My Investment Portfolio (May 2016)

The rally near the end of the month was halted during the afternoon session of the last trading day of the month. Otherwise, STI had difficulty breaking 2800 points to close the month just short of that level. It had been a quiet trading month with focus mainly on the US interest rate hike. 

For this month, I have attended the following AGMs/EGMs/briefings - Lantrovision, Delfi (formerly known as Petra Foods), Plato Capital, Camsing Healthcare, Weiye and Low Keng Huat.

For my top 30 holdings, Best World is a new entry to the list. The stock had done extremely well mainly due to its high growth potential in Taiwan and China. Companies that reported full-year results this month that had done well include Metro Holdings, Bukit Sembawang Estates, The Hour Glass and Old Chang Kee. Stamford Land though disappointed in their full-year results when they cut their dividend payout and also impairments made in their investment properties.

I have bought the following companies from the market this month - Chuan Hup, Elec and Eltek, FSL Trust, GLP, GP Batteries, Heatec Jietong, Heeton, Hong Kong Land, Hotung, iFAST, IPC Corp, Jadason, Jardine Strategic, Keppel T&T, Koh Brothers, Pacific Century, SembCorp Industries, Singapore Index Fund, Stamford Land, UIC, UOI and Yeo Hiap Seng. No sell trade was done.

I have participated in the following scrip dividend schemes this month - First REIT, Frasers Commercial Trust, Jardine Matheson, Jardine Strategic, Keppel REIT and MapleTree Commercial Trust. I have also converted the following company warrants to shares - SHS Holdings.

Next month will be another quiet month for me. As there had been a cash drag due to the dividend payout from companies in May, I will be looking to re-invest those dividends slowly and prudently back into the market.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 May 2016)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Metro Holdings
3. Bonvests
4. Jardine C&C
5. Haw Par
6. Sarine Technologies 
7. Hong Fok
8. The Hour Glass
9. SGX
10. Hotel Grand Central
11. GK Goh 
12. A-REIT
13. Bukit Sembawang Estates
14. Singapura Finance
15. Hotel Royal
16. Keppel T&T
17. Old Chang Kee
18. Best World 
19. Hong Leong Finance
20. UOL
21. Hiap Hoe 
22. ComfortDelgro
23. Hotel Properties
24. Far East Orchard
25. CapitaMall Trust
26. Sing Investment & Finance
27. Spindex
28. VICOM
29. First REIT
30. Stamford Land 

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Jardine Matheson
5. Dairy Farm 

Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia
2. Fortune REIT

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Dongshan Group Ltd (formerly known as Greatronic Limited)
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
11. FerroChina - Under Liquidation
12. FirstLink Investments
13. NEL Group
14. Jets Technics
15. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
16. Hongwei Technologies Limited (In Provisional Liquidation)
17. FDS Networks Group
18. Aussino Group - In liquidation - Creditors' voluntary winding up
19. China Oilfield Technology

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

China Merchants Holdings Pacific - CIMB Research 2016-05-10: Take the offer to steer clear of headwinds

CHINA MERCHANTS HLDGS(PACIFIC) C22.SI 

China Merchants Holdings Pacific - Take the offer to steer clear of headwinds 

• Major shareholder Easton Overseas has made a privatisation offer for the remaining 24.12% CMHP shares that it does not own. 
• The offer price of S$1.02 represents 22-26% premium over the 1- and 3-month VWAP. It represents 15.9x CY16 core P/E and 1.07x trailing P/BV. 
• We think the offer price is good and minority shareholders should accept the offer. 

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BreadTalk Group - OCBC Investment 2016-05-10: Helped by gain from divestment

BREADTALK GROUP LIMITED 5DA.SI 

BreadTalk Group: Helped by gain from divestment 

• S$8.5m gain from sale of 112 Katong 
• Deeper losses from Food Atrium 
• Significant increase in overall staff costs 

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Neratel - RHB Invest 2016-05-10: 1Q16 Results Flash Note

NERATELECOMMUNICATIONS LTD N01.SI 

Neratel -1Q16 Results Flash Note 

Highlights 

• 1Q16 NPAT dropped 33.4% YoY, mainly due to sales declines in both Network Infrastructure and Payment Solutions business segments. 
• Both top-line and profitability were also impacted by delays in a significant order from a customer and also a pull back in project implementation due to slow payment by a customer. However, all this will likely be completed and recorded in Nera's 2Q16 numbers.

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Sarine Technologies - Maybank Kim Eng 2016-05-09: Another Step Forward

SARINE TECHNOLOGIES LTD U77.SI 

Sarine Technologies (SARINE SP) - Another Step Forward 

Missed but recovery growth intact. Maintain BUY 

• Sarine continued to recover as 1Q16 net profit surged 240% YoY and 101% QoQ to USD3m, but was below our USD4-5m expectation. 
• Nevertheless, Sarine could have met our estimate with just an incremental USD1.5- 2.0m in revenue due to operating leverage. 

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SGX Stock Alert: Volume & Price Breakout on 2016-05-09

Stocks closed at 60 days high with above average volume

	Stock	Last Traded on 2016-05-09	Vol	Price Range of Prev 60 Days	Avg Vol of Prev 60 Days	Vol Ratio
trending_up	CHINA MINZHONG FOOD CORP LTD (K2N.SI)	1.000	1147500	0.745 - 0.995	119198	9.6x
trending_up	HG METAL MANUFACTURING LTD (526.SI)	0.350	1836100	0.032 - 0.045	257545	7.1x
trending_up	VGO CORPORATION LIMITED (PH0.SI)	0.090	70000	0.052 - 0.083	17758	3.9x
trending_up	BREADTALK GROUP LIMITED (5DA.SI)	1.170	486500	0.995 - 1.145	134118	3.6x
trending_up	SATS LTD (S58.SI)	4.340	3308800	3.780 - 4.230	2374496	1.4x
trending_up	POH TIONG CHOON LOGISTICS LTD (P01.SI)	0.760	22300	0.660 - 0.755	18802	1.2x

Stocks closed at 60 days low with above average volume

	Stock	Last Traded on 2016-05-09	Vol	Price Range of Prev 60 Days	Avg Vol of Prev 60 Days	Vol Ratio
trending_down	IFS CAPITAL LIMITED (I49.SI)	0.225	269400	0.265 - 0.285	7573	35.6x
trending_down	SERRANO LIMITED (40R.SI)	0.017	1075000	0.021 - 0.053	31567	34.1x
trending_down	BLACKGOLD NATURAL RESOURCESLTD (41H.SI)	0.039	100000	0.040 - 0.052	27978	3.6x
trending_down	SABANA SHARI'AH COMPLIANT REIT (M1GU.SI)	0.610	1681500	0.615 - 0.660	603967	2.8x
trending_down	FIRST RESOURCES LIMITED (EB5.SI)	1.685	4212100	1.720 - 2.130	3067933	1.4x
trending_down	NSL LTD. (N02.SI)	1.415	28100	1.475 - 1.555	24695	1.1x

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China Everbright Water Limited - Phillip Securities 2016-05-09: Trash to Treasure

CHINA EVERBRIGHT WATER LIMITED U9E.SI 

China Everbright Water Limited - Trash to Treasure 

• Waste water treatment (WWT) capacity expansion and the ongoing hike of water tariff are expected to improve the company performance. 
• War chest funds are supportive of growth initiatives. 
• Sponge City Project offers the group opportunities to gain experience in the industrial chain integration. 

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NOL Neptune Orient Lines - UOB Kay Hian 2016-05-09: 1Q16 ~ Losses Mount As NOL Awaits CMA-CGM’s Eventual Acquisition

NOL NEPTUNE ORIENT LINES LIMITED N03.SI 

Neptune Orient Lines (NOL SP) 1Q16: Losses Mount As NOL Awaits CMA-CGM’s Eventual Acquisition 

• NOL’s net loss widened to US$105m for 1QFY16, amid the weakening shipping environment. 
• The poor results were led by declines in freight rates and volumes, which more than offset quarterly cost savings. 
• Net gearing crept up to 117%. 
• Shipping outlook remains gloomy, with no near-term recovery in sight. 

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Chip Eng Seng - Phillip Securities 2016-05-09: Slow but not unexpected quarter

CHIP ENG SENG CORPORATION LTD C29.SI 

Chip Eng Seng Corporation Ltd - Slow but not unexpected quarter 

What’s the news? 

• Chip Eng Seng (CES) reported its 1Q16 results on 5 May-16 after the market closed. 

Revenue from property development projects recognised previously 

• The sharp drop in Chip Eng Seng Corporation’s (CES) 1Q16 revenue was stemmed from lower recognition of revenue from the property development segment. This is because a bulk proportion of revenue has already been recognised in the two development projects, Nine Residences and Junction Nine. 

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Neptune Orient Lines - OCBC Investment 2016-05-09: Stuck in the red

NOL NEPTUNE ORIENT LINES LIMITED N03.SI 

Neptune Orient Lines: Stuck in the red 

• Neptune Orient Lines Ltd’s (NOL) 1Q16 core earnings (liner business) remained in the red as net loss widened 190.5% YoY to US$105.1m. 
• 1Q16 liner revenue fell 28.0% YoY to US$1.14b due to falling freight rates and weak container trade demand. 

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OUE Hospitality Trust - DBS Research 2016-05-09: Well located assets

OUE HOSPITALITY TRUST SK7.SI 

OUE Hospitality Trust - Well located assets 

• 1Q16 DPU of 1.1 Scts (-26%) y-o-y was below expectations. 
• Drag from recent rights issue and weaker contribution from Mandarin Gallery. 
• Hotel portfolio resilient with 1Q16 RevPAR up 1% y-o-y. 

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Riverstone Holdings - UOB Kay Hian 2016-05-09: 1Q16 ~ Muted Growth; Downgrade To HOLD

RIVERSTONE HOLDINGS LIMITED AP4.SI 

Riverstone Holdings (RSTON SP) 1Q16: Muted Growth; Downgrade To HOLD 

• 1Q16 net profit came in flat yoy, largely attributable to softer cleanroom glove demand as well as forex impact. 
• In view of the ongoing ASP pressure on healthcare gloves and tepid demand for cleanroom gloves, the short-term outlook is lacklustre and we have trimmed our 2016-18 net profit forecasts by up to 12%. Thus, we recommend investors HOLD through this challenging period. 
• Nevertheless, we are confident about Riverstone’s long-term prospects. 

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Cosco Corporation - DBS Research 2016-05-09: Watch for parent’s restructuring

COSCO CORPORATION (S) LTD F83.SI 

Cosco Corporation - Watch for parent’s restructuring 

• Fourth consecutive quarter of losses in 1Q16. 
• Net gearing of 3.9x is a concern; possible parental support? 
• Watch for parent’s restructuring. 
• Upgrade to HOLD; TP raised to S$0.30. 

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OUE Hospitality Trust - RHB Invest 2016-05-09: 1Q16 Results Flash Note

OUEHT OUE HOSPITALITY TRUST SK7.SI 

OUE Hospitality Trust: 1Q16 Results Flash Note 

Highlights 

• 1Q16 DPS declined c.32% YoY, mainly due to rights issued in Mar. Stripping it off, DPS would have fallen c.9% instead. 
• Its results were supported by its hotels, offset by the weaker earnings from its retail segment. 
• Hospitality segment: RevPAR was up c.1% YoY. 
• Retail segment: Ave. occupancy fallen to 83%, mainly due to c.13% of its NLA underwent landlord fitout works. 

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Wing Tai - Maybank Kim Eng 2016-05-09: Overhang from Looming Deadlines

WING TAI HLDGS LTD W05.SI 

Wing Tai (WINGT SP) - Overhang from Looming Deadlines 

Maintain HOLD, TP SGD1.93 

• 3Q16 below expectations on weaker profit margins. 
• Home sales at mid to high-end projects still slow and will face critical sales deadlines soon. Without better visibility, this remains a stock overhang. 
• Maintain HOLD and SGD1.93 TP, 16% below RNAV of SGD2.29. 

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Oxley Holdings - RHB Invest 2016-05-09: 3QFY16 net profit a jump of 330% y/y

OXLEY HOLDINGS LIMITED 5UX.SI 

Oxley Holdings - 3QFY16 net profit a jump of 330% y/y

• Oxley Holdings (OHL SP) reported 3QFY16 net profit of S$51m, a jump of 330% y/y, bringing the group's cumulative profits for the nine months ended March 2016 to $132m. 
• During the quarter, the group booked in profits from seven of its residential and mixed development projects in Singapore, as well as a $25.7m gain generated from the sale of its investment property, Chiba Port Square, in Japan. 
• The group also declared an interim dividend of 0.4cents/share for the quarter. 

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Riverstone Holdings - CIMB Research 2016-05-06: Further margin compression a key risk

RIVERSTONE HOLDINGS LIMITED AP4.SI 

Riverstone Holdings - Further margin compression a key risk 

• 1Q16 core net profit slightly below, at 20%/19% of our/consensus full-year forecast. 
• 1Q16 net profit flat yoy despite sales increase of 17%. 
• GPM dipped 2.5% pts yoy due to change in product mix and adverse FX impact. 

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OUE Hospitality Trust - OCBC Investment 2016-05-09: 1Q16 results in line with expectations

OUE HOSPITALITY TRUST SK7.SI 

OUE Hospitality Trust: 1Q16 results in line with expectations 

• Gross revenue up 2.0% YoY 
• Flat REVPAR for MOS, CPCA 
• Weak retail performance 

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Ascendas REIT - Maybank Kim Eng 2016-05-08: It’ll be tough before it gets better

Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI 

Ascendas REIT (AREIT SP) - It’ll be tough before it gets better 

Full-year results. Accumulate on weakness. 

• Full-year results were expectedly strong from occupancy growth and acquisitions. 
• The year ahead will be about maintaining occupancy in the face of a weak economy. Investors should accumulate AREIT on market weakness as from 2017 onwards supply will start to tighten, and there could be distribution per unit growth from spare capacity. 

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6 Stocks That Trade Against The Tide

Price Movement Distribution

Stock Price movement distribution of past 10 trading days (21-Apr-2016 to 06-May-2016).
(No. of stocks with positive/negative price movement from 0 to 10%; 10% to 20%; and more than 20% respectively.).

Not Traded
141

<<
25

<
71

< 0%
316

No Change
86

> 0%
144

>
29

>>
17

Against The Tide

6 of the stocks that outperformed the market and gained more than 20% in the past 10 trading days despite the weak market sentiment.

MEGHMANI ORGANICS LIMITED (M30.SI)

46.3%

0.300

ACROMEC LIMITED (43F.SI)

36.9%

0.445

DARCO WATER TECHNOLOGIES LTD (BLR.SI)

29.0%

0.445

BEST WORLD INTERNATIONAL LTD (5ER.SI)

27.3%

0.815

INDIABULLS PROPERTIES INVTRUST (BESU.SI)

25.0%

0.250

WEIYE HOLDINGS LIMITED (BMA.SI)

22.9%

0.510

STI - 10 Consecutive Days of Falling

SELL in May and go away?

• The Straits Times Index (STI) closed lower for the past 10 trading days consecutively. 
• The index has retreated 8% since the recent peak of 2960.78 hit 10 trading days ago (21-Apr-2016) and closed at 2730.80 yesterday (06-May-2016).
• Among the STI component stocks,
  • OVERSEA-CHINESE BANKING CORP (O39.SI) & UNITED OVERSEAS BANK LTD (U11.SI) closed lower for all the 10 days, while 
  • SINGAPORE EXCHANGE LIMITED (S68.SI), CITY DEVELOPMENTS LIMITED (C09.SI) & JARDINE CYCLE & CARRIAGE LTD (C07.SI) closed lower in 9 out of the 10 days. 
  • Share price of JARDINE CYCLE & CARRIAGE LTD (C07.SI) tumbled more than 20%.

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Riverstone Holdings - Maybank Kim Eng 2016-05-06: Weaker cleanroom segment, expansion on track

RIVERSTONE HOLDINGS LIMITED AP4.SI 

Riverstone Holdings (RSTON SP) - Weaker cleanroom segment, expansion on track 

Results in line, key cleanroom segment deteriorated 

• 1Q16 results were in line with expectations; core earnings after FX adjustments rose 20% YoY and met 21% of our FY16E. 
• Gross margin fell by 2.5/2.2 ppt YoY/QoQ, due to 30% volume decline of the higher ASP and margin cleanroom glove and ASP decline of 3-5% for healthcare gloves. 
• Cleanroom glove demand is expected to remain subdued in 2Q16, due to reduced demand from HDD and flat panel display customers. 

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SMC Monthly - DBS Research 2016-05-05: May-16 Top Conviction Picks

JAPFA LTD UD2.SI  UMS HOLDINGS LIMITED 558.SI  MM2 ASIA LTD 43D.SI  NAM CHEONG LIMITED N4E.SI  CHINA MERCHANTS HLDGS (PACIFIC) C22.SI 

May-16: Top Conviction Picks

• With volatility likely to increase, we prefer to go with defensive and resilient picks. 
• Defensive yield picks: UMS Holdings and China Merchants Pacific offer prospective yields of > 8%. Meanwhile, Japfa has demonstrated resilience following its recent strong 1Q results, and mm2 Asia is poised to post good earnings growth ahead on growing local productions and recurring income from recently acquired businesses (including cinemas). 
• We also reiterate our FULLY VALUED call on Nam Cheong, which could see significant downside risk.

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SGX Stock Alert: Volume & Price Breakout on 2016-05-06

Stocks closed at 60 days high with above average volume

	Stock	Last Traded on 2016-05-06	Vol	Price Range of Prev 60 Days	Avg Vol of Prev 60 Days	Vol Ratio
trending_up	BLUE SKY POWER HOLDINGSLIMITED (UQ7.SI)	0.105	331200	0.080 - 0.100	23492	14.1x
trending_up	CWT LIMITED (C14.SI)	2.140	5218100	1.780 - 2.120	392928	13.3x
trending_up	CHINA MINZHONG FOOD CORP LTD (K2N.SI)	0.995	1219000	0.745 - 0.985	99610	12.2x
trending_up	HG METAL MANUFACTURING LTD (526.SI)	0.350	1836100	0.032 - 0.045	257712	7.1x
trending_up	MEGHMANI ORGANICS LIMITED (M30.SI)	0.300	43000	0.180 - 0.290	31267	1.4x

Stocks closed at 60 days low with above average volume

	Stock	Last Traded on 2016-05-06	Vol	Price Range of Prev 60 Days	Avg Vol of Prev 60 Days	Vol Ratio
trending_down	BLACKGOLD NATURAL RESOURCESLTD (41H.SI)	0.040	300000	0.041 - 0.052	22978	13.1x
trending_down	MYP LTD. (F86.SI)	0.185	300000	0.197 - 0.265	26473	11.3x
trending_down	ASL MARINE HOLDINGS LTD (A04.SI)	0.225	372300	0.250 - 0.330	50775	7.3x
trending_down	JARDINE CYCLE & CARRIAGE LTD (C07.SI)	35.060	637200	35.690 - 45.200	465893	1.4x

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Ascendas REIT - UOB Kay Hian 2016-05-06: 4QFY16 ~ Strategic Expansion Of Business Park Footprint

ASCENDAS REAL ESTATE INV TRUST ASCENDAS REIT A17U.SI 

Ascendas REIT (AREIT SP) - 4QFY16: Strategic Expansion Of Business Park Footprint 

• Results in line with expectations. 
• Despite positive rental reversions booked, management continues to guide for moderate rental reversions going forward, flagging the challenging leasing environment to contend with. 
• Watch out for potential dilution (< 5%) in 4QFY16 DPU on book closure date should AREIT’s S$300m ECS be fully exercised. 

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Roxy-Pacific Holdings - OCBC Investment 2016-05-06: Impacted by absence of Centropod TOP

ROXY-PACIFIC HOLDINGS LIMITED E8Z.SI 

Roxy-Pacific Holdings: Impacted by absence of Centropod TOP 

• Roxy-Pacific Holdings reported that its 1Q16 PATMI fell 79% YoY to S$9.9m mostly due to the absence of profit recognition from the TOP of Centropod@Changi in the corresponding period last year. 

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Starhub - RHB Invest 2016-05-06: 1QFY16 Results Flash Note

STARHUB LTD CC3.SI 

StarHub - 1QFY16 Results Flash Note

Highlights

• Despite the 4% qoq slippage in 1Q16 service revenue (seasonality- induced), core earnings surged 23% qoq (+21% yoy) on stronger EBITDA (+17% qoq/+13% yoy) from good cost controls and steady depreciation.
• 1Q16 core earnings formed 27% of RHB/consensus estimates- we deem this to be in line due to diminishing NGN adoption grant and the subsequent normalisation of EBITDA margin from the high of 34% in 1Q16.

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Bumitama Agri - UOB Kay Hian 2016-05-06: Bunches Ready For Upcoming Harvest

BUMITAMA AGRI LTD P8Z.SI 

Bumitama Agri (BAL SP) - Bunches Ready For Upcoming Harvest

• After our visit to BAL’s estate in central Kalimantan, we are confident that FFB production will pick up in 2H16 and deliver positive growth in 2016. 
• In 1Q16, BAL’s FFB production was low due to the drought. However, the impact from the 2015 drought was partly mitigated as management had prepared for this event by undertaking measures to mitigate the impact. 

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Ascendas REIT - RHB Invest 2016-05-06: 4QFY16/17 Results Flash Note

Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI 

Ascendas REIT: 4QFY16/17 Results Flash Note 

• We make no change to our BUY rating, forecast and DDM-derived TP (CoE: 7.5%, Tg: 1.5%) of SGD2.63, FY17 dividend yield of 6.6%. 

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StarHub - UOB Kay Hian 2016-05-06: 1Q16 Revenue Headwinds Broaden, But Saved By Lower Subsidies

STARHUB LTD CC3.SI 

StarHub (STH SP) - 1Q16: Revenue Headwinds Broaden, But Saved By Lower Subsidies

• Revenue contraction has broadened from mobile to pay-TV. 
• Bottom-line was saved by lower handset subsidies due to the limited range of new smartphones available. 
• We expect the last tranche of adoption grant for NGNBN to be processed and paid by iDA in 2Q16. Thus, earnings headwinds could intensify in 2H16. 

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CWT Ltd - OCBC Investment 2016-05-06: 1Q16 Within Expectations

CWT LIMITED C14.SI 

CWT Ltd - 1Q16 WITHIN EXPECTATIONS

• Improvement in logistics margin
• Privatisation still a possible catalyst
• Keep forecasts largely unchanged

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Ascendas REIT - OCBC Investment 2016-05-06: Drag From Performance Fees in 4QFY16

Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI 

Ascendas REIT - DRAG FROM PERFORMANCE FEES IN 4QFY16

• 4QFY16 DPU slipped 8.1% YoY
• Positive FY16 rental reversions of 7.0%
• Write-down of Australian portfolio

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StarHub Ltd - OCBC Investment 2016-05-06: Keeps FY16 Guidance; BUY

STARHUB LTD CC3.SI 

StarHub Ltd - KEEPS FY16 GUIDANCE; BUY

• NPAT met 25% of FY16 estimate 
• Maintains FY16 guidance 
• Expected 18% total return from here 

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Dairy Farm - RHB Invest 2016-05-06: Profit Recovery In-Line for Our Conviction BUY Call

DAIRY FARM D01.SI 

Dairy Farm 1Q15 Interim Statement: Profit Recovery In-Line for Our Conviction BUY Call 

• Dairy Farm issued their interim statement for 1Q16 (the company only announces half-yearly, but provides some broad outlook statement in the interim), which is broadly in-line with our expectations of a profit recovery in 2016. 

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Zhongmin Baihui Retail Group - Phillip Securities 2016-05-06: Weak start points to tough year ahead

ZHONGMIN BAIHUI RETAIL GRP LTD 5SR.SI 

Zhongmin Baihui Retail Group - Weak start points to tough year ahead

• Revenue and net profit hurt by extended winter in 1Q16.
• Expects subdued sales in FY16 due to marginal growth in store space coupled with a meek macro environment.
• Net cash position supportive of consistent dividend payout. Potential dividend yield of 3.2%.

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StarHub - DBS Research 2016-05-06: Solid earnings; less exciting operating metrics

STARHUB LTD CC3.SI 

StarHub - Solid earnings; less exciting operating metrics

• 1Q16 net profit of S$92.8m (+26% y-o-y) was better than our S$88-90m estimate due to the larger cost savings.
• Mobile segment gained subscribers but Broadband & Pay TV segments lost subscribers on a worrying note.
• Management maintains its 20-Sct dividend guidance for 2016. We retain our Fully Valued call with unchanged TP of S$3.30.

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CWT Limited - CIMB Research 2016-05-06: Core operations intact

CWT LIMITED C14.SI 

CWT Limited - Core operations intact 

• 1Q16 net profit missed expectations, at 20% of our FY16 forecast. The shortfall was mainly due to one-off tax of S$4.2m. 
• No surprises on the core business, with 1Q16 operating profit in line at 28% of our full-year forecast (1Q is seasonally stronger). 
• Maintain Hold and SOP-based target price of S$1.92, pending start of formal buyout. 

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PACC Offshore Services Holdings - DBS Research 2016-05-05: Jostling amid the weak environment

PACC OFFSHORE SVCS HLDG LTD U6C.SI 

PACC Offshore Services Holdings - Jostling amid the weak environment

• 1Q16 in line; profits boosted by JV performance
• Still no news on a contract for the second SSAV which is scheduled for 2Q16 delivery
• No cash-flow issues; loan facilities are adequate

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Ascendas REIT - CIMB Research 2016-05-06: Positioned for steady growth

Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI 

Ascendas REIT - Positioned for steady growth

• FY16 DPU of 15.36 Scts (+5.2% yoy) met consensus and our forecasts at 102% of our FY16F.
• 4QFY16 DPU of 3.41 Scts (-8.1% yoy) formed 23% of our FY16F.
• Buoyed by acquisitions, income available for distribution rose 7.7% yoy for 4QFY16. Booked a net revaluation loss of S$6.9m, mainly due to Australia.

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