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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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$800 Super(5TG.SI) - Management raised their stake
 Largest shareholder now controls 67.63% of the Company
 Management controls the largest shareholder
 Previous time Management bought shares in the Company was February 2016
 Expect to see a price floor at $0.82

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Target Price

 Results in line with our forecasts. 9M FY17 Revenue/NPAT met 76%/75% of our FY17 full year forecast.
 Turnaround in sight and materialising its growth strategy. 9M FY17 NPAT -0.9% yoy growth.
 Maintain our view of 2.8% yoy growth in FY17 NPAT after two consecutive years of contraction, with gross margin sustaining at c.63%.

Please read more in the report as attached.

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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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$Sembcorp Ind(U96.SI) - Renewing portfolio and a spark in India
• Singapore runs an integrated utilities facility with stable earning despite general weakness from the power segment.
• An additional source of income from the sale of renewable credit to Facebook
• Utilities’ China benefited from seasonality in 1H18.
• Utilities’ India is turning around due to improvement in the power market.

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