Daily Morning Note – 16 May 2018
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RESEARCH REPORT
Q&M Dental Group – Encouraging results; Waiting for better organic growth
Recommendation: Neutral (Maintain), Last Close Price: S$0.61
Target Price: S$0.63, Analyst: Soh Lin Sin
– 1Q18 Revenue/PATMI met 19.4%/24.7% of our full year expectations; 1Q18
effective tax rate was lower than our assumption
– Broad-based growth across business segments and countries; Distribution
business in Malaysia potentially get a lift from GST abolition
– Yet to see progress for its intensive expansion plan of adding 10 new clinics
each in SG and MY by end-FY18e
– Maintained NEUTRAL and TP at S$0.63, based on estimated 2.3 SCents FY18
EPS and 27x FY18e PER
BREAKING NEWS
Singapore Press Holdings Limited has incorporated a joint venture company called Target Media Culcreative Pte Ltd. The joint venture is principally engaged in the provision of advertising-related services in the form of audio-visual display media, poster frames, and pre-movie advertising in cinemas.
NASDAQ-listed JD.com Inc has invested over US$300 million into Asian logistics real estate player ESR Cayman Limited (ESR).
China Everbright Water on Tuesday said its wholly owned subsidiary Everbright Water (Shenzhen) Limited is taking a 20 per cent stake in a new joint venture company, Hebei Xiong’an Huashen Water Engineering Technology Limited, for one million yuan (S$210,770).
SembCorp Marine (SembMarine) announced that chief operating officer (COO) Ong Poh Kwee has left the company some two-and-a-half months shy of three years in his current position, having been appointed COO on July 1, 2015.
The Board of Directors of Asiatic Group (Holdings) Limited has announced that it has received an open letter from a shareholder on 8 May 2018. The Board understands that the aforesaid open letter was also reproduced in an article published by The Edge Singapore on 8 May 2018. The Board will make an appropriate response to the open letter after the release of the full year unaudited results announcement.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, The Business Times, PSR
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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