DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
Singapore Technologies Engineering is an investment holding company. Co. and its subsidiaries have four business sectors: Aerospace, which provides a range of aircraft maintenance, engineering and training services for both military and commercial aircraft operators; Electronics, which engages in the design, development and integration of electronics and communications systems; Land Systems, which delivers integrated land systems, specialty vehicles and their related through-life support; and Marine, which provides customised shipbuilding, repair and conversion services to both naval and commercial vessels, at Co.'s yards in Singapore and the U.S.
Venture Corporation is engaged in the provision of technology services, products and solutions. Co.'s primary activities are to provide manufacturing, product design and development, engineering and supply-chain management services. Through its subsidiaries, Co. is engaged in the trading and manufacturing of electronics products; investment holdings; manufacturing, designing, engineering, customisation and logistic services; the manufacture and sale of terminal units; and the development and marketing of color imaging products for label printing, among other activities. Co.'s segments include: Electronics Services Provider; Retail Store Solutions and Industrial; and Component Technology.
Wilmar International is an investment holding company. Co.'s segments include: merchandising and processing, which include palm and laurics, engaged in merchandising and processing of palm oil and laurics related products and oilseeds and grains, engaged in merchandising and processing of a range of edible oils, oilseeds and grains; consumer products engaged in packaging and sales of consumer pack edible oils, rice, flour and grains; plantation and palm oil mills, engaged in oil palm cultivation and milling; sugar, which includes milling engaged in milling of sugarcane; and others engaged in manufacturing and distribution of fertilizer products and ship-chartering services.
FUYU continues to put in efforts to optimise its operations. Three key initiatives which will lead to cost savings and growth include: a) liquidation of a loss-making JV in Malaysia; b) lease renewal for its Singapore plant; and c) closure of its Shanghai factory. Although the one-off expense related to the closure of the Shanghai factory could drag 3Q19 earnings into the red, we believe FUYU will still pay a higher dividend for 2019, which could support share price. Maintain BUY and target price of S$0.285.
GREATER CHINA Sector Dairy: 1H19 review and 2H19 outlook. Update Cathay Pacific Airways (293 HK/SELL/HK$10.88/Target: HK$9.10): Facing a liquidity crunch. INDONESIA Sector Consumer: Stocks set to benefit from the rising purchasing power of millennials. SINGAPORE Small/Mid Cap Highlights Fu Yu Corporation (FUYU SP/BUY/S$0.215/Target: S$0.285): Continued optimisation of business. THAILAND Sector Energy & Petrochemicals: Reaffirms our positive view on refining margins, boosted by IMO2020 regulation.
Dairy names reported in-line 1H19 results with sales on track with guidance while bottom lines were slightly ahead due to the positive impact from non-operating factors. Leaders continued to win market share via product innovation, brand investment and channel penetration. The recent raw milk upcycle, representing higher cost inflation, while we note other materials have gone down as well as mix-upgrade to more than offset higher price of milk. Maintain OVERWEIGHT on the sector.
CX’s fixed cash cover is likely to be below 1.0x in 2H19 and the carrier also has HK$16b in debt that is due by the year end, along with an estimated HK$7b in capex for the same period. Thus, CX will be facing a severe cash crunch unless it manages to raise further capital in the form of MTN or a rights issue. Fuel volatility will also not be in CX’s favour as the carrier has only hedged 30% of Brent fuel requirements for 2019. Maintain SELL. Target price: HK$9.10.
GREATER CHINA Economics Trade: Stiffening headwinds. Sector IT Hardware: Handset Components: 1H19 results wrap-up – Polarised, as expected. Sportswear: 1H19 results wrap-up; 2H19 outlook. Results Industrial and Commercial Bank of China (1398 HK/BUY/HK$5.18/Target: HK$5.82): 1H19: Solid balance sheet; cautious on credit card business. INDONESIA Update PP London Sumatra Indonesia (LSIP IJ/HOLD/Rp1,165/Target: Rp1,200): CPO price recovery to drive 61.2% yoy net income growth in 2020. SINGAPORE Strategy Alpha Picks: Outperforms In A Challenging Month: Our portfolio outperforms the FSSTI amid ...
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