Daily Morning Note – 1 March 2018


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Banyan Tree Holdings Ltd – Improved outlook across all business segments
Recommendation: ACCUMULATE (Maintained), Last Close Price: S$0.60
Target Price: S$0.71, Analyst: Tan Dehong
– Broad based increase in RevPAR across key geographies.
– Weakness in Maldives was a drag in FY17, likely to extend into 1Q18 as a
result of the ongoing state of emergency in the country.
– 15% YoY improvements in hotel forward bookings for 1Q18.
– Active portfolio reconstitution with realised divestment gains tripled YoY at
– Maintain ACCUMULATE with unchanged TP of S$0.71.

Asian Pay Television Trust – Still yielding an attractive return
Recommendation: ACCUMULATE (Maintained), Last Done Price: S$0.575
Target Price: S$0.62, Analyst: Paul Chew
– 4Q17 revenue and EBITDA were in-line with our estimates. DPU for 2018
maintained at 6.5 cents, payable quarterly
– Cable TV customers stable with a pick-up from higher margin broadband
subscriber base. ARPU from cable TV disappointed.
– We maintained our ACCUMULATE rating. Our target price has been tweaked
lower to S$0.62 to account for the lower ARPU and higher cash taxes for


Starhub Ltd – Daily timeframe – Bullish
– There was three bullish price action lately around the 2.47 low with price
forming bullish reversal hammers on 23/02/18, 26/02/18 and most recently
– Hence with the current bullish price action, expect price to make a near-term
rebound soon as the selling is overdone based on the Relative Strength Index (RSI).

For more information and additional disclosures, refer to the link here.


Genting Hong Kong Limited, through its wholly-owned subsidiary Star NCLC, has entered into an Underwriting Agreement with Norwegian Cruise Line Holdings Ltd. (NCLH) for the secondary listing of NCLH.

CapitaLand Limited acquired a site in Hanoi for S$40m for its planned integrated development and also set up its second commercial fund in Vietnam, CapitaLand Vietnam Commercial Value-Added Fund (CVCVF).

The sole shareholder of FSL Trust’s Sponsor has been changed to Prime Shareholdings Inc., an affiliate of Prime Tanker Management Inc.

EC World REIT announced a S$30 million acquisition of an e-commerce logistics asset in Wuhan, through an equity transfer agreement.

Sabana REIT has announced the divestment of 6 Woodlands Loop for S$13.8 million.

Clearbridge Health Limited has announced the acquisition of a general medicine, surgical and aesthetics services treatment clinic in Singapore and a renal care services provider in Indonesia.

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

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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