Daily Morning Note – 27 February 2018


Raffles Medical Group – New capacity to fuel growth
Recommendation: Accumulate (Maintained), Last Close Price: S$1.11
Target Price: S$1.32, Analyst: Soh Lin Sin
– FY17 Revenue/Adjusted PATMI were in line with our full year expectations
– Beneficiary of MOH’s initiatives with new capacity to meet growing demand
– Declared higher final dividend of 1.75 cents (Full year dividend of 2.25 cents,
+12.5% YoY)
– Maintained ACCUMULATE with unchanged TP of S$1.32


Operating Indicators for January 2018Singapore Changi Airport registered 5.30
million passenger movements in January, a 0.9% year-on-year increase. Aircraft movements were 2.8% higher with 32,490 landings and takeoffs, while airfreight throughput rose 10.7% to reach 175,590 tonnes, compared to the same period last year.
(Source:Changi Airport Group)

Monthly Manufacturing Performance January 2018 On a year-on-year basis, Singapore’s manufacturing output increased 17.9% in January 2018. Excluding biomedical manufacturing, output grew 21.6%. On a seasonally adjusted month-on-month basis, manufacturing output increased 6.7% in January 2018. Excluding biomedical manufacturing, output grew 4.5%.
(Source:Economic Development Board)

The Court of Appeal has dismissed Sunsea Yacht Club (Hong Kong)’s application against
Keppel Corporation Limited’s two units
Keppel Land China Ltd(KLCL) and Keppel China Marina Holdings Pte Ltd (KCMH) – and also discharged the High Court’s order previously restraining KLCL from completing the Divestment of KCMH.

Singapore Myanmar Investco Limited has entered into an exclusive agreement to
set up and develop The Coffee Bean & Tea Leaf(CBTL) in Myanmar, with the first CBTL outlet planned for opening by the first quarter of 2018.

Yongnam Holdings Limited updated that the Framework Agreement for the design,
construction and management of Hanthawaddy International Airport (Myanmar) has expired
and has not been renewed to-date, due to certain unresolved issues.

Saturas Ltd., a portfolio company of The Trendlines Group Ltd has announced the completion of an investment round of US$4 million.

Nordic Group Limited has won S$6.9 million contracts, for its System Integration and Precision Engineering Services divisions.

ISOTeam Ltd has secured $24.16 million of contracts, which includes projects for
repairs & redecoration, landscaping, and coating & painting.

Banyan Tree Holdings Limited announced a S$95.50 million tender offer for the remaining stake in its subsidiary, Laguna Resorts & Hotels Public Company Limited.

Source: SGX Masnet, Phillip Securities Research

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