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SG: MARKET PULSE: Raffles Medical, Olam (2 Sep 2013) Inbox | | | | |
MARKET PULSE: Raffles Medical, Olam
2 Sep 2013
KEY IDEA
Raffles Medical Group: Operations to remain resilient
Summary: Raffles Medical Group’s (RMG) share price has fallen ~5% since the start of Jul, and we believe this may have been caused by concerns over
the impact of the weakening IDR on RMG’s Indonesian patient visits, coupled with the broad market weakness. RMG updated us that it has not felt any
significant effects of this on its medical tourism figures. We believe this is because a larger proportion of its foreign patients come to RMG for
the treatment of more acute illnesses rather than elective procedures. Meanwhile, RMG would recognise a net gain of ~S$21.4m from the disposal of
Raffles Medical Management (which owns the Thong Sia commercial podium) for S$120m, and this would bolster its cash balances. Maintain BUY and S
$3.42 fair value estimate on RMG. (Wong Teck Ching Andy)
MORE REPORTS
Olam Int’l: HOLD with lower S$1.45 fair value
Summary: Olam International Limited (Olam) posted FY14 revenue of S$20.8b, up 22%, and was around 5% ahead of our forecast; versus reported net
profit, core earnings came in much lower at S$314.3m, but still up 13%, and was about 3% ahead of our estimate. Olam declared a final dividend of S
$0.04/share, unchanged from last year. In view of the eroding profitability, we pare our FY14F core net profit figure by 16% (but still expect to
see decent earnings growth in FY15). This also drops our fair value from S$1.73 to S$1.45, still based on 10x FY14F EPS. Maintain HOLD. (Carey Wong)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.
NEWS HEADLINES
- US stocks declined on Fri, with the Dow and S&P 500 recording their worst month since May 2012, as Wall Street considered a possible US strike
against Syria.
- The total market capitalisation of Singapore-listed companies suffered its steepest drop of 4.8% in over a year as tension in Syria and
anticipation of US central bank tightening dampened sentiments in Aug.
- The Singapore banking sector's loans-to-deposits ratio crossed 100 for the first time since the Asian financial crisis, providing evidence that
MAS recent moves to curb excessive lending were timely.
- The Singapore government has raised development charge rates for industrial use by around 15% on average, while leaving the rates for commercial
use completely untouched.
- Changi Airport's mega Terminal 5 will be able to handle 50m passengers per year when it opens in the mid-2020s. This is 75% of the capacity of the
existing three terminals.
- S i2i posted a net loss of US$11.4m for 4QFY13, compared with a net loss of US$115.7m a year ago.
Please refer to the full report for more information and additional disclosures.
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Raffles Medical, Olam (2 Sep 2013)
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02-Sep 2013 Monday
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