• Penetrating high-growth in Indonesian and Phillippine healthcare markets
• Acquires asset-light healthcare franchises that yield recurrent revenues and revitalised through expansion in capacity, network and capabilities
• Initiate with a BUY recommendation and target price of S$0.28. We used a DCF valuation to capture the full benefits of CBH’s impressive growth trajectory over the next five years.

• Sole network provider of residential fibre broadband in Singapore
• Stable and recurrent cash-flows from a customer base of 1.3mn
• Future growth from NBAP and non-residential end-user connections
• We initiate coverage on NLT with a target price of S$0.89. We used a DCF approach in our valuation because of the regular stream of cash generated from NLT’s fibre business. Our valuation is based on a WACC of 6% and a terminal growth rate of 1%.

Ride hailing giant Uber, one of the successful startups in the sharing economy business, has officially kicked off its blockbuster IPO. The company is expected to list on the New York Stock Exchange (NYSE) early May 2019 under the ticker symbol ‘UBER’. The IPO price is yet to be confirmed, but Uber is looking to raise around $10 billion, placing the valuation of the company to as much as $100 billion according to an anonymous source.1 This will make Uber’s...
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