Happy mid-week, InvestingNote community! This morning we have an update on $SIA Engineering(S59.SI) !
• 1Q18 revenue in line with our forecast
• 1Q18 associates/JVs in line with our forecast
• 1Q18 recurring PATMI exceeded our forecast by 21%
• Higher reported EBIT YoY and materially lower reported PATMI YoY are due to one-offs last year

https://www.stocksbnb.com/reports/sia-engi...

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$SIA Engineering(S59.SI) - Surge from JV and associated companies
• Revenue and PATMI met 23.1% and 24.4% respectively of our FY19 estimate
• YoY higher PATMI driven by increase in associates/JV, partially offset by lower EBIT
• Maintain Accumulate, new target price of $3.56 (previously $3.57)

https://www.stocksbnb.com/reports/sia-engi...

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$SIA Engineering(S59.SI) - On a path to recovery
• Revenue was within our and consensus expectation
• Adjusted PATMI was 4% lower our expectation; and in line with consensus
• Final dividend of 9 cents with no special dividend (FY17: 9 cents final, 5 cents special)
• Maintain Accumulate, higher target price of $3.57 (previously $3.51)

https://www.stocksbnb.com/reports/sia-engi...

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$SIA Engineering(S59.SI) - Lifted by strong JV and stable associated companies
 PATMI was 44% higher than expected, driven by positive surprise from JV
 9M18 revenue, EBIT and PATMI met 74%, 68% and 82%, respectively of consensus full year expectation
 Strong contribution from JV and stable performance of associates compensated for the weaker core company EBIT to lift PATMI
 Upgrade to Accumulate, on the belief that the worst is behind us for JV contribution

Post your questions to our analysts on #stocksbnb today!

https://www.stocksbnb.com/reports/sia-engi...

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Phillip 2018 Singapore Strategy: Transport Sector (Land & Aviation)
LAND TRANSPORT
- Positive effect of scheduled public bus services restructured under the government contracting model
- DTL losses to narrow in 2018, as Stage 3 commenced operations on 21 October 2017
- $ComfortDelGro(C52.SI) 's partnership with Uber should mitigate some of the pressure faced by Taxi segment from PHVs
- Rental cars population growth has moderated, and equilibrium with Taxi could be near

AVIATION
- Passenger yields across SIA parent airline, SilkAir and Scoot remain under pressure; bright spot from cargo yield as freight volumes increase
$SATS(S58.SI) expanding inorganically through partnerships
Margins continue to compress for $SIA Engineering(S59.SI)

https://www.stocksbnb.com/reports/phillip-...

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