ANALYSTS SAY: Buy, Sell, Hold (17 Oct '17)

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UOB KAYHIAN	UOB KAYHIAN
M1 (M1 SP) 3Q17: Steady Growth From Post-Paid Mobile And Fixed Services Post-paid revenue grew 5.4% yoy, driven by expansion of post-paid subscriber base of 3.2% yoy and stable ARPU of S$55.40. The growth momentum in M1’s fixed services business was maintained. M1 continues to revamp its service offerings to address customers’ need for more data. Maintain BUY. Target price: S$1.95. Read more...	Thai Beverage (THBEV SP) Positioning For Vision 2020 With Grand Royal Acquisition The group made a US$741.6m acquisition of Myanmar distilleries last week. We view the acquisition positively as it gives THBEV access to a huge population in Myanmar, signalling its commitment to Vision 2020 of diversifying revenue contribution out of Thailand. Furthermore, with the one-year mourning period ending in October, we expect to see a strong uptick in alcohol consumption, where THBEV has already lined up several marketing campaigns to be launched in November. Maintain BUY and SOTP-based target price of $1.09. Read more...
CIMB
AEM Holdings Ltd Raising guidance once again Charles Cher, CEO of AEM Holdings. ■ AEM raised its FY17F pretax profit guidance, citing higher sales, better margins and better operational efficiency YTD. ■ It now expects FY17FF pretax profit to be at least S$32.0m, +33.3% from its previous guidance of S$24.0m. ■ AEM updated its 9M17F pretax profit guidance to S$25m-27m, up 42.9-54.3% from its previous guidance of S$17.5m. ■ We raise FY17-19F EPS by 19.3-32.6% to factor in the higher pretax profit guidance. ■ We roll forward our valuation basis to 10x FY19F P/E (multiple unchanged), which raises our target price by 32.7% to S$4.55.
DBS Vickers
CHIP ENG SENG Too (Chip) to Ignore ♦ Initiating coverage with BUY and SOTP-based TP of S$1.18; attractive prospective yield of 4.4% ♦ Chip Eng Seng is a property development and construction play trading at a substantial 52% discount to RNAV and 0.7x P/NAV ♦ Locked-in >S$1 bn in presales, with further upside from ongoing tenders and recently replenished land bank ♦ Growing investment and hotel portfolio offers stability

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	1.840	-0.020
Best World	2.480	-
Boustead Singapore	0.950	-0.005
Broadway Ind	0.145	0.005
China Aviation Oil (S)	0.865	-0.005
China Sunsine	0.390	-0.005
ComfortDelGro	1.390	-0.010
Delfi Limited	0.875	-
Food Empire	1.120	-0.010
Fortress Minerals	0.310	-
Geo Energy Res	0.300	0.005
Hong Leong Finance	2.420	-0.010
Hongkong Land (USD)	3.420	0.010
InnoTek	0.505	-
ISDN Holdings	0.300	-0.005
ISOTeam	0.047	-
IX Biopharma	0.039	-0.004
KSH Holdings	0.245	-
Leader Env	0.049	-
Ley Choon	0.055	-0.001
Marco Polo Marine	0.068	-0.003
Mermaid Maritime	0.135	0.002
Nordic Group	0.305	-
Oxley Holdings	0.090	0.001
REX International	0.124	-
Riverstone	0.930	0.005
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.230	-
The Trendlines	0.063	-
Totm Technologies	0.019	-0.002
Uni-Asia Group	0.810	-0.035
Wilmar Intl	3.160	-
Yangzijiang Shipbldg	1.750	-0.020

Counter Name

Last

Change

AEM Holdings

1.840

-0.020

Best World

2.480

Boustead Singapore

0.950

-0.005

Broadway Ind