SARIN SP | Mkt Cap USD411.7m | ADTV USD0.3m
Ø We hosted Sarin for a NDR in Hong Kong. Discussions were centred on addressable market size, competition, phase of adoption and IP protection. Maintain Buy, TP SGD1.89.
Ø We remind that that key investment case for Sarin is its ability to bring about a radical change in the practices of the diamond industry. We believe that it is still at an early growth stage.
Ø Recent volatility of Indian Rupee and credit tightness in India would depress 3Q13 results as Indian manufacturers may hold back on capital spending. However, this should not be a dampener on the long term potential. Share price pullback on weak 3Q13 would be a buying opportunity.
Click here for full report yeakcheekeong@maybank-ke.com.sg
Economics
Singapore Non-Oil Domestic Exports (NODX), August 2013
Weaker NODX, but Sustained Re-exports Growth
Ø NODX in August 2013 as it fell by -6.2% YoY (revised July 2013: -1.9% YoY; Maybank-KE: +1.9% YoY; consensus: +2.4% YoY) on account of lower shipments of bxoth electronics (Aug 2013: -9.2% YoY; Jul 2013: -11.1% YoY) and non-electronic (Aug 2013: -4.7% YoY; Jul 2013: +2.8% YoY) products.
Ø From the previous month, NODX fell for the first time in two months by -7.6% MoM (July 2013: +4.4% MoM). NODX in the first eight months of 2013 dropped by -7.7% YoY compared to +2.8% YoY increase reported over the corresponding period last year.
Ø Domestic manufacturing purchasing managers index (PMI) continues to paint a positive picture…for non-oil re-export (NORX). Singapore’s manufacturing PMI for new exports orders in Aug 2013 picked up to 53.4 (July 2013: 52.
with its sub-index of new exports order for electronics jumping to 54.0
(July 2013: 51.3). espite the fall in NODX, Singapore’s non-oil
re-export (NORX) expanded for the fifth successive month at +14.4% YoY
in Aug 2013 (July 2013: +8.1% YoY).
Click here for full report suhaimi_ilias@maybank-ib.com
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