Recommendation: ACCUMULATE (Downgrade), Last Close Price: S$7.31

Target Price: S$8.17 (previous TP: S$8.36), Analyst: Tin Min Ying

• HKEX announced the launch of futures contracts on MSCI China A Index.
• SGX’s February Derivatives Daily Average Volume (DDAV) growth was flat at 1.4% YoY, the lowest in almost two years.
• SGX’s derivatives business accounts for c.49% of total revenue in 6M19.
• We downgrade to Accumulate at a lower TP of S$8.17 (previously S$8.36) as lowered our FY19e earnings by 2%. We peg our TP to 23.2x P/E, at SGX’s 5-year mean.

Recommendation: OVERWEIGHT, Analyst: Chen Guangzhi

• China restricted Australian coal imports
• Approval for the resumption of work in coal mines in Yulin City in Shannxi
• Demand for Indonesian thermal coal heats up

• Results were below expectations due to poor sales of non-book products, weaker gross margins, higher operating expenses and write-offs in inventory and bad debts.
• 80% of FY18 revenue is from the sale of books and YVEN has expanded their publishing principals from 1 to 8.
• A major change is strategy is to faster monetize their data analytics capabilities through the sale of services.
• We lowered FY19e earnings to marginal profitability. Any turnaround in profits is earmarked in FY20e. Our target price of S$0.16 will be based off FY20e earnings and PE of 30x. This is priced against other e-retailer comparables.

• PATMI met expectations excluding the surge in effective tax due to higher withholding tax and under provision of taxes in prior years.
• Sizable uptick in property sales from Phuket. Secured a record 28 new hotel management contracts in 2018, with a pipeline of 53 hotel openings from 2019 to 2022.
• Hotel investments segment took a hit from Thailand underperformance and Seychelles deconsolidation effect. Decline in forward bookings, dragged down largely by Thailand.
• Long-term growth catalysts remain intact. Focus would be the continued build-up in fee-based income and property sales.
• Maintain ACCUMULATE with adjusted target price of S$0.76 (prev. S$0.73).

• Revenue disappointed by S$3.4mn or 7%. The company swung into a wider than expected net loss of S$12mn compared to our estimated loss of S$7mn. Operating expenses and a S$5mn write-off was higher than expected.
• The corrosion prevention and solar segment posted healthy growth YoY helping alleviate weakness in engineering and construction.
• We revised FY19e revenue downwards by 9% and a net loss of S$183k. We have changed our valuation method to 0.7x P/B in line with peer valuations. Downgrade to NEUTRAL with a lower target price of S$0.194 (prev.S$0.24).