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Brokers' take

This article is more than 12 months old



MAY 31 CLOSE: $0.78

RHB Research, May 31

Valuetronics enjoyed a superb FY17 (ended March). With a few new projects in the pipeline in its ICE (industrial and commercial electronics) segment, we expect both the CE (consumer electronics) and ICE segment to grow at 10 per cent to 12 per cent year-on-year.

We consider that the share price has done very well... (but) with slower growth going forward, we downgrade to "neutral" with a revised discounted cash flow-derived target price of $0.81 (from $0.65) after accounting for an expected rise of 6 per cent and 8 per cent in net profit after tax for FY18 forecast and FY19 forecast respectively.



MAY 31 CLOSE: $0.50

OCBC Investment Research, May 31

Singapore Myanmar Investco's (SMI) FY17 results came in largely within expectations. FY17 revenue grew 211.8 per cent to US$23.3 million (S$32.2 million) while, given the early stage of growth, the group recorded a net loss of US$4.3 million from continuing operations, versus a net loss of US$6.8 million last year.

Notably, the retail business was profitable, but the overall loss was attributable to losses in the food and beverage, and serviced offices businesses; thus we deem this set of results within expectations.

We remain positive on its growth outlook. Given its dominance in airport duty-free retail at Yangon International Airport's new terminal as well as the profitability of this business, we continue to believe SMI's duty-free business will gain compelling profit traction.


MAY 31 CLOSE: $0.355

DBS Group Research, May 31

We think that Noble Group will be able to refinance its upcoming borrowing base facility in June, contrary to the view of some market participants.

However, we are suspending coverage on Noble given uncertainty over the outcome of the group's strategic review and the impact from the recent credit-rating downgrades, as well as risks that it continues to report losses into next year.

These factors make it difficult to anticipate the potential outcomes for Noble.

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