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Phillip Capital Report May 2013

 
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PostPosted: Thu May 02, 2013 9:20 am    Post subject: Phillip Capital Report May 2013 Reply with quote

SMRT Corporation – Results (Derrick Heng)
Recommendation: Sell
Previous close: S$1.48
Fair value: S$0.93

· FY13 profits of S$83.3mn (-30.5%y-y).
· Elevated CAPEX guidance of S$500mn.
· Full year DPS cut to 2.50cents.
· Outlook statement remains negative.
· Maintain Sell with revised target price of S$0.93.

OCBC – Results (Ken Ang)
Recommendation: Reduce
Previous close: S$10.85
Fair value: S$8.70


· 1Q13 core NPAT of S$696 million within our estimates.
· NIMs of 1.64% disappoint, while volatile net trading income and loans allowance were below expectations.
· Maintain “Reduce” on current high share price, low NIMs, with new TP of S$8.70.
Source: Phillip Securities Research Pte Ltd
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