Daily Morning Note – 4 January 2018
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ComfortDelGro Corp Ltd – Earnings to bottom out in FY17e
Recommendation: Buy (Maintained), Last Close Price: $2.02
Target Price: $2.63 (unchanged), Analyst: Richard Leow
– Earnings to bottom in FY17e due to three factors: 1.) Recognition of higher
bus revenue, 2.) Narrowing of DTL losses and 3.) Strategic alliance with Uber.
– Maintain Buy; unchanged target price of $2.63
AsiaPhos Ltd – Daily timeframe – Bullish
– There was another strong bullish rejection off the 0.040 support area on
03/01/18 with surging volume signals the possibility of a bottom here.
– Expect price to make a rebound higher next to test the 0.056 resistance area
followed by 0.062.
For more information and additional disclosures, refer to the link here.
Contract manufacturer Venture Corporation is scheduled to join the Straits Times Index (STI) with effect from Jan 5, replacing Global Logistic Properties (GLP) which is being taken private. Venture was selected to join the STI as it maintained the highest market capitalisation of the STI Reserve as at market close on Jan 2.
Midas Holdings Limited – Midas Holdings Limited is pleased to announce that its joint venture company, CRRC Nanjing Puzhen Rail Transport Co., Ltd. (“南京中车浦 镇城轨车辆有限责任公司”) (“NPRT”) has secured three metro train car supply contracts worth RMB2.68 billion in the People’s Republic of China (“China” or the “PRC”). Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture, engaged in the development, manufacture and sale of metro trains, bogies and their related parts.
Source: SGX Masnet, 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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