BUMITAMA AGRI LTD P8Z.SI Bumitama Agri (BAL SP) - 3Q15 Results Preview: Hot Weather Making A Small Dent
- Bumitama reported 3Q15 FFB nucleus and CPO production growth of 15% and 21% yoy respectively.
- 9M15 production growth was below expectation as 3Q15 production pick-up was not as strong as expected due to the prolonged dry weather. Hence, we reduce our production growth forecasts for 2015-16 to 9% and 18% respectively, and cut our net profit forecasts by 11-18% for 2015-17.
- Maintain BUY. Target price: S$1.10.
TIGER AIRWAYS HOLDINGS LIMITED Tigerair J7X.SI Tigerair (TGR SP) - 2QFY16 Earnings Preview: Expect An Uninspiring Quarter
- Tigerair will report its results on 23 October and we are not expecting any positive surprises. While load factors improved, we believe that Tigerair will still be in the red due to a weak pricing environment.
- Maintain HOLD. Target price: S$0.315. Suggested entry level at S$0.28.
MAPLETREE INDUSTRIAL TRUST ME8U.SI Mapletree Industrial Trust - New AEI a potential medium-term booster
- 2QFY16 results boosted by Equinix contributions and organic growth.
- Rental reversions were positive but gap between passing and new rents continued to narrow.
- Rising cost pressure to dampen NPI margin.
- New Kallang Basin AEI to provide medium-term booster.
- Maintain Hold with unchanged DDM-based target price of S$1.66.
MAPLETREE COMMERCIAL TRUST N2UY.SI Mapletree Commercial Trust - Helped by haze and holidays
- 2Q results in-line. Revenue subdued, cost savings drive NPI.
- Improved operating metrics largely due to haze and holidays.
- Maintain SELL with unchanged TP. Continue to least prefer retail SREITs due to over supply and demand headwinds.
IHH HEALTHCARE BERHAD Q0F.SI IHH Healthcare - Turning upbeat on Hong Kong
- IHH’s 60:40 500-bed Gleneagles Hong Kong (completion early-2017) will be the next Singapore success story and a significant earnings contributor in five years.
- Singapore has ~920 beds (16% of bed capacity) but forms 45% of group net profit.
- Management sees medical costs in Hong Kong being 30-50% higher than Singapore, but with similar normalised EBITDAR margins (c.30%). We agree.
- HK’s ageing population, wealth and acute bed shortage will support higher prices.
SINGAPORE EXCHANGE LIMITED SGX S68.SI Singapore Exchange - In the price
- 1QFY16 net profit of S$99.3m was in line at 26% of our full-year forecast.
- DPS was raised to 5 Scts from 4 Scts previously, in line with prior guidance
- We cut our FY16-18 EPS by 2-3% on expectations of lower derivative traded volume and clearing rate, and higher expenses
- We upgrade to Hold from Reduce, as valuations are more palatable at 20x forward P/E, 0.5sd below its historical mean.
MAPLETREE COMMERCIAL TRUST N2UY.SI Mapletree Commercial Trust - Better operating performance
- 2QFY16 performance lifted by higher revenue and lower operating expenses.
- Portfolio occupancy rose in 2Q, and could to pick up further in 2H on higher committed take-up.
- Recovery of shopper traffic and tenant sales growth in Vivocity.
- Outlook remains stable, with 25.9% of leases to be renewed in 2HFY16-FY17.
- Maintain Hold with a lower DDM-based target price of S$1.44.
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