1Q19

IHH Healthcare to see an exciting 2019 with increasingly palatable valuations: UOB

SINGAPORE (May 31): UOB Kay Hian is maintaining “buy” on IHH Healthcare with a target price of RM6.30 ($2.07), which implies 32.8 times 2020F P/E – well below its historical five-year 12 month forward P/E of 57 times based on the stock’s performance on the KLSE.

IHH Healthcare posts 56% higher 1Q earnings of $29.4 mil on stronger operational performance

SINGAPORE (May 30): IHH Healthcare reported 1Q earnings of RM89.5 million ($29.4 million), 56% higher from RM57.2 million a year ago on the back of stronger operational performance.

Revenue for the quarter grew 28% to RM3.6 billion from RM2.9 billion previously.

The group attributes this to sustained organic growth at existing operations and the sustained ramp-up of Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital, which both opened in March 2017.

SembMarine is now looking cheap but beware of the risks: OCBC

SINGAPORE (May 30): OCBC Investment Research is maintaining its “hold” call on Sembcorp Marine (SMM) while lowering its fair value estimate to $1.60 from $1.77 previously upon slashing its price-to-book valuation from 1.6 times to 1.45 times.

OCBC’s move comes post the group’s 13.2% share price correction (versus the STI’s 6.8%) since the release of its 1Q19 earnings announcement.

Singapore's weak 1Q GDP growth signals tough times ahead: RHB

SINGAPORE (May 28): RHB Research is turning negative on Singapore’s short-term economic outlook on expectations of a prolonged slowdown in the electronics sector as well as weaker global growth prospects.

As such, the research house is revising its 2019 GDP growth estimate downward to 1.8% from 2.5% previously.

Sembcorp Industries' near-term outlook hinges on sustained India uptrend, say analysts

SINGAPORE (May 21): CGS-CIMB Research and DBS Vickers Securities are maintaining their “add” and “buy” calls on Sembcorp Industries (SCI) with target prices of $3.41 and $3.90, respectively.

This comes after the group last week posted 21% higher 1Q earnings of $77 million on higher contributions from its energy segment, which was mainly driven by improved performance from India and the recognition of peak winter availability payments for UK Power Reserve.

Banyan Tree's 1Q earnings decline fourfold on lower revenue, absence of one-off gains

SINGAPORE (May 16): Banyan Tree Holdings reported a 74% decline in 1Q19 earnings to $5.2 million from $20.2 million on the back of lower revenue, as well as the absence of one-off gains from the dilution of the group’s interest in its China entities.

Revenue fell 17% to $81.2 million from $98.2 million in 1Q18, mainly attributable to lower contributions from the Hotel Investments segment in the absence of revenue from Banyan Tree Seychelles, which was sold in Nov 2018, as well as from Banyan Tree Phuket due to ongoing renovations.

iREIT Global reports 2.7% lower 1Q DPU of 1.42 cents on higher expenses, forex changes

SINGAPORE (May 16): The manager of iREIT Global has declared a 1Q19 distribution per unit (DPU) 1.42 cents, declining 2.7% from 1.46 cents a year ago due to higher property operating expenses and a weaker SGD/EUR exchange rate.

This represents an annualised distribution yield of 7.6% based on the REIT’s closing price of 74.5 cents on the last trading day of 1Q.  

In euro terms, DPU for 1Q fell 1.1% to 0.89 euro cent from 0.90 euro cent a year ago due to higher property operating expenses.

CityDev's 1Q earnings more than double to $200 mil on higher margins & Manulife Centre divestment gain

SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and the realisation of a pre-tax divestment gain.

The bottomline growth came despite a 29.5% y-o-y decline in revenue to $746.2 million from $1.06 billion a year ago, in the absence of revenue recognition from The Criterion executive condominium (EC) in its entirety over the previous quarter.

Straits Trading reports 78.1% 1Q earnings growth to $17.3 mil on higher share of associates

SINGAPORE (May 14): Straits Trading Company reported earnings $17.3 million for 1Q19, up 78.1% from $9.7 million in 1Q18 due to higher share of results of associates and joint ventures (JVs) as well as improved overall performance across all of its business segments.

The latest set of results brings the group’s earnings per share (EPS) for the quarter to 4.2 cents as opposed to 2.4 cents in the previous year.

Straco's 1Q earnings more than double to $8.5 mil on revenue recovery from Singapore Flyer

SINGAPORE (May 14): Straco Corporation, the developer and operator of tourism-related attractions including the Singapore Flyer, has posted earnings of $8.5 million for the 1Q ended March, more than doubling from its 1Q18 earnings of $3.5 million due to higher revenue.

Revenue for the quarter grew 30.8% on-year to $24.6 million from $18.8 million a year ago with comparably higher revenue contributions from Singapore Flyer as opposed to the corresponding quarter, where revenue was impacted from a two-month suspension of the Ferris wheel’s operations.

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