Maybank KE cuts Hi-P to 'sell' after share price run-up

SINGAPORE (April 9): Maybank Kim Eng is downgrading its call on Hi-P International to “sell” from “hold” previously with an unchanged price target of $1.22, which is based on 1.5 times FY19E price-to-book value.

This is because the research house now deems Hi-P as overvalued at 14 times FY19E P/E versus its global peers’ 10.5 times, and its own 1 SD above the three-year mean of 12.3 times.

Intensifying competition, economic slowdown may drag on Sheng Siong's growth: Maybank KE

SINGAPORE (Mar 19): Maybank Kim Eng is starting coverage on Sheng Siong Group (SSG) at “sell” with a  target price of 95 cents, which implies 19.5 times FY19F P/E – 1 S.D. below the stocks’ five-year mean.

The research house’s estimates for FY19-20E new-store sales and same-store sales (SSS) contributions are currently below that of the street. It is also forecasting for only four and two new store openings for FY19 and FY20E, respectively, compared to the 10 new stores SSG opened in 2018.

OCBC downgrades Hutchison Port Holdings Trust to 'sell' after HK$12.3 bil impairment blow

SINGAPORE (Feb 13): OCBC Investment Research is downgrading its call on Hutchison Port Holdings Trust (HPHT) to “sell” from “hold” while lowering its fair value to 22 US cents as at the close of Feb 12.

BreadTalk gets too pricey for RHB's taste; FY18 earnings projected to decline

SINGAPORE (Aug 3): RHB Research is downgrading its call on BreadTalk to “sell” from “neutral” with a lower target price of $1 compared to $1.04 previously, as the research house expects FY18F earnings to decline on rising overhead costs and weaker JV & associates performance.

Should CapitaLand Commercial Trust investors be counting on the office market upturn?

SINGAPORE (Jan 26): Brokers are divided on their recommendations for CapitaLand Commercial Trust (CCT), after its manager yesterday announced a 13% decline in 4Q DPU to 2.08 cents due to absence of income of properties divested in 2H17.

See: CapitaLand Commercial Trust posts 13% decline in 4Q DPU to 2.08 cents on divestments

SPH's declining pagecount portends grim FY18 outlook, says UOB

SINGAPORE (Dec 5): UOB Kay Hian is maintaining its “sell” call on Singapore Press Holdings (SPH) while raising its target price on the stock to $2.42 from $2.38 previously to incorporate MindChamps into its valuations.

See: SPH raises stake in MindChamps Preschool

See: MindChamps lodges IPO prospectus; to sell 30.4 mil shares at 83 cents

What’s next for UG Healthcare after a disappointing FY17

SINGAPORE (Sept 4): Maybank Kim Eng Research is maintaining its “sell” call on UG Healthcare Corporation with a 16% lower price target of 21 cents while noting weak cost management and a weaker ability to pass on additional costs.

The new target price – which is based on 12 times FY18E earnings per share (EPS) estimates  – represents an estimated 40% discount to its peers’ target price-earnings ratio (PER) of 22 times, which is due to the group’s comparatively smaller size and shorter listing track record.

StarHub’s unsurprising 1Q results continue to forebode challenges ahead

SINGAPORE (May 4): OCBC Investment Research and UOB Kay Hian are maintaining their “sell” and “hold” recommendations on StarHub at a respective target price of $2.40 and $2.98.

This despite 1Q17 earnings coming in line with expectations from both houses.

To recap, StarHub on Wednesday reported $73.1 million in earnings for the 1Q ended March, representing a 21.3% decline from its earnings a year ago in spite of seeing a 0.2% growth in revenue to $592.3 million.

StarHub says no intention of merging with M1

SINGAPORE (March 31): Maybank Kim Eng Research continues to rate StarHub at “sell” at an unchanged price target of $2.49, foreseeing turbulent times ahead for the local telco despite it announcing a game plan to manage recent changes in the industry.

In a report on Thursday, analyst Gregory Yap recalls how StarHub’s management expects the group’s EBITDA margin to fall to 26-28% this year from over 30%, as NBN adoption grants will fade and handset subsidies will grow due to two big handset launches this year as well as subscriber-ring-fencing ahead of TPG Telecom’s entry.

How SATS profited from Hanjin's loss in 3Q

SINGAPORE (Feb 10): Maybank Kim Eng is maintaining its “sell” call on SATS with an unchanged price target of $3.76, despite noting a “good quarter” where the gateway and food solutions provider’s core PATMI  came in 14% higher than the research house’s estimate.

(See also: SATS reports 7.4% rise in 3Q earnings to $65.1 mil)

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