Sunday, March 16, 2014

Kim Eng Report 17 Nar 14

SG Daily – Singapore Banks: Storm in a teacup; Overweight | Cordlife Group
(CLGL SP): More products, more markets; Buy TP SGD1.43 | Vard Holdings   
(VARD SP): Three in a row ; Buy TP SGD1.07                               
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
  Singapore Daily                                                         
  Singapore Banks: Storm in a teacup | Overweight                         
  Ø  Singapore banks' significantly higher exposure to China since 2008 has
  sparked fears of potential pitfalls.                                     
  Ø  We think the concerns are overdone because the banks have limited     
  domestic lending in China and the key growth driver has been the safer   
  short-term trade loans.                                                 
  Ø  Maintain Overweight on banks with DBS our top sector pick.           
  Click here for full report                                               
  ngweesiang@maybank-ke.com.sg                                             
  Cordlife Group (CLGL SP): More products, more markets; Buy TP SGD1.43   
  Ø  Cordlife is steadily transforming itself into a multi-product         
  healthcare products distributor across an enlarged network of eight     
  countries including China.                                               
  Ø  Products targeted at the mother and child segment, such as cord tissue
  storage, will be launched in more markets soon, while new products will 
  be rolled out.                                                           
  Ø  Maintain BUY with SOTP-based TP up slightly to SGD1.43. Catalysts     
  include stronger revenue growth, better margins and acquisitions that   
  could catapult it into a new league.                                     
  Click here for full report                                               
  johncheong@maybank-ke.com.sg                                             
  Vard Holdings (VARD SP): Three in a row ; Buy TP SGD1.07                 
  Ø  Third contract win announcement in the week with orders for two PSVs 
  for a new client, Mermaid Marine Australia.                             
  Ø  YTD order win at about NOK5.2b, forming 41% of our FY14E expectation 
  of NOK12.8b.                                                             
  Ø  Maintain Buy, TP SGD1.07, pegged to 1.4x FY14E BVPS.                 
  Click here for full report                                               
  yeakcheekeong@maybank-ke.com.sg                                         
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
Click HEREto download PDF report                                         
                                                                           
                                                                           
Platinum privileges                                                       
                                                                           
Walk the Talk: Singapore Telco Strategy 2014 (24 Mar & 7 Apr 2014) - 2014 
will be the year of 4G, tiered data plans and data monetisation. Which   
telco will derive the greatest benefit from the latest efforts to clamp   
down on free unlimited mobile data and the start of charging for data? As 
subscribers are weaned off unlimited data, more people are breaking free 
of their initial caution and finding the minimum allowance given by the   
telcos to be too confining. We expect a growing percentage of subscribers 
to upgrade their plans, which should spell higher ARPUs for telcos.       
Unfortunately, it's not so simple to monetise and the road to higher ARPUs
will be littered with falling voice and SMS revenues. Facebook buying     
Whatsapp will not help. We will also talk about telcos transforming       
themselves from dump pipe providers just providing connectivity to new   
services revolving around digital lifestyles and non-traditional services 
driven by the Internet of Things (IOT) in order to counter the threat from
Over The Top (OTT) services. Who must take the lead and why is the leader 
not the best choice to invest in?7-8pm. 48 NCR Event Hall, 48 North Canal 
Road, Singapore 059304. http://seminar.maybank-ke.com.sg/ NEW!           

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