Compiled by Kenneth Lim
ASIAN PAY TELEVISION TRUST | BUY
TARGET PRICE: S$0.64
AUG 15 CLOSE: S$0.58
PHILLIP SECURITIES RESEARCH, AUG 15
Q1 FY17 revenue and Ebitda were in line with estimates.
The appreciation of the Taiwan dollar by about 7 per cent year-on-year supported revenue growth. Cable TV subscribers were stable... We maintain our "buy" recommendation with an unchanged target price.
The adjustments to our earnings are non-cash and do not materially affect our valuations.
We find Asian Pay TV (APTV) dividends attractive and sustainable.
Operating cash flows are supported by recurrent monthly cable TV subscription fees, and APTV operates in a monopolistic environment.
WHEELOCK PROPERTIES | BUY
TARGET PRICE: S$2.27
AUG 15 CLOSE: S$1.825
OCBC INVESTMENT RESEARCH, AUG 15
Q2 FY17 Patmi increased 3.4 per cent year-on-year to S$36.5 million, mainly due to higher sales from Scotts Square and the Fuyang City project in China, and lower selling and marketing expenses, partially offset by lower sales at Ardmore Three and The Panorama and lower interest income from the group's investment in quoted securities.
All considered, we deem this quarter's results to be fairly healthy and in line with expectations.
Despite primary sales activity in the high-end segment being relatively muted over H1 FY17, Wheelock has achieved a respectable level of sales across its launched projects. Currently at 0.71 times price-to-book, we believe the stock remains attractively priced. Maintain "buy" with an unchanged S$2.27 fair value estimate.
GOLDEN AGRI-RESOURCES | HOLD
TARGET PRICE: S$0.34
AUG 15 CLOSE: S$0.365
UOB KAY HIAN, AUG 15
Golden Agri-Resources reported a H1 FY17 core net profit of US$137 million (S$187 million), in line with our expectation.
Fresh fruit bunch production surpassed H1 FY15's level, suggesting the lagged impact from the drought is weakening.
With the higher crude palm oil average selling price year- on-year, H1 FY17 core net profit increased over 100 per cent. However, Q2 FY17 earnings were weaker quarter-on-quarter mainly due to lower production from the plantation division and the oilseeds division's weaker margin. Maintain "hold". Target price: S$0.34. Entry price: S$0.30.
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