Analysts Say

Analyst Reports & Brokers' Take On SGX Listed Stocks & REITs

05/21 UOBKH - Analyst Briefing Takeaways ~ A More Optimistic Management; Earnings Could Hit S$1b In FY19

05/18 DBSV - Yields Have Started To Turn

05/18 CIMB - First SIA Mainline Yield Increase In 3 Years

05/18 UOBKH - 4QFY18 Earnings Trounce Estimates Core Net Profit Recovers From S$6m Loss In 4QFY17

05/07 UOBKH - 4QFY18 Results Preview ~ Likely To Surprise On The Upside

05/21 OIR - Vis-à-vis La Viva

05/17 OIR - Waiting On A Merger?

05/16 MBKE - Ready To Look Ahead

05/18 OIR - Keep Calm And Collect Dividends

05/18 UOBKH - 4QFY18 Promises Fixed Dividends Of 17.5 S Cents For Next 2 FYs

05/18 RHB - Dividend Certainty

05/17 CIMB - 4QFY18 Weak Across The Board

05/17 MBKE - Making The Adjustments

05/17 DBSV - Commits To Fixed Dividends For FY19F-20F

05/17 RHB - EBITDA Headwinds

05/07 DBSV - 4Q18F Preview ~ Negatives In The Price

05/18 UOBKH - Expanding Overseas The Natural Next Step

05/18 RHB - Makes First Overseas Acquisition

05/17 MBKE - Maiden Overseas Foray

05/17 CIMB - Diversifying Into Germany

05/17 RHB - Improving Q-o-q

05/17 OIR - Looking Forward To World Cup 2018

05/17 PSR - Accretive Acquisitions But Domestic Beer Demand Drags

05/17 CIMB - 2QFY18 Downside Risks Priced In

05/16 DBSV - Within Expectations, Sequential Improvement

05/10 RHB - Keep Calm And Drink Beer

05/17 DBSV - More Bright Spots On The Horizon

05/17 PSR - On A Path To Recovery

05/17 UOBKH - 4QFY18 Beats Street Estimates; SIAEC Expects More Engine Checks

05/16 OIR - Decent FY18 Results

05/11 UOBKH - 4QFY18 Results Preview ~ Likely To Beat Street Estimates

05/16 UOBKH - 1Q18 Below Expectation On Weaker Palm And Laurics Margins

05/16 OIR - A Soft Quarter

05/15 CIMB - 1Q18 Impacted By Lower Output And Prices

05/16 DBSV - A Healthy Start

05/16 UOBKH - 1Q18 Results In-line; SW1 Acquisition Earnings Yet To Make Contribution

05/15 MBKE - A Good Start

05/15 RHB - Good Start To 2018

05/16 RHB - Hoping For More Biodiesel Demand

05/15 RHB - Inventory Build-up Holds Back Earnings

05/15 MBKE - Delay In Output Delivery A Drag To 1Q18 Earnings; Still In-line

05/15 UOBKH - 1Q18 Below Expectation Due To Lower-than-expected Sales Volume

05/14 CIMB - 1Q18 Earnings Impacted By Lower CPO Prices And Inventory Build-up

05/07 UOBKH - 1Q18 Results Preview ~ Expect Weaker Qoq And Yoy Performance

05/16 UOBKH - 2QFY18 Results Below Expectations; Higher Cost Base To Support Expansion

05/15 MBKE - Expansion Cost Pain For Long Term Gain

05/15 DBSV - Incurring Higher Costs In Expansion Phase

05/16 MBKE - Business In Transition; Expect Eps To Improve From 3Q18

05/15 DBSV - Growth Slows Amid China Transition

05/15 CIMB - 1Q18 See You In 2H18

05/15 MBKE - Expanding Into Ambulatory Care Centre

05/11 UOBKH - 9MFY18 Earnings In Line. Solid Execution And Our Preferred Healthcare Pick

05/11 MBKE - Slight Beat From Robust Margins

05/10 CIMB - 3QFY18 In Better Shape

05/10 PSR - In The Pink Of Health

05/15 DBSV - All Eyes On Postal Segment

05/14 UOBKH - FY18 Core Profit Below Expectations But Look Forward To FY19

05/14 MBKE - Management Not Yet Delivering The E-commerce Turnaround

05/11 CIMB - Awaiting Delivery

05/11 OIR - Signed, Sealed, Delivered

05/15 OIR - Traffic Ahead Seems Smoother

05/14 PSR - Acquisition Spree To Bear Fruit In 2H 2018

05/14 RHB - Bus To Drive Growth Till Taxi Business Improves

05/14 MBKE - Taxis Turning The Corner

05/14 UOBKH - 1Q18 Broadly Within Expectations; Transitioning To A More Rational Market

05/12 CIMB - Worst Is Over; But More Catalysts Are Still Needed

05/15 UOBKH - 1Q18 Results In Line With Expectations; Seasonally Weak First Quarter

05/14 CIMB - 1Q18 Transformation Underway

05/14 DBSV - 1Q18 Net Profit Jumped 80.5% Y-o-y, Mainly Contributed By IP Businesses

05/03 DBSV - Hunger For Growth

05/02 CIMB - May The Odds Be Ever In Their Favour

05/15 PSR - Reaping The Rewards Of Successful Land-banking

05/14 RHB - Banking On Residential Segment Recovery

05/14 UOBKH - 1Q18 Riding On Singapore Residential And Office Recovery

05/14 OIR - Bonanza Of Launches To Come

05/11 CIMB - Drag From Residential Operations

05/15 CIMB - Why We Still Like Wilmar Post Its 1Q18 Briefing

05/14 RHB - Upbeat On 2Q18 Prospects

05/14 UOBKH - Earnings Volatility Due To Timing Issues

05/14 OIR - In It For The Long Term

05/11 RHB - Still Set For The Year, Despite A Decline

05/11 UOBKH - 1Q18 Below Expectations Due To Weak Oilseeds Margin And Loss In Sugar Division

05/11 DBSV - Margin Recovery To Drive Earnings Performance

05/10 CIMB - Weaker Tropical Oils A Drag On 1Q18 Earnings

05/15 OIR - Green Light For Amber45

05/14 DBSV - Firing Up For Property Launches

05/14 MBKE - Stronger Earnings To Come

05/11 CIMB - Rolling Out New Launches

05/14 DBSV - Confidence In Growth Potential

05/14 RHB - Maintaining Growth Expectations

05/11 CIMB - Defence Contract Hope

05/11 OIR - Stability Built Upon Diversified Portfolio

05/11 UOBKH - 1Q18 VIP Segment Wows

05/11 RHB - Starting The Year With A Bang

05/11 DBSV - Don’t Miss The Chance

05/11 OIR - EBITDA Up 27% YoY!

05/10 CIMB - 1Q18 Clawing Market Share To A Strong Quarter

05/11 MBKE - A Soft Start; Outlook Remains Positive

05/10 CIMB - Shifting The Costs Over Gradually

05/09 DBSV - Forex Weakness Priced In, Capacity To Drive Growth

05/11 OIR - Negative Reversions Still; Waiting For Recovery

05/10 CIMB - Stable Quarter

05/11 PSR - Stellar Growth From Pudong

05/11 CIMB - 1Q18 Cruising Within Expectations

05/10 UOBKH - 1Q18 Remaining Cautiously Optimistic In View Of Volatile Markets

05/10 RHB - First Signs Of Recovery In Earnings Growth

05/09 UOBKH - 1Q18 Within Expectations

05/08 DBSV - Bumitama Agri - DBS Research 2018-05-08: Output Supported Performance

05/08 MBKE - A Seasonal Slow Start To 2018

05/08 RHB - Decent Start To The Year

05/08 PSR - Provisions Vanished This Quarter

05/08 MBKE - Riding Through Mild Turbulence

05/08 DBSV - All Eyes On NIM And Capital

05/08 UOBKH - 1Q18 Let Down By Flat Net Interest Margin

05/07 CIMB - 1Q18 “Good” Bank, “Bad” Insurance

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Latest Analyst Reports
on SGX Stocks & REITs

Latest Price Target Changes
of SGX Stocks & REITs

RECENT UPGRADES

RECENT DOWNGRADES

RECENT INITIATION

JAPAN FOODS HOLDING LTD. (5OI.SI)
- Enterprising Japanese Restaurant Chain

05/04: RHB - BUY

CSE GLOBAL LTD (544.SI)
- Safe Proxy To The Oil Recovery With 6.6% Dividend Yield

05/02: UOBKH - BUY

UG HEALTHCARE CORPORATION LTD (41A.SI)
- Riding On Global Demand Growth

04/24: RHB - BUY

MINDCHAMPS PRESCHOOL LIMITED (CNE.SI)
- Building A Brighter Future

04/23: RHB - BUY

Market Outlook /

Strategy /

Stock Picks

Singapore Market Monitor

SG Got Its Groove Back ~ Top 10 Stock Ideas

- MBKE 05/11

Singapore Stock Monthly Strategy (May 2018)

Take A Break, Enjoy The Game

- DBSV 05/03

Singapore Stock Alpha Picks (May 2018)

Taking Profit On Sheng Siong & Adding CSE Global.

- UOBKH 05/03

Singapore Stock Market Strategy

In A World Of T-square ~ Tech Manufacturing, Commodities, Chemicals, Capital Goods

- CIMB 04/05

INDUSTRY SECTOR RESEARCH REPORTS

Banking & Financial
Sector

1Q18 Round-up ~ New Normal Of Lower Credit Cost
- UOBKH 05/08

Consumer
Sector

Set For Stronger Growth In 2018
- PSR 04/16

Healthcare
Sector

Second Time Lucky?
- DBSV 03/20

Industrial
Sector

Expecting A Healthy Price Correction
- PSR 05/07

Offshore/ Marine/ Shipyards
Sector

Geopolitical Risk vs U.S. Shale
- OIR 05/08

Plantation
Sector

Consequences If China Restricts Soybean Imports From The US
- UOBKH 03/26

Property
Sector

Enriching Your Portfolio’s Soul
- DBSV 04/13

REIT
Sector

Banking On Growth Outlook
- RHB 05/16

Telecommunication
Sector

Everything On HOLD
- MBKE 04/02

Transportation
Sector

SIA And SATS Moving Up The Value Chain Via E-Commerce JV With DFAAS
- UOBKH 03/09

05/18 CNMC GOLDMINE HOLDINGS LIMITED (5TP.SI)	PSR
05/17 THAI BEVERAGE PUBLIC CO LTD (Y92.SI)	CIMB
05/16 ASIAN PAY TELEVISION TRUST (S7OU.SI)	PSR
05/11 GENTING SINGAPORE PLC (G13.SI)	RHB
05/10 CSE GLOBAL LTD (544.SI)	CIMB
05/09 SEMBCORP INDUSTRIES LTD (U96.SI)	PSR
05/08 KEPPEL DC REIT (AJBU.SI)	PSR
05/07 KEPPEL DC REIT (AJBU.SI)	OIR
05/02 MICRO-MECHANICS (HOLDINGS) LTD (5DD.SI)	PSR
04/25 SUNTEC REAL ESTATE INV TRUST (T82U.SI)	CIMB

05/16 GOLDEN AGRI-RESOURCES LTD (E5H.SI)	UOBKH
05/15 BEST WORLD INTERNATIONAL LTD (CGN.SI)	DBSV
05/02 RAFFLES MEDICAL GROUP LTD (BSL.SI)	RHB
04/13 LIPPO MALLS INDO RETAIL TRUST (D5IU.SI)	OIR
04/12 LIPPO MALLS INDO RETAIL TRUST (D5IU.SI)	CIMB
04/10 STARHUB LTD (CC3.SI)	UOBKH
03/27 M1 LIMITED (B2F.SI)	UOBKH
03/19 BREADTALK GROUP LIMITED (5DA.SI)	RHB
03/15 TOP GLOVE CORPORATION BHD (BVA.SI)	DBSV
02/26 SEMBCORP MARINE LTD (S51.SI)	PSR