Recent Reports

  • CNMC Goldmine Holdings Limited – On track of production turnaround

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Nov 16, 2018
    • Revenue and net profit met CIL plant lifted production volume.
    • Two new leaching pads to improve efficiency.
    • We maintain FY18e EPS at 0.3 US cents and raise FY19e EPS to 1.9 US cents (previously 1.7 US cents) due to the recovery of output. We maintain our BUY recommendation with an unchanged TP of S$0.29.
  • Health Management International – Biting a near-term bullet

    Tin Min Ying | Phillip Securities Research Pte Ltd | Nov 16, 2018
    • 1Q19 Revenue and Core PATMI missed our estimates by -6.9% and -19.9% respectively. This miss is due to StarMed start-up costs and accelerated amortisation of finance costs related to the consolidation exercise.
    • Higher outpatient load and average bill sizes boosted revenue by 6.7% YoY.
    • EBITDA rose 8.6% YoY due to higher revenue intensity and effective cost management.
    • Maintain BUY with a lower DCF-derived TP of S$0.77. Given a more moderated growth, we lowered our revenue and EBITDA estimates for 2019-2020 by 5% and 7% respectively.
  • China Everbright Water Limited – Steady and healthy growth

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Nov 14, 2018
    • Both 3Q18 revenue and PATMI met expectations.
    • As at Jun-18, CEWL has a portfolio of 103 projects, 90 are operating, 11 under construction and 2 in preparatory
    • Improvement in the collection of receivables.
    • Completion of Zhenjiang Sponge City project is postponed to 2019.
    • We maintain FY18e EPS at 5.0 SG cents. We lower our target price to S$0.44 (previously SG$0.53) due to lower peers’ valuations of 8.8x (previously 10.6x) and maintain a BUY recommendation.
  • 800 Super Holdings Ltd – Transitional pains

    Richard Leow | Phillip Securities Research Pte Ltd | Nov 13, 2018
    • Revenue 4.6% lower than expected, PATMI 51% lower than estimate
    • We under-estimated the purchase of supplies and disposal charge by 23%
    • Returned to profit after 4Q18 surprise loss; underpinned by QoQ improvement in core business
    • Downgrade to Neutral; new target price of $0.80 (previously $1.03) as we slash FY19e and FY20e earnings estimate by 45% and 43% respectively
  • SIA Engineering Company Ltd – Saved by associated and joint-venture companies

    Richard Leow | Phillip Securities Research Pte Ltd | Nov 12, 2018
    • 1H revenue and PATMI were 4.5% and 13.6% lower respectively than our estimate
    • Lower 1H EBIT was completely offset by higher associates/JVs
    • 3 cents interim dividend declared, lower than last year’s 4 cents
    • Downgrade to Neutral, new target price of $2.81 (previously $3.56) as we cut our FY19e and FY20e earnings estimate by 16% and 14%
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