Investment Actions
We expect 4QFY06/17e PATMI to be between S$90mn to S$95mn and we revise our FY17e PATMI to S$333mn from previous estimate of S$347mn. Downgrade “Neutral” with lower TP of S$7.45 (vs. previous TP of S$7.75) because inasmuch as we expect higher manpower costs and technology expenses in a seasonally higher operating costs environment in the 4th quarter, we do not see any near term catalysts to boost top line to positively offset the higher costs.
Jeremy covers primarily the Banking and Finance sector. He has 6 years’ experience in equities related dealing and research roles.
He graduated with Bachelors of Mechanical Engineering from Nanyang Technological University.