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Midas Holdings - Midas flags out several irregularities in the course of audit

Shared By Stock Fanatic on Monday, February 12, 2018 | 12.2.18

■ Irregularities in the course of audit

■ Board is taking active steps to ascertain overall impact to the group

■ Concerns on how larget the assets are at risk and potential corporate governance lapses will be an overhang.

■ Ceasing Coverage on the stock.

Asia Pacific Strategy - Alpha Edge: Testing support

Shared By Stock Fanatic on Thursday, February 8, 2018 | 8.2.18

■ US S&P500 is down almost 10% in just 7 trading days.

■ We believe it is still too early to tell if this was a major peak.

■ MSCI Asia ex-Japan support at 710pts is still holding.

■ Hong Kong Hang Seng's medium-term uptrend looks intact.

■ KLCI support trendline is at 1,780pts.

Singapore Strategy - Prepare with a shopping list

Shared By Stock Fanatic on Wednesday, February 7, 2018 | 7.2.18

■ In preparation of a market bounce-back, we list five 'must-own' stocks backed by valuations and fundamentals: KEP, VMS, STE, GENS and AEM.

Our Alpha list: we remove Memtech given its YTD outperformance, and add STE and China Sunsine;others remain: UOL, SMM, mm2, Yongnam and Sunningdale.

Our FSSTI target of 3,600 is intact.

Singapore Strategy - Great Singapore Sale!

- Across the board selling

- Prices are starting to look attractive

- Buy on dips; stick with quality

Singapore Exchange Ltd - Another Positive Catalyst

A BM-SGX trading link by end 2018
SGX announced that it will be collaborating with Bursa Malaysia (BM) to jointly develop a BM-SGX stock market trading link by end 2018. This link will enable investors to trade and settle the shares listed on both markets more efficiently, and widen their access to the two exchanges. MAS and Securities Commission Malaysia (SC) will be working on the regulatory requirements (link). There is a possibility that this crossborder initiative may be extended to connect other ASEAN exchanges. Pending further updates, we maintain our TP of SGD8.82, based on an unchanged P/E of 23x FY19E EPS, in line with its mean since 2012.

Singapore Medical Group - Building The Foundation Of Its IVF arm

Shared By Stock Fanatic on Tuesday, February 6, 2018 | 6.2.18

SMG, together with strategic partner CHA Medical Group, has entered the Australian market through a JV. This JV, in turn, is acquiring a 65% stake in CFC, Australia’s fourth-largest IVF clinic group. The acquisition would strengthen SMG’s IVF arm. Going forward, it is keen to use CFC as a foundation to enter into other markets – eg Malaysia, Indonesia, and Vietnam – under a new brand name. With a turnaround now further validated by both organic and inorganic growth, we maintain our BUY recommendation and DCF-backed SGD0.79 TP (36% upside).

Singapore Post Ltd - Stronger turnaround; Maintain contrarian BUY

All segments continued to deliver, except logistics
Maintain contrarian BUY and DCF-based TP of SGD1.50. 3Q18 core PATMI was in line, with 9M18 equal to 81% and 82% of ours and consensus FY18E. 3Q18 core PATMI grew by a strong 37% YoY, due to growth in the postal segment, continued turnaround in the e-commerce segment and resumption of rental income from its redeveloped mall.

We expect the growth and turnaround trends to continue from three key drivers:
1) cost efficiency gains; 

2) winning new customers; and 

3) increasing collaboration with existing clients.

Key risks are intensifying competition in the logistics segment and negative impact from terminal dues.

SIA Engineering - Decent quarter but outlook remains challenging

Maintain HOLD: 3Q18 profit driven by associates/JVs
3Q18 profit of SGD54.8m, up c4%% YoY, was in line with our expectations. Revenues slid marginally and the bottom-line growth was driven principally by associate & JV contributions, up 29% YoY. The anticipated double-digit growth in core operations is still 1-2 years away we believe. Maintain HOLD with SGD3.50 price target based on 5 year forward PER mean of 21x FY3/19E EPS (unchanged).
 
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