News & Research
Daily Morning Note – 17th August 2017
Register HERE for MONDAY’s 11.15am webinar if you have not already done so.
Our webinars are an opportunity for clients, remisiers, and sales staff, to ask questions on our coverage and the market’s direction. We hope to have as many of you as possible.
In this week’s webinar, we will be presenting on company results under our coverage, namely Ho Bee Land, Banyan Tree Holdings, City Developments, UOL Group, Chip Eng Seng, ComfortDelGro, Cogent Holdings, China Everbright Water, Centurion, Singapore O&G, Thai Beverage, and Fraser and Neave.
Archived webinars available.
Old Chang Kee Ltd – New facilities to commence 3Q18
Recommendation: Buy (Maintained), Last Close Price: S$0.79
Target Price: S$0.98, Analyst: Soh Lin Sin
• 1Q18 revenue was in-line with expectation but earnings missed on costs pressures
• Expect full integration and commencement of Singapore factories at Woodlands Terrace by 3Q18; New capacity to boost product innovations and margins
• Maintained Accumulate with unchanged DCF-derived TP of S$0.98
CNMC Goldmine Holdings Limited – Expect a turnaround next year
Recommendation: Neutral (Downgraded), Last Traded Price: S$0.27
Target Price: $0.29, Analyst: Chen Guangzhi
• Carbon-in-leach (CIL) plant is under construction
• Ongoing exploration for Pulai and KelGold project
• Low ore grade dragged the performance
• Possible turnaround by CIL in FY18
• Long-term perspective: monetising on minerals from Pulai and KelGold
Creative Technology Limited – The Company and its subsidiary QMax Communications Pte Ltd had sought to recover damages and all losses suffered in relation to the wireless broadband project against the vendor, Huawei International Pte Ltd (“Huawei”), for misrepresentation or alternatively, for breach of contract. Huawei had, in turn, filed a counterclaim seeking relief which included damages for the alleged wrongful rescission and/or termination of the contract. Further to the above-mentioned disclosures, the Court issued its judgment on 16 August 2017.
Spackman Entertainment Group Limited – Spackman Entertainment Group Limited wishes to announce that its wholly-owned subsidiary, Frame Pictures Co., Ltd. has secured the contract to supply camera systems and equipment for the upcoming crime thriller movie, DECEPTIVE MURDER. The total contract value of this project is KRW220 million (approximately US$193,785).
Yanlord Land Group Limited – Moody’s Investors Service says that Yanlord Land Group Limited’s strong profit margin, interest coverage ratio and liquidity support its Ba2 corporate family rating and the stable outlook on the rating.
Far East Group Limited – The Board of Directors of Far East Group Limited wishes to announce that the Company has, on 16 August 2017, entered into an option to purchase agreement with Swee Builders Pte. Ltd. (the “Purchaser”), an independent and unrelated third party, to grant an option to the Purchaser for the sale of the property situated at 5 Third Lok Yang Road, Singapore 628000.
Sarine Technologies Ltd – Sarine Technologies Ltd is proud to announce that Golden Dew, the prestigious South Korean jewellery retail chain, formally launched the Sarine Profile™ in-store diamond display platform in all its 72 stores across the country last week, and will also be adopting the Sarine Connect™ diamond jewellery search and display app.
Source: SGX Masnet, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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