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Banyan Tree Holdings Limited – Plagued by one-offs
Accumulate (Maintained); Target price: S$0.76, Last close: S$0.54

$Banyan Tree(B58.SI)
• Revenue and PATMI below our expectations due to under-forecasted one-offs and continued weakness in Thailand. Excluding other income, PATMI would have risen c.50%.
• One-offs from reduced stake in BTAC and disposal of Seychelles portfolio to continue into the rest of FY2019.
• Effective cost measures across the board, with total costs and expenses declining -23%.
• Forward bookings edged back up after a decline in 1Q19, up 11% YoY for 2Q19 (+6% YoY for Thailand market and +26% YoY for Non-Thailand markets).
• Hotel investments segment still suffering from Thailand underperformance, stemming from the inventory shortage from ongoing renovations at flagship resort Banyan Tree Phuket.
• Long-term growth catalysts remain intact. Focus would be the continued build-up in fee-based income and property sales. 53 hotels under the Banyan Tree umbrella of brands are slated to open from 2019 to 2022.
• Maintain ACCUMULATE with unchanged target price of S$0.76.

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$Raffles Medical(BSL.SI) : China and Insurance the next pillars
• 3Q18 Revenue and PATMI missed our estimates by 5% and 6% respectively.
• Higher revenue contribution from clinics of 8.0% YoY was offset by a fall of 3.8% from hospital services.
• Cost was well contained with lower staff costs. Despite softer revenue growth, margins expanded.
• China Chongqing hospital slated open before the end of 2018.9M18 Revenue/Core PATMI met 73%/76% of our full year estimations
• Maintain ACCUMULATE with lower DCF-derived TP of S$1.16 (previous TP S$1.32). We trim our FY18-19e revenue estimates by 3-9% to account for slower Singapore revenue growth.

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18 September 2018
$CityDev(C09.SI) - BULLISH
• With the current bullish break above the 8.71 immediate range high, the RSI has also risen back above the 30 oversold line suggests the start of the mean reversion higher.
• Watch for subsequent bullish follow through for the rebound to play out for price to test the 9.22 resistance area followed by 10.00.

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11 September 2018
Technical Pulse: $Q&M Dental(QC7.SI)
• An increasing volume hammer rejection bar off the 0.450 psychological round number was formed on 10/09/18 signals a reversal higher next.
• Expect price to rebound higher once the bullish follow-through happens with 0.555 resistance area being the next target followed by 0.595.

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$Banyan Tree(B58.SI) - Increasingly going asset light
• Losses narrowed in the traditionally off-peak season due to lower operating expenses.
• Lower total costs and expenses mainly due to deconsolidation of China operations.
• Increase in forward bookings suggests tourism sentiment still healthy.
• Near-term uncertainties for Thailand operations but we expect impact to be transitional and short-term.
• Maintain ACCUMULATE with an unchanged target price of S$0.73.

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