Daily Morning Note – 5 February 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar if you have not already done so.

In this week’s webinar, we update on our US Recession Tracker and Singapore
Strategy. We also discuss the results for Micro-Mechanics, CapitaLand Retail China
Trust and SIA Engineering Company.

Archived webinars available.

RESEARCH REPORT

SIA Engineering Company Ltd – Lifted by strong JV and stable associated companies
Recommendation: Accumulate (Upgrade), Last Close Price: $3.33
Target Price: $3.51 (previously $3.35), Analyst: Richard Leow
– 3Q18 revenue in line, EBIT came in 14.2% lower than our estimate
– PATMI was 44% higher than expected, driven by positive surprise from JV
– 9M18 revenue, EBIT and PATMI met 74%, 68% and 82%, respectively of
consensus full year expectation
– Strong contribution from JV and stable performance of associates
compensated for the weaker core company EBIT to lift PATMI


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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