some external factors such as property sales and weather conditions, a recovery of home appliances demand especially the air-conditioner segment could be delayed. Fluctuations in raw material prices such as steel and plastics could reverse margin expansion. Poor integration post M&A could also weigh on the company's own efficiency. 40.0% 30.0% 20.0% 10.0% 0.0% (x) Forward PE Band +2sd: 12.9x +1sd: 11.3x Company Background: Midea Group ( Midea ) is one of the largest global white goods manufacturers and suppliers based in China. It mainly engages in manufacturing and distributing air conditioners, refrigerators, washing machines and small household appliances (kitchen appliances, water heaters etc). Midea is the parent company of Shenzhen listed Little Swan ( CH) (a renowned washing machine manufacturer) with 53.0% stake, as well as Hong Kong listed Welling Holding (382.HK) (an upstream manufacturer that supplies compressors and electric motors to Midea), with 69% stake Sep-13 Sep-14 Sep-15 Sep-16 PB Band (x) Sep-13 Sep-14 Sep-15 Sep-16 Avg: 9.7x -1sd: 8.1x -2sd: 6.6x +2sd: 3.7x +1sd: 3.23x Avg: 2.76x -1sd: 2.29x -2sd: 1.82x Page 5

6 Key Assumptions FY Dec Sales (RMBm) 141, , , , ,190.7 Gross Margin (%) EBITDA margin (%) Operating Cash Flows (RMBm) 24, , , , ,123.6 Cash (RMBm) 32, , , , ,279.2 Segmental Breakdown (RMB m) FY Dec Revenues (RMB m) Air conditioner 72,705 64,492 66,781 73,459 79,336 Refrigerator 9,724 11,423 14,956 16,451 17,704 Washing Machines 9,974 12,018 16,119 17,973 19,596 Small household appliances 32,710 35,446 43,283 48,693 53,563 Motor,Logistics,Noncore 16,556 15,063 17,905 18,403 18,834 KUKA AG ,295 25,158 Total 141, , , , ,191 Gross profit (RMB m) Air conditioner 19,594 18,221 20,409 22,478 24,277 Refrigerator 2,342 2,648 3,449 3,800 4,090 Washing Machines 2,844 3,377 4,607 5,140 5,487 Small household appliances 8,091 8,871 12,851 14,851 16,604 Motor,Logistics,Noncore 3,127 2,661 2,113 2,221 2,291 KUKA AG N/A N/A N/A 6,103 6,290 Total 35,998 35,778 43,429 57,279 61,942 Gross profit Margins (%) Air conditioner Refrigerator Washing Machines Small household appliances Motor,Logistics,Noncore KUKA AG N/A N/A N/A Total Page 6

7 Income Statement (RMB m) FY Dec Revenue 141, , , , ,191 Cost of Goods Sold (105,670) (102,663) (115,615) (143,680) (155,153) Gross Profit 35,998 35,778 43,429 54,595 59,038 Other Opng (Exp)/Inc (23,392) (23,158) (28,757) (36,880) (39,621) Operating Profit 12,607 12,621 14,671 17,714 19,417 Other Non Opg (Exp)/Inc 1,312 2,810 2,404 2,563 2,761 Associates & JV Inc Net Interest (Exp)/Inc (23) 200 1,356 1,841 2,092 Dividend Income Exceptional Gain/(Loss) Pre-tax Profit 13,991 16,051 18,915 22,698 24,967 Tax (2,344) (2,427) (3,053) (3,432) (3,775) Minority Interest (1,144) (918) (1,178) (1,298) (1,428) Preference Dividend Net Profit 10,502 12,707 14,684 17,969 19,765 Net Profit before Except. 9,477 10,911 13,493 17,969 19,765 EBITDA 15,927 15,473 17,660 20,882 22,668 Growth Revenue Gth (%) 17.1 (2.3) EBITDA Gth (%) 40.9 (2.9) Opg Profit Gth (%) Net Profit Gth (%) Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x) NM NM NM NM Interim Income Statement (RMB m) FY Dec 2H2014 1H2015 2H2015 1H2016 2H2016 Revenue 64,337 82,509 55,932 77,522 81,522 Cost of Goods Sold (48,326) (59,879) (42,784) (54,866) (60,749) Gross Profit 16,011 22,630 13,148 22,656 20,772 Other Oper. (Exp)/Inc (11,611) (13,434) (9,720) (12,591) (16,167) Operating Profit 4,399 9,196 3,428 10,066 4,606 Other Non Opg (Exp)/Inc 1,270 1,470 1, ,616 Associates & JV Inc Net Interest (Exp)/Inc (487) , Exceptional Gain/(Loss) Pre-tax Profit 5,242 10,757 5,294 12,178 6,737 Tax (813) (1,808) (619) (1,947) (1,106) Minority Interest (537) (624) (294) (734) (443) Net Profit 3,893 8,324 4,382 9,496 5,188 Net profit bef Except. 3,893 8,324 4,382 9,496 3,996 Growth Revenue Gth (%) N/A 6.7 (13.1) (6.0) 45.8 Opg Profit Gth (%) N/A 11.9 (22.1) Net Profit Gth (%) N/A Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%) Page 7

8 Balance Sheet (RMB m) FY Dec Net Fixed Assets 20,184 19,835 22,132 23,512 24,755 Invts in Associates & JVs 952 2,888 2,212 2,654 3,185 Other LT Assets 12,729 12,751 22,777 22,415 22,141 Cash & ST Invts 32,334 50,959 71,112 71,588 52,279 Inventory 15,020 10,449 15,627 15,771 18,141 Debtors 26,459 24,362 22,022 46,324 23,988 Other Current Assets 12,614 7,597 11,861 11,814 11,767 Total Assets 120, , , , ,255 ST Debt 6,683 3,921 3,024 5,000 5,000 Creditors 50,207 35,676 45,435 76,595 60,280 Other Current Liab 16,253 32,407 40,725 34,076 34,078 LT Debt ,073 29,280 29,280 Other LT Liabilities 1, ,508 2,508 2,508 Shareholder s Equity 39,470 49,202 61,127 37,472 14,533 Minority Interests 6,261 6,830 7,850 9,148 10,576 Total Cap. & Liab. 120, , , , ,255 Non-Cash Wkg. Capital (12,367) (25,674) (36,650) (36,762) (40,463) Net Cash/(Debt) 25,632 46,948 61,014 37,308 17,999 Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) CASH CASH CASH CASH CASH Net Debt/Equity ex MI (X) CASH CASH CASH CASH CASH Capex to Debt (%) Z-Score (X) NA NA NA NA NA Cash Flow Statement (RMB m) FY Dec Pre-Tax Profit 13,991 16,051 18,915 22,698 24,967 Dep. & Amort. 3,320 2,852 2,989 3,168 3,251 Tax Paid (2,344) (2,427) (3,053) (3,432) (3,775) Assoc. & JV Inc/(loss) (95) (421) (484) (581) (697) (Pft)/ Loss on disposal of FAs Chg in Wkg.Cap. 12,458 10,578 10,773 11,071 8,510 Other Operating CF (2,547) 130 (3,034) (8,511) (2,133) Net Operating CF 24,789 26,764 26,106 24,414 30,124 Capital Exp.(net) (1,405) (2,583) (1,859) (3,600) (3,601) Other Invts.(net) (7,296) 26,313 47,725 17,459 27,935 Invts in Assoc. & JV (20,162) (41,720) (65,647) (53,683) (59,665) Div from Assoc & JV Other Investing CF Net Investing CF (28,862) (17,989) (19,781) (39,824) (35,330) Div Paid (4,053) (4,908) (6,046) (7,906) (8,696) Chg in Gross Debt (2,365) (4,837) 7,481 24,280 (5,000) Capital Issues 8 (1,000) Other Financing CF (1,000) 1,868 (1,275) (498) (413) Net Financing CF (7,410) (8,877) ,876 (14,109) Currency Adjustments (8) Chg in Cash (11,491) (85) 6, (19,309) Opg CFPS (RMB) Free CFPS (RMB) Page 8

9 Target Price & Ratings History RMB Mar-16 Jun-16 Aug-16 Oct-16 Jan-17 Mar-17 S.No. Date Closing 12-mth Rating Price Target Price 1: 29-Mar-16 RMB29.99 RMB35.97 Buy 2: 31-Mar-16 RMB30.53 RMB35.97 Buy 3: 5-Sep-16 RMB27.12 RMB32.10 Buy 4: 1-Nov-16 RMB27.15 RMB33.03 Buy 5: 21-Nov-16 RMB27.13 RMB33.03 Buy 6: 23-J an-17 RMB29.22 RMB35.35 Buy 7: 21-Feb-17 HK$32.25 HK$35.35 Buy Source: DBS Vickers Analyst: Eric YEE, CFA Page 9

10 DBSVHK recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends Completed Date: 3 Apr :13:29 (HKT) Dissemination Date: 3 Apr :15:27 (HKT) GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited ( DBSVHK ). This report is solely intended for the clients of DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd. ( DBSVS ) and DBSVHK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVHK. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., DBSVS and DBSVHK, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the DBS Group )) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) (b) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in marketmaking. Page 10

11 ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate 1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests 2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBSVHK and its subsidiaries do not have a proprietary position in the securities recommended/mentioned in this report as of 30 Mar Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report. 3. Compensation for investment banking services: DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. 4. Disclosure of previous investment recommendation produced: DBS Bank Ltd, DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA in the preceding 12 months. 1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst. 2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant. Page 11

12 RESTRICTIONS ON DISTRIBUTION General Australia Hong Kong Indonesia Malaysia This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is being distributed in Australia by DBS Bank Ltd. ( DBS ) or DBS Vickers Securities (Singapore) Pte Ltd ( DBSVS ) or DBS Vickers (Hong Kong) Limited ( DBSVHK ), which are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 ( CA ) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSVHK is regulated by the Securities and Futures Commission of Hong Kong under the laws of Hong Kong, which differ from Australian laws. Distribution of this report is intended only for wholesale investors within the meaning of the CA. This report is being distributed in Hong Kong by DBSVHK which is licensed and regulated by the Hong Kong Securities and Futures Commission. This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia. This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies. Singapore Thailand United Kingdom Dubai United States Other jurisdictions Wong Ming Tek, Executive Director, ADBSR This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No E) or DBSVS (Company Regn No G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at for matters arising from, or in connection with the report. This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it. This report is produced by DBSVHK which is regulated by the Securities and Futures Commission of Hong Kong. This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd ( DBSVUK ). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom. In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication. This research report is being distributed in The Dubai International Financial Centre ( DIFC ) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box , 3 rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it. This report was prepared by DBSVHK. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers (Hong Kong) Limited 18 th Floor Man Yee building, 68 Des Voeux Road Central, Central, Hong Kong Tel: (852) , Fax: (852) Company Regn. No Page 12

Flash Note. Singapore. Keppel Corporation (KEP SP) : HOLD. Signs agreement with Borr Drilling for Transocean units

Flash Note. Singapore. Keppel Corporation (KEP SP) : HOLD. Signs agreement with Borr Drilling for Transocean units Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Mar 2017 Keppel Corporation (KEP SP) : HOLD Mkt. Cap: US$8,891m I 3m Avg. Daily Val: US$26.1m

More information

Asian Pay Television Trust (LHS)

Asian Pay Television Trust (LHS) SingaporeCompany Guide Edition 1 Version 1 Bloomberg: APTT SP Reuters: ASIA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 HOLD Last Traded Price: S$0.745

More information

Yonyou Network Technology

Yonyou Network Technology China / Hong Kong Company Focus Bloomberg: 600588 CH Equity Reuters: 600588.SS DBS Group Research. Equity 31 August 2015 Refer to important disclosures at the end of this report FULLY VALUED Last Traded

More information

Singapore Flash Note. StarHub (STH SP) : FULLY VALUED. Mobile, pay TV declines hit bottom line. DBS Group Research.

Singapore Flash Note. StarHub (STH SP) : FULLY VALUED. Mobile, pay TV declines hit bottom line. DBS Group Research. Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Nov 2016 StarHub (STH SP) : FULLY VALUED Mkt. Cap: US$4,223m I 3m Avg. Daily Val: US$7.5m StarHub

More information

Flash Note. Malaysia. Malaysia Automotive. Excise duty up. DBS Group Research. Equity 11 Apr 2017

Flash Note. Malaysia. Malaysia Automotive. Excise duty up. DBS Group Research. Equity 11 Apr 2017 Malaysia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Apr 2017 Malaysia Automotive Analyst Siti Ruzanna MOHD FARUK +603 2604 3965; sruzannamf@alliancedbs.com

More information

TCL Communication (LHS)

TCL Communication (LHS) China / Hong Kong Company Focus Bloomberg: 2618 HK EQUITY Reuters: 2618.HK DBS Group Research. Equity 13 August 2015 Refer to important disclosures at the end of this report HOLD Last Traded Price: HK$5.73

More information

Esprit Holdings (LHS)

Esprit Holdings (LHS) China / Hong Kong Company Guide Version 4 Bloomberg: 33 HK EQUITY Reuters: 33.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Feb 217 HOLD (Upgrade from Fully

More information

Hang Lung Properties. China / Hong Kong Company Guide

Hang Lung Properties. China / Hong Kong Company Guide China / Hong Kong Company Guide Version 7 Bloomberg: 101 HK EQUITY Reuters: 101.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 31 Jul 2017 BUY (Upgrade from Hold)

More information

CSE Global. Singapore Company Focus

CSE Global. Singapore Company Focus Singapore Bloomberg: CSE SP Reuters: CSES.SI DBS Group Research. Equity 14 Nov 2012 HOLD S$0.855 STI : 3,007.57 (Downgrade from BUY) Price Target : 12-month S$ 0.85 (Prev S$ 0.90) Reason for Report : Change

More information

Trendlines Group (LHS)

Trendlines Group (LHS) Singapore Company Guide Version 1 Bloomberg: TTGL SP Reuters: THET.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 BUY Last Traded Price: S$1 (STI : 2,619.96)

More information

Elnusa. Indonesia Company Guide. FULLY VALUED Last Traded Price: Rp500 (JCI : 4,814.09) Price Target : Rp400 (-20% downside) (Prev Rp205)

Elnusa. Indonesia Company Guide. FULLY VALUED Last Traded Price: Rp500 (JCI : 4,814.09) Price Target : Rp400 (-20% downside) (Prev Rp205) Indonesia Company Guide Version 1 Bloomberg: ELSA IJ Reuters: ELSA.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Apr 2016 FULLY VALUED Last Traded Price: Rp500

More information

Malaysian Banks. Malaysia Industry Focus

Malaysian Banks. Malaysia Industry Focus Malaysia Industry Focus Malaysian Banks Refer to important disclosures at the end of this report DBS Group Research. Equity 2 May 2017 Asset quality stabilises for Indonesian operations Asset quality at

More information

China Gas Utilities Sector

China Gas Utilities Sector China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Nov 2017 Powering ahead The sector does not appear to be overbought, current sector

More information

Overseas Education (LHS)

Overseas Education (LHS) Singapore Company Guide Version 2 Bloomberg: OEL SP EQUITY Reuters: OVER.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 17 Feb 2016 HOLD Last Traded Price: S$0.49

More information

Singapore Property. Singapore Industry Focus. A Quiet Start to DBS Group Research. Equity 16 Feb 2016 STI : 2,607.90

Singapore Property. Singapore Industry Focus. A Quiet Start to DBS Group Research. Equity 16 Feb 2016 STI : 2,607.90 Singapore Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 16 Feb 2016 A Quiet Start to 2016 remains quiet; developers elopers clearing existing inventory

More information

Flash Note. Singapore. Frasers Centrepoint Ltd (FCL SP) : BUY. Heaven in the City of Angels. DBS Group Research. Equity 4 Apr 2017

Flash Note. Singapore. Frasers Centrepoint Ltd (FCL SP) : BUY. Heaven in the City of Angels. DBS Group Research. Equity 4 Apr 2017 Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 4 Apr 2017 Frasers Centrepoint Ltd (FCL SP) : BUY Mkt. Cap: US$3,629m I 3m Avg. Daily Val: US$0.44m

More information

Café de Coral (LHS) China / Hong Kong Company Guide

Café de Coral (LHS) China / Hong Kong Company Guide China / Hong Kong Company Guide Version 2 Bloomberg: 341 HK EQUITY Reuters: 341.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 7 July 2016 HOLD Last Traded Price:

More information

Sheng Siong Group (LHS)

Sheng Siong Group (LHS) Singapore Company Guide Edition 1 Version 2 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.84

More information

Swire Properties (LHS)

Swire Properties (LHS) China / Hong Kong Company Guide Version 6 Bloomberg: 1972 HK Equity Reuters: 1972.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Mar 2017 BUY Last Traded Price

More information

Thailand Banks. Thailand Industry Focus. Loan growth driven by demand for working capital. DBS Group Research. Equity 26 May 2015 SET : 1,508.

Thailand Banks. Thailand Industry Focus. Loan growth driven by demand for working capital. DBS Group Research. Equity 26 May 2015 SET : 1,508. Thailand Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 26 May 20 Loan growth driven by demand for working capital Big banks registered loan expansion,

More information

SPH. Singapore Company Guide. HOLD Last Traded Price: S$4.05 (STI : 3,267.40) Price Target : S$3.98 (-2% downside)

SPH. Singapore Company Guide. HOLD Last Traded Price: S$4.05 (STI : 3,267.40) Price Target : S$3.98 (-2% downside) Singapore Company Guide Edition 1 Version 1 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report BS Group Research. Equity 10 Jul 2015 HOLD Last Traded Price: S$4.05

More information

Indonesia Company Guide PT Sarana Menara Nusantara

Indonesia Company Guide PT Sarana Menara Nusantara Indonesia Company Guide Version 4 Bloomberg: TOWR IJ Reuters: TOWR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Jun 2017 BUY Last Traded Price ( 31 May 2017):

More information

China / Hong Kong Company Guide Beijing Enterprises Clean Energy

China / Hong Kong Company Guide Beijing Enterprises Clean Energy China / Hong Kong Company Guide Version 2 Bloomberg: 1250 HK Equity Reuters: 1250.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Dec 2017 BUY Last Traded Price

More information

Kingdee. China / Hong Kong Company Focus FULLY VALUED HK$1.57 HSI: 22,100. On the right track but will take time to recover

Kingdee. China / Hong Kong Company Focus FULLY VALUED HK$1.57 HSI: 22,100. On the right track but will take time to recover China / Hong Kong Company Focus Bloomberg: 268 HK Equity Reuters: 0268.HK DBS Group Research. Equity 8 November 2012 FULLY VALUED HK$1.57 HSI: 22,100 Price Target : 12-Month HK$ 0.90 Reason for Report:

More information

Qingdao Haier Co., Ltd. (LHS)

Qingdao Haier Co., Ltd. (LHS) China / Hong Kong Company Guide Version 2 Bloomberg: 600690 CH Equity Reuters: 600690.SS DBS Group Research. Equity 19 February 2016 Refer to important disclosures at the end of this report HOLD (Downgrade

More information

Singapore Company Focus F & N

Singapore Company Focus F & N Singapore Company Focus Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Nov 2015 HOLD Last Traded Price: S$2.17 (STI : 3,010.47)

More information

Mayora Indah. Indonesia Company Guide. HOLD Last Traded Price: Rp40,000 (JCI : 4,743.66) Price Target : Rp39,200 (-2% downside) (Prev Rp29,500)

Mayora Indah. Indonesia Company Guide. HOLD Last Traded Price: Rp40,000 (JCI : 4,743.66) Price Target : Rp39,200 (-2% downside) (Prev Rp29,500) Indonesia Company Guide Version 3 Bloomberg: MYOR IJ Reuters: MYOR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 May 2016 HOLD Last Traded Price: Rp40,000 (JCI

More information

Centurion Corporation (LHS)

Centurion Corporation (LHS) Singapore Company Guide Edition 1 Version 1 Bloomberg: CENT SP Reuters: CNCL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 BUY Last Traded Price: S$0.42

More information

Far East Horizon (LHS)

Far East Horizon (LHS) China / Hong Kong Company Guide Version 2 Bloomberg: 3360 HK EQUITY Reuters: 3360.HK DBS Group Research. Equity 12 April 2016 Refer to important disclosures at the end of this report BUY Last Traded Price:

More information

CNMC Goldmine Holdings

CNMC Goldmine Holdings Singapore Company Guide Version 3 Bloomberg: CNMC SP Reuters: CNMC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 May 2017 HOLD (Downgrade from BUY) Last Traded

More information

Tower Bersama Infrastructure

Tower Bersama Infrastructure Indonesia Company Guide Version 3 Bloomberg: TBIG IJ Reuters: TBIG.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Feb 2017 HOLD Last Traded Price ( 10 Feb 2017):

More information

OSIM International (LHS)

OSIM International (LHS) Singapore Version 5 Bloomberg: OSIM SP Reuters: OSIL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Mar 2016 HOLD Last Traded Price: S$1.39 (STI : 2,880.17) Price

More information

Indonesia Company Guide Unilever Indonesia

Indonesia Company Guide Unilever Indonesia Indonesia Company Guide Version 4 Bloomberg: UNVR IJ Reuters: UNVR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Feb 2017 FULLY VALUED Last Traded Price ( 8 Feb

More information

China Reinsurance Group Corp

China Reinsurance Group Corp China / Hong Kong Company Guide Version 1 Bloomberg: 1508 HK Equity Reuters: 1508.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Nov 2017 FULLY VALUED (Initiating

More information

Sembcorp Marine (LHS)

Sembcorp Marine (LHS) Singapore Company Focus Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 FULLY VALUED (Downgrade from HOLD) Last Traded

More information

Total Access Communication

Total Access Communication Thailand Company Guide Version 11 Bloomberg: DTAC TB Reuters: DTAC.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Apr 2018 HOLD (Upgrade from FULLY VALUED) Last

More information

Flash Note. Indonesia. Indonesian Banks and Multifinance Companies. Key takeaways from recent visit. DBS Group Research.

Flash Note. Indonesia. Indonesian Banks and Multifinance Companies. Key takeaways from recent visit. DBS Group Research. Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Mar 2016 Indonesian Banks and Multifinance Companies Analyst LIM Sue Lin +65 8332 6843; suelinlim@dbs.com

More information

Sembcorp Marine (LHS)

Sembcorp Marine (LHS) Singapore Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Oct 2015 HOLD Last Traded Price: S$2.54 (STI : 3,038.11) Price Target

More information

Global Logistic Properties

Global Logistic Properties Singapore Company Guide Version 6 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Sep 2016 BUY Last Traded Price ( 13 Sep 2016):

More information

SPH. Singapore Company Guide

SPH. Singapore Company Guide Singapore Company Guide Version 7 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Mar 2017 HOLD (Upgrade from FULLY VALUED) Last Traded

More information

Top Glove Corporation

Top Glove Corporation Malaysia Company Guide Version 6 Bloomberg: TOPG MK Reuters: TPGC.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 19 Jun 2017 HOLD Last Traded Price ( 16 Jun 2017):

More information

Kimly Limited. IPO Factsheet. DBS Group Research. Equity 14 March Issue Statistics

Kimly Limited. IPO Factsheet. DBS Group Research. Equity 14 March Issue Statistics Refer to important disclosures at the end of this report DBS Group Research. Equity 14 March 2017 Issue Statistics Offer Price Share Offer Market Cap Close Date Share Trading Sponsor, Issue Manager and

More information

Ascendas REIT Version 8 Bloomberg AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report

Ascendas REIT Version 8 Bloomberg AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report Singapore Company Guide Version 8 Bloomberg: AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Apr 2017 BUY Last Traded Price ( 25 Apr 2017):

More information

Padini Holdings. Malaysia Company Guide

Padini Holdings. Malaysia Company Guide Malaysia Company Guide Version 8 Bloomberg: PAD MK Reuters: PDNI.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Feb 2017 BUY (Upgrade from hold) Last Traded Price

More information

Global Logistic Properties

Global Logistic Properties Singapore Company Guide Version 4 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Aug 2016 BUY Last Traded Price: S$1.93 (STI :

More information

The Erawan Group. Thailand Company Guide

The Erawan Group. Thailand Company Guide Thailand Company Guide Version 3 Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Feb 2017 BUY Last Traded Price ( 2 Feb 2017): Bt4.42

More information

Sheng Siong Group. Singapore Company Guide. BUY Last Traded Price ( 27 Jul 2017): S$0.95 (STI : 3,354.71) Price Target 12-mth: S$1.

Sheng Siong Group. Singapore Company Guide. BUY Last Traded Price ( 27 Jul 2017): S$0.95 (STI : 3,354.71) Price Target 12-mth: S$1. Singapore Company Guide Version 10 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Jul 2017 BUY Last Traded Price ( 27 Jul 2017):

More information

Water Sector. China / Hong Kong Industry Focus. More PPP projects. DBS Group Research. Equity 12 August 2016 HSI: 22,581

Water Sector. China / Hong Kong Industry Focus. More PPP projects. DBS Group Research. Equity 12 August 2016 HSI: 22,581 China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 12 August 2016 More PPP projects Expect 11-30% earnings growth for 1HFY16 Investment

More information

Singapore Company Guide APAC Realty

Singapore Company Guide APAC Realty Singapore Company Guide Version 1 Bloomberg: APAC SP Reuters: APAC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Nov 2017 BUY Last Traded Price ( 10 Nov 2017):

More information

Bangkok Bank. Thailand Company Guide. HOLD (downgrade) Last Traded Price ( 4 May 2017): Bt182 (SET : 1,573.05) Price Target 12-mth: Bt190 (4% upside)

Bangkok Bank. Thailand Company Guide. HOLD (downgrade) Last Traded Price ( 4 May 2017): Bt182 (SET : 1,573.05) Price Target 12-mth: Bt190 (4% upside) Thailand Company Guide Version 7 Bloomberg: BBL TB Reuters: BBL.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 5 May 2017 HOLD (downgrade) Last Traded Price ( 4

More information

Super Group. Singapore Company Guide. HOLD Last Traded Price: S$0.79 (STI : 2,869.82) Price Target 12-mth: S$0.87 (11% upside) (Prev S$0.

Super Group. Singapore Company Guide. HOLD Last Traded Price: S$0.79 (STI : 2,869.82) Price Target 12-mth: S$0.87 (11% upside) (Prev S$0. Singapore Company Guide Version 5 Bloomberg: SUPER SP Reuters: SPGP.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Aug 2016 HOLD Last Traded Price: S$0.79 (STI

More information

PT Link Net Tbk. Indonesia Company Guide

PT Link Net Tbk. Indonesia Company Guide Indonesia Company Guide Version 1 Bloomberg: LINK IJ Reuters: LINK.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Mar 2018 BUY Last Traded Price ( 23 Mar 2018):

More information

China / Hong Kong Company Guide China Hongqiao Group

China / Hong Kong Company Guide China Hongqiao Group China / Hong Kong Company Guide Version 5 Bloomberg: 1378 HK Equity Reuters: 1378.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Nov 217 HOLD Last Traded Price

More information

Bumrungrad Hospital. Thailand Company Guide

Bumrungrad Hospital. Thailand Company Guide Thailand Company Guide Version 6 Bloomberg: BH TB Reuters: BH.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 4 May 2017 HOLD (Upgrade from FULLY VALUED) Last Traded

More information

Flash Note. Indonesia. Indonesia Construction. Strong start to DBS Group Research. Equity 31 Jan 2017

Flash Note. Indonesia. Indonesia Construction. Strong start to DBS Group Research. Equity 31 Jan 2017 Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 31 Jan 2017 Indonesia Construction Analyst Chong Tjen San +60 3 26043972; tjensan@alliancedbs.com

More information

Ascendas REIT (LHS) Singapore Company Guide. BUY Last Traded Price ( 5 Dec 2016): S$2.36 (STI : 2,943.05) Price Target 12-mth: S$2.

Ascendas REIT (LHS) Singapore Company Guide. BUY Last Traded Price ( 5 Dec 2016): S$2.36 (STI : 2,943.05) Price Target 12-mth: S$2. Singapore Company Guide Version 6 Bloomberg: AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 6 Dec 2016 BUY Last Traded Price ( 5 Dec 2016):

More information

China Resources Land (LHS)

China Resources Land (LHS) China / Hong Kong Company Guide Version 6 Bloomberg: 1109 HK EQUITY Reuters: 1109.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 Aug 2017 BUY Last Traded Price

More information

SMRT. Singapore Company Focus

SMRT. Singapore Company Focus Singapore Company Focus Bloomberg: MRT SP Reuters:.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED (Downgrade from HOLD) Last Traded Price:

More information

Consumer Sector (HK Retail)

Consumer Sector (HK Retail) China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 8 May 217 Encouraging signs HK retail sales for Mar 217 beat expectations, along with

More information

Singapore Company Guide Keppel REIT

Singapore Company Guide Keppel REIT Singapore Company Guide Edition 1 Version 1 Bloomberg: KREIT SP Reuters: KASA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Oct 2015 BUY Last Traded Price: S$1.00

More information

CSE Global. Singapore Company Focus

CSE Global. Singapore Company Focus Singapore Company Focus Bloomberg: CSE SP Reuters: CSES.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 May 2013 BUY S$0.825 STI : 3,449.30 (Upgrade from HOLD)

More information

Dairy Farm. Singapore Company Guide. BUY Last Traded Price: US$6.68 (STI : 2,868.69) Price Target : US$7.18 (7% upside) (Prev US$7.

Dairy Farm. Singapore Company Guide. BUY Last Traded Price: US$6.68 (STI : 2,868.69) Price Target : US$7.18 (7% upside) (Prev US$7. Singapore Company Guide Version 4 Bloomberg: DFI SP Reuters: DAIR.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Aug 2016 BUY Last Traded Price: US$6.68 (STI :

More information

Sunningdale Tech Ltd

Sunningdale Tech Ltd SMC Research Singapore Equity Explorer Bloomberg: SUNN SP Reuters: SUND.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 8 Mar 2017 NOT RATED S$1.465 STI : 3,130.44

More information

Singapore Company Focus SATS

Singapore Company Focus SATS Singapore Company Focus Bloomberg: SP Reuters: SIAT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 HOLD Last Traded Price: S$3.80 (STI : 3,040.48) Price

More information

Indonesia Flash Note. Indofood CBP Sukses Makmur (ICBP IJ) : BUY. Net profit masked by one-off losses. DBS Group Research. Equity 21 Mar 2018

Indonesia Flash Note. Indofood CBP Sukses Makmur (ICBP IJ) : BUY. Net profit masked by one-off losses. DBS Group Research. Equity 21 Mar 2018 Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Mar 2018 Indofood CBP Sukses Makmur (ICBP IJ) : BUY Mkt. Cap: US$7,268m I 3m Avg. Daily Val:

More information

DRB-HICOM. Result Snapshot. Stronger auto earnings. Malaysia Equity Research 29 Aug Refer to important disclosures at the end of this report

DRB-HICOM. Result Snapshot. Stronger auto earnings. Malaysia Equity Research 29 Aug Refer to important disclosures at the end of this report Bloomberg: DRB MK Reuters: DRBM.KL Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2014 BUY RM2.10 2.10 KLCI : 1,872.38 Price Target : 12-Month RM 3.50 (Prev RM

More information

SKP Resources Bhd. Malaysia Company Guide. BUY Last Traded Price: RM1.23 (KLCI : 1,668.40) Price Target : RM1.55 (26% upside) (Prev RM1.

SKP Resources Bhd. Malaysia Company Guide. BUY Last Traded Price: RM1.23 (KLCI : 1,668.40) Price Target : RM1.55 (26% upside) (Prev RM1. Malaysia Company Guide Version 2 Bloomberg: SKP MK Reuters: SKPR.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 BUY Last Traded Price: RM1.23 (KLCI :

More information

PACC Offshore Services Holdings

PACC Offshore Services Holdings Singapore Company Guide Version 11 Bloomberg: POSH SP Reuters: PACC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Jan 2018 BUY Last Traded Price ( 22 Jan 2018):

More information

Singapore Company Guide Japfa Ltd

Singapore Company Guide Japfa Ltd Singapore Company Guide Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.465

More information

The Erawan Group. Thailand Company Guide

The Erawan Group. Thailand Company Guide Thailand Company Guide Version Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 Feb 2017 BUY Last Traded Price ( 23 Feb 2017): Bt4.42

More information

IHH Healthcare (LHS) Singapore Company Guide

IHH Healthcare (LHS) Singapore Company Guide Singapore Company Guide Version 2 Bloomberg: IHH SP Reuters: IHH.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 HOLD Last Traded Price: RM6.53/ S$2.10

More information

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding Singapore Company Guide Version 6 Bloomberg: YZJSGD SP Reuters: YAZG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Mar 2017 BUY Last Traded Price ( 1 Mar 2017):

More information

Singapore Company Guide Japfa Ltd

Singapore Company Guide Japfa Ltd Singapore Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Oct 2015 BUY Last Traded Price: S$0.39 (STI : 3,052.53)

More information

F & N. Singapore Company Guide. HOLD Last Traded Price: S$1.96 (STI : 2,550.74) Price Target : S$2.20 (12% upside) (Prev S$2.26)

F & N. Singapore Company Guide. HOLD Last Traded Price: S$1.96 (STI : 2,550.74) Price Target : S$2.20 (12% upside) (Prev S$2.26) Singapore Company Guide Edition 1 Version 1 Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 4 Feb 2016 HOLD Last Traded Price: S$1.96

More information

China / Hong Kong Industry Focus China Education Sector

China / Hong Kong Industry Focus China Education Sector China / Hong Kong Industry Focus Sector Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Sep 2017 Re-rating to continue We believe stocks in the sector outperformed

More information

Mapletree Commercial Trust (LHS)

Mapletree Commercial Trust (LHS) Singapore Company Guide Edition 1 Version 1 Bloomberg: MCT SP Reuters: MACT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 22 Oct 2015 BUY (Upgrade from HOLD) Last

More information

Bursa Malaysia. Company Guide

Bursa Malaysia. Company Guide Version 9 Bloomberg: BURSA MK Reuters: BMYS.KL Refer to important disclosures at the end of this report Malaysia Equity Research 26 Oct 2017 BUY Last Traded Price ( 25 Oct 2017): RM10.02 (KLCI : 1,739.05)

More information

Telecommunications. Thailand Industry Focus. JAS s non-entry already priced in. DBS Group Research. Equity 14 Mar 2016 SET : 1,393.

Telecommunications. Thailand Industry Focus. JAS s non-entry already priced in. DBS Group Research. Equity 14 Mar 2016 SET : 1,393. Thailand Industry Focus Telecommunications Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Mar 2016 Share repurchase could imply JAS s non-entry BUY on ADVANC (Bt193

More information

Oil & Gas Sector. Thailand Industry Focus

Oil & Gas Sector. Thailand Industry Focus Thailand Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Feb 1 The early bird catches the worm Crude price turns from premium to Dubai crude discount,

More information

Ascendas India Trust. Singapore Company Guide

Ascendas India Trust. Singapore Company Guide Singapore Company Guide Version 7 Bloomberg: AIT SP Reuters: AINT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Oct 2016 BUY Last Traded Price ( 25 Oct 2016):

More information

Indonesia Company Guide Perusahaan Gas Negara

Indonesia Company Guide Perusahaan Gas Negara Indonesia Company Guide Version 6 Bloomberg: PGAS IJ Reuters: PGAS.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 30 Apr 2018 BUY Last Traded Price ( 27 Apr 2018):

More information

Plantation Companies. Regional Industry Focus. Dragged by slower exports. DBS Group Research. Equity 10 Dec 2015

Plantation Companies. Regional Industry Focus. Dragged by slower exports. DBS Group Research. Equity 10 Dec 2015 Refer to important disclosures at the end of this report DBS Group Research. Equity 10 Dragged by slower exports Malaysia s -15 palm oil output came in slightly below expectations at 1.653m However, exports

More information

Interlink Communication

Interlink Communication Thailand Company Guide Version 10 Bloomberg: ILINK TB Reuters: ILINK.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Apr 2017 HOLD (Downgrade to from BUY) Last

More information

Mitra Adiperkasa. Indonesia Company Guide

Mitra Adiperkasa. Indonesia Company Guide Indonesia Company Guide Version 8 Bloomberg: MAPI IJ Reuters: MAPI.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Nov 2017 BUY Last Traded Price ( 1 Nov 2017):

More information

Model Portfolio. Singapore Traders Spectrum. DBS Group Research. Equity 27 Jun Refer to important disclosures at the end of this report

Model Portfolio. Singapore Traders Spectrum. DBS Group Research. Equity 27 Jun Refer to important disclosures at the end of this report Refer to important disclosures at the end of this report DBS Group Research. Equity 27 Jun 2016 June 27 Update: 1. We have removed UOL from the Balanced and Blue Chips categories as it has a moderate 7%

More information

Nam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.41 STI : 3, Setting a scorching pace. DBS Group Research. Equity 12 Nov 2014

Nam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.41 STI : 3, Setting a scorching pace. DBS Group Research. Equity 12 Nov 2014 Singapore Bloomberg: NCL SP Reuters: NMCG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Nov 2014 BUY S$0.41 STI : 3,292.15 Price Target : 12-Month S$ 0.60 (Prev

More information

Indonesia Strategy. Indonesia Industry Focus. Octane boost. DBS Group Research. Equity 18 Nov 2014 JCI : 5,049.49

Indonesia Strategy. Indonesia Industry Focus. Octane boost. DBS Group Research. Equity 18 Nov 2014 JCI : 5,049.49 Indonesia Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Nov 2014 Octane boost Subsidized ized fuel price raised by Rp2,000/litre Expect positive

More information

Lippo Karawaci (LHS) Indonesia Company Guide

Lippo Karawaci (LHS) Indonesia Company Guide Indonesia Company Guide Version 3 Bloomberg: LPKR IJ Reuters: LPKR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED Last Traded Price: Rp1,170

More information

Plantation Companies. Regional Industry Focus. Worsening oversupply. DBS Group Research. Equity 11 Nov 2015

Plantation Companies. Regional Industry Focus. Worsening oversupply. DBS Group Research. Equity 11 Nov 2015 Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Worsening oversupply Malaysia s -15 palm oil output unexpectedly rose 4% m-o-m to 2.04m ; and brought ending stockpile

More information

Plantation Companies. Regional Industry Focus. Declining inventory to support prices. DBS Group Research. Equity 10 Mar 2017

Plantation Companies. Regional Industry Focus. Declining inventory to support prices. DBS Group Research. Equity 10 Mar 2017 Regional Industry Focus Plantation Companies Refer to important disclosures at the end of this report DBS Group Research. Equity 10 Mar Declining inventory to support prices Malaysia s February Crude Palm

More information

China / Hong Kong Industry Focus China Auto Sector

China / Hong Kong Industry Focus China Auto Sector China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Feb 218 Dealership: Auto finance drives robust car sales Auto dealerships expected

More information

Flash Note. Bumi Armada (BAB MK) : BUY. 2Q16 in line: Recognized RM575m impairment. Malaysia Equity Research 29 Aug 2016

Flash Note. Bumi Armada (BAB MK) : BUY. 2Q16 in line: Recognized RM575m impairment. Malaysia Equity Research 29 Aug 2016 Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2016 Bumi Armada (BAB MK) : BUY Mkt. Cap: US$1,111m I 3m Avg. Daily Val: US$4.7m Last Traded Price : RM0.77 Price

More information

Singapore Company Guide IREIT Global

Singapore Company Guide IREIT Global Singapore Company Guide Version 6 Bloomberg: IREIT SP Reuters: IREI.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 24 May 2017 HOLD Last Traded Price ( 23 May 2017):

More information

Malaysia Gaming. Malaysia Industry Focus. No fun, no tricks, no hypes. DBS Group Research. Equity 11 Feb 2015 KLCI :1,811.12

Malaysia Gaming. Malaysia Industry Focus. No fun, no tricks, no hypes. DBS Group Research. Equity 11 Feb 2015 KLCI :1,811.12 Malaysia Industry Focus Malaysia Gaming Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Feb 2015 No fun, no tricks, no hypes Prospects to remain sluggish, dragged

More information

Regional Industry Focus Plantation Companies

Regional Industry Focus Plantation Companies Regional Industry Focus Plantation Companies Refer to important disclosures at the end of this report DBS Group Research. Equity 11 May Near-term price recovery Malaysia s April Crude Palm Oil (CPO) production

More information

Ascendas India Trust. Singapore Company Guide

Ascendas India Trust. Singapore Company Guide Singapore Company Guide Version 9 Bloomberg: AIT SP Reuters: AINT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 27 Apr 2017 BUY Last Traded Price ( 26 Apr 2017):

More information

Malaysian Bulk Carriers

Malaysian Bulk Carriers Bloomberg: MBC MK Equity Reuters: MBCB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 25 Aug 214 HOLD RM1.77 1.77KLCI : 1,87.99 Downgrade from BUY Price Target :12-Month

More information

Tenaga Nasional. Company Guide

Tenaga Nasional. Company Guide Version 5 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 27 Oct 2016 BUY Last Traded Price ( 27 Oct 2016): RM14.32 (KLCI : 1,669.03)

More information

Tenaga Nasional. Company Guide

Tenaga Nasional. Company Guide Version 9 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 27 Oct 2017 BUY Last Traded Price ( 26 Oct 2017): RM14.34 (KLCI : 1,736.80)

More information

RHB Bank. Malaysia Company Guide

RHB Bank. Malaysia Company Guide Malaysia Company Guide Version 6 Bloomberg: RHBC MK Reuters: RHBC.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Jun 2016 BUY Last Traded Price: RM4.68 (Pre-restructuring:

More information