Retail Market Monitor · 2018. 2. 13. · Retail Market Monitor Tuesday, 13 February 2018 1...

R e t a i l M a r k e t M o n i t o r T u e sd a y , 13 Feb rua ry 2018

w w w . u t r a d e . c o m . s g 1

S I N G A P O R E H O N G K O N G

WHAT HAPPENED LAST NIGHT

Expectations of consumer Inflation declined in January, according to a New York Fed survey released on Monday that conflicts with how markets are assessing price developments. The survey of consumer expectations showed median inflation expectations fell by 0.1ppt to 2.7% on the one-year horizon. The three-year horizon also slipped 0.1ppt to 2.8%. The consumer assessment comes at a time when markets are pricing in frothier inflation. The Fed is trying to get inflation up to a 2% annual rate but has missed the target for six straight years.

WHAT’S IN THE PACK

Strategy Singapore

Spike in VIX. After a long period of relatively low volatility, VIX has surged to 25.99 (vs mean of 14.42). This report highlights the stocks we would look to buy opportunistically when the market pulls back and how we would position in the current volatile times.

Valuetronics Holdings (VALUE SP)

(VALUE SP/HOLD/S$0.92/Target: S$0.95)

Valuetronics posted a strong set of 3QFY18 results with net profit up 35.7% yoy to HK$58.2m due to growth across the consumer electronics and industrial commercial electronics segments. Gross margins were impacted slightly due to a change in sales mix. The company continues to see minor supply chain challenges but this should not impact the group significantly. Maintain HOLD with a lower PE-based target price of S$0.95 as we adjust downward our forex assumption. Entry price: S$0.86.

China Construction Bank (939 HK) (939 HK/BUY/HK$7.71/ Target HK$10.42)

We expect CCB to register loan growth of 7.1% for 2018, driven by infrastructure loans, residential mortgages and personal consumption loans. Outlook is improving as we expect CCB to achieve a pick-up in earnings growth to 5.6%. Asset quality is pristine with conservative recognition of NPL. Maintain BUY. Target price: HK$10.42.

DBS Group (DBS SP) - Trading BUY

The daily chart shows the stock looking poised to retest or even break out of its 52-week high. Such a move could negate the bearish engulfing pattern (25 Jan 18).

Sarine Technologies (SARINE SP) - Trading BUY

The daily chart shows the stock has bottomed in 4Q17 and could be forming higher lows and higher highs, and moving towards...

CKH Holding (1 HK) - Trading Sell

The stock broke below a long-term rising trendline, which formed in Dec 16, with a larger-sized candle on Monday. The Tenkan Sen (orange-colored) crossed below the Kijun Sen (green-colored) and is heading downwards. The daily RSI broke below a bullish trendline, while the MACD is below its signal line and is heading downwards.

GF Securities (1776 HK) - Trading Sell

The stock broke below its key support at HK$15.30 and is consolidating on the downside. The Tenkan Sen (orange-colored) crossed below the Kijun Sen (green-colored) and is heading downwards. The RSI also broke below a bullish trendline. The MACD is also bearish below its signal line and the 0-level.

Get up to speed by learning from our experts - Sign up for a seminar today!

P R I C E C H A R T

KEY INDICES

Prev

Close Chg (%)

YTD (%)

DJIA 24601.3 1.7 (0.5) S&P 500 2656.0 1.4 (0.7) FTSE 100 7177.1 1.2 (6.6) CSI 300 3890.1 1.3 (3.5) FSSTI 3385.0 0.2 (0.5) HSCEI 11900.3 (0.0) 1.6 HSI 29459.6 (0.2) (1.5) JCI 6523.5 0.3 2.6 KLCI 1830.2 0.6 1.9 KOSPI 2385.4 0.9 (3.3) Nikkei 225 21382.6 (2.3) (6.1) SET 1799.5 0.7 2.6 TWSE 10421.1 0.5 (2.1) BDI 1125 1.7 (17.6) CPO (RM/mt) 2473 0.2 3.5 Nymex Crude(US$/bbl) 63 (0.3) (6.3) Source: Bloomberg




YESTERDAY IN SINGAPORE

The FSSTI index ended 7.74pt higher at 3,384.98, taking ytd performance to -0.5%. The top active stocks were DBS (+2.3%), SGX (-7.4%), UOB (+0.4%), OCBC (+0.6%) and Singtel (-0.6%). The FTSE ST Mid Cap Index declined 0.2%, while the FTSE ST Small Cap Index declined 0.7%. The three most active ETFs by value were STI ETF (+0.3%), DBXT MSCI Indonesia ETF (+0.5%) and DBXT MSCI China TRN ETF (+0.7%). The broader market saw 208 gainers and 266 losers with total trading value of S$1,619.8m.

SINGAPORE

TOP VOLUME

Stock Price

(S$) Chg (%)

Vol (‘000)

Genting Singapore 1.22 0.8 51,792 Hutchison Port Holdings Trust 0.35 1.5 30,415 Singapore 3.36 (0.6) 27,667 Yangzijiang Shipbuilding 1.35 (2.9) 27,534 Thai Beverage 0.90 0.6 26,131

TOP GAINERS

Stock Price

(S$) Chg (%)

Vol (‘000)

Pacific Century Region 0.39 9.9 4,410 Hi-P International 1.93 3.2 1,619 Mapletree Greater 1.20 2.6 4,216 DBS Group Holdings 27.31 2.2 6,810 SATS 5.30 1.9 2,252

TOP LOSERS

Stock Price

(S$) Chg (%)

Vol (‘000)

Sembcorp Marine 2.37 (11.9) 16,499 Singapore Exchange 7.31 (7.4) 19,480 Cosco Shipping 0.43 (4.5) 20,803 Yangzijiang 1.35 (2.9) 27,534 First Real Estate Invt 1.33 (2.2) 1,553

HONG KONG

TOP VOLUME

Stock Price (HK$)

Chg (%)

Vol (‘000)

BANK OF CHINA-H 4.17 0.0 532,073 CCB-H 7.71 (0.1) 509,942 ICBC-H 6.46 (1.1) 485,638 ABC-H 4.14 0.2 220,493 SINOPEC CORP-H 6.06 (0.3) 163,330

TOP GAINERS

Stock Price (HK$)

Chg (%)

Vol (‘000)

AIR CHINA 10.84 5.7 31,088 ZHUZHOU CRRC 42.55 5.3 6,884 GUANGZHOU AUTO 16.84 4.3 27,946 SUNNY OPTICAL 112.60 3.5 11,588 BYD 68.75 3.2 7,134

TOP LOSERS

Stock Price (HK$)

Chg (%)

Vol (‘000)

COSCO SHIPPING 7.27 (2.9) 4,811 HUANENG POWER-H 4.61 (2.7) 39,000 CHINA UNICOM 9.98 (2.7) 58,391 WANT WANT CHINA 6.06 (2.6) 18,512 CNOOC 10.92 (2.2) 99,037




SINGAPORE TRADERS’ CORNER

Source: Nextview

Source: Nextview

DBS Group (DBS SP) Trading BUY

Last price: S$27.31

Target price: S$29.00

Protective stop: S$26.50

The daily chart shows the stock looking poised to retest or even break out of its 52-week high. Such a move could negate the bearish engulfing pattern (25 Jan 18). A break above the S$27.40 increases odds for further upside towards S$29.00 and an MACD bullish crossover formation. This view is incorrect should the stock close below the 20-day EMA. Approximate timeframe on average: 2 weeks. Our institutional research has a fundamental BUY and target price of S$29.50.

Sarine Technologies (SARINE SP) Trading BUY

Last price: S$1.10

Target price: S$1.26/1.30


The daily chart shows the stock has bottomed in 4Q17 and could be forming higher lows and higher highs, and moving towards the 200-day EMA. In essence, the price action saw a follow through of a hammer pattern, which is off the prior congestion region formed in the quarter. The stock has risen to as high as S$1.23, surpassing our initial upside target of S$1.15 mentioned on 10 January. The hammer pattern low was only marginally below our stops of S$1.01. We are encouraged by the swift recovery of share price and hence maintain buy on the stock with the above configuration. Approximate timeframe on average: 2 weeks. ANALYST

Jeffrey Tan, CFTe +65 6590 6629 [email protected]




SINGAPORE TRADERS’ CORNER

Source: Nextview

Comfortdelgro (CD SP) Trading SELL Last price: S$2.03

Target price: S$1.88-1.90


The daily chart shows the stock attempted to form a higher low and higher high (with respect to its low last December) but the breakout was foiled and hardly remarkable. Although share price went above the sell stops (S$2.13), it was only marginal. The second attempt yielded the same result. We expect the gap to remain uncovered and share price to test the prior support level (S$1.88-1.90). Our stop remains at S$2.13. Therefore, we re-iterate our sell idea featured on 11 Jan 18. Approximate timeframe on average: 2 weeks. Our institutional research has a fundamental BUY and target price of S$2.25.

Shares are available for shorting through CFD. Please contact your trading representative for more information. ANALYST

Jeffrey Tan, CFTe +65 6590 6629 [email protected]




HONG KONG TRADERS’ CORNER

Chart by MataStock

Chart by MataStock

CKH Holding (1 HK) Trading Sell Range: HK$96.30-96.40

Last price: HK$96.55

Target price: HK$93.00 / HK$89.50

Protective stop: Breaks above HK$99.60

The stock broke below a long-term rising trendline, which formed in Dec 16, with a larger-sized candle on Monday. The Tenkan Sen (orange-colored) crossed below the Kijun Sen (green-colored) and is heading downwards. The daily RSI broke below a bullish trendline, while the MACD is below its signal line and is heading downwards.

From this perspective, we recommend investors enter short positions at HK$96.30-96.40 once share price breaks below Monday’s low. Our downside targets are at HK$93.00 and HK$89.50. Stop loss could be set at HK$99.60 to control risk.

Average time frame: 2 month (abort this trade idea if the stock cannot hit the entry price range within three trading days).

GF Securities (1776 HK) Trading Sell Range: HK$14.50-14.51

Last price: HK$14.72

Target price: HK$13.85 / HK$13.35

Protective stop: Breaks above HK$15.30

The stock broke below its key support at HK$15.30 and is consolidating on the downside. The Tenkan Sen (orange-colored) crossed below the Kijun Sen (green-colored) and is heading downwards. The RSI also broke below a bullish trendline. The MACD is also bearish below its signal line and the 0-level.

From this perspective, we recommend investors to enter short positions at HK$14.50-14.51 once share price breaks below the previous low. Our downside targets are at HK$13.85 and HK$13.35. Stop loss could be set at HK$15.30 to control risk.

Average time frame: 1 month (abort this trade idea if the stock cannot hit the entry price range within three trading days).

ANALYST

Joyce Chan CMT +852 2236 6716 [email protected]




FROM THE REGIONAL MORNING NOTES.. .

Singapore Strategy

FSSTI has retraced 6.3% from ytd peak and we see selective opportunities. Since 3 Jan 18, VIX has surged to 25.99, compared to its mean of 14.42 (since 2013). This is even higher than its +1SD (of 18.2) and this elevated level of VIX was last seen in Aug 15. During the 2015 episode (Greece uncertainties and Renminbi devaluation), VIX surged from 11.95 to 40.74 (from Jul to Aug 15), with a 15% retracement in the FSSTI during that period. Comparatively, the current volatility is not as severe as compared to 2015, and the equity market pull-back, at 6.3% from its ytd peak , is less severe. In our view, we think the current volatility could offer selective opportunities.

Stocks to buy on weakness. We analyse our Singapore stocks universe on 6 February when the FSSTI was sold down 1.8% (from intra-day high to low). Stocks that bounced significantly from its intra-day low provide an interesting insight into companies that investors have been buying on weakness. Interestingly, the stocks that proved to be the most resilient, with strong buying support, include Venture, SATS, CDLH-T, ART, and SMM amongst others. These stocks bounced 3.3-6.3% from their respective intra-day lows compared with the FSSTI’s 1.8% decline. Within these stocks, the top three – Venture, SATS and CDLH-T- are our key conviction picks and we think that any ensuing market sell-off is an opportunity to accumulate on weakness.

Solid Singapore stocks at great sale prices. We highlight the list of stocks that have retraced significantly from their 52-week highs, some by as much as 28%. Stocks in the bargain list that we favour include ComfortDelGro, Raffles Medical, and SIA Engineering.

Look beyond the noise. Beyond the near-term market noise and trading gyrations, we remain constructive on the Singapore equity market. This is on the back of a pick-up in earnings growth that could see valuations stretch as current valuations are inexpensive. We urge investors to look beyond the noise and consider investment themes such as:

a) Multi-year growth drivers – Venture, Cityneon, Raffles Med and Citic Envirotech

b) Reflation picks – City Developments, Keppel Corp, Wing Tai

c) Quality laggards – SingPost, Raffles Medical, ComfortDelGro

d) Stocks with earnings upside or specific catalysts – Venture, SATS.

*For a more detailed corporate note, please contact your trading representative.





Valuetronics Holdings

3QFY18 sales grew 34.2% yoy due as Valuetronics saw growth in both consumer electronics (CE) and industrial commercial electronics (ICE) segments. The CE segment saw revenue grow by 48.1% yoy in 3QFY18 to HK$401.1m vs HK$270.9m in 3QFY17. The ICE segment grew 22.3% in 3QFY18 to HK$387.2m vs HK$316.7m in 3QFY17. The increase in CE sales was due to increased demand for smart LED lighting products with internet of things (IoT) features. Its smart LED lighting customer continues to add new features and enhancements to the app and the ecosystem so as to increase user adoption rates. ICE sales grew by 10.5% yoy in 2QFY18 due to strong performance in connectivity modules used in the automobile industry. Surprisingly, Valuetronics saw double-digit growth in the printer segment as they added a new customer that provides barcode and transaction printing solutions across a broad range of industries.

Gross margins and working capital. Valuetronics’ gross margin fell marginally by 1.1% from 15.5% in 3QFY17 to 14.4% in 3QFY18. The group saw a change in sales mix with the lower-margin CE segment forming 51% of sales in 3QFY18 vs 46% of sales in 3QFY17. This resulted in a lower gross margin for 3QFY18. Receivables turnover days rose slightly from 82 days in 3QFY17 to 86 days in 3QFY18 as CE customers are generally given less generous credit terms. Inventory turnover days rose slightly to 65 days in 3QFY18 from 62 days in 3QFY17, which was in line with the increase in revenue.

Healthy financial position. Valuetronics maintains a healthy financial position with a net cash position of HK$640m with zero borrowings as of 3QFY18. Net cash forms approximately 25% of market capitalisation.

Healthy utilisation. Valuetronics is not facing any utilisation issues as current utilisation stands at a healthy 80-85%. Some operations are not yet running on a 24-hour schedule, which leaves room for further upside to utilisation rates should customers come in with increased orders or the company wins new customers.

Dan Shui manufacturing plant. Management is still in discussions with local authorities regarding the possibility of extending the Dan Shui plant lease which expires in 2021. We believe that should the lease of the plant not be extended, Valuetronics could either build another manufacturing facility in another location or even possibly expand the Daya Bay plant which we expect to cost HK$100m-150m.






China Construction Bank (939 HK)

Optimistic outlook for 2018. We expect China Construction Bank’s (CCB) loan quota to be unchanged at Rmb850b, representing loan growth of 7.1% for 2018 (2017: 9.4%). The loan quota would be allocated evenly between corporate banking and personal banking. For corporate banking, CCB will focus on its strength in infrastructure loans. For personal banking, CCB sees growth from residential mortgages targeted at tier-1 and tier-2 cities and its consumption loan branded as Rapid Personal Loan Online.

Gentle NIM expansion. There is keen competition for deposits, putting upward pressure on its cost of deposits, which stood at a lean 1.34% during 1H17. CCB targets to acquire more settlement accounts so as to gather more low-cost demand deposits. We expect NIM to expand marginally by 3bp to 2.20% in 2018.

Prudent expansion in personal banking. CCB sets stringent criteria for approval of Rapid Personal Loan. Only existing customers with payroll account, provident fund account, residential mortgages and AUM of at least Rmb2m with CCB are pre-selected. Rapid Personal Loan expanded 110% hoh to Rmb158b in 1H17, accounting for 3.3% of total personal loans, and could double again to almost Rmb300b in 2H17. Residential mortgages and credit card loans also grew by 14% and 20% ytd respectively in 9M17.

Providing support for the rental market. China has embarked on a pilot programme to build rental flats in 13 major cities. The authorities aim to stabilise irrational home prices by establishing a vibrant rental market. CCB has signed deals with 11 developers, including Evergrande Group, China Vanke and China Merchants Property, to build 5,000 rental flats in Shenzhen. It will provide preferential interest rate for the developers. Upon completion, CCB will also operate a service platform for referral of tenants.

NPL formation to moderate in 2018. Asset quality has improved for manufacturing and wholesale & retail sectors, especially in the Yangtze River Delta and Pearl River Delta regions. 90-day overdue loans/NPL is healthy at 69.1%. CCB is the only bank with NPL exceeding total overdue loans. The gap between NPLs and overdue loans is set to further widen because CCB is conservative in recognition of NPL.

Outlook improving on pick-up in earnings growth. Management expects mid-singledigit earnings growth of about 5% for 2018, a pick-up compared with 2016 and 2017. We expect CCB to achieve attractive 2018F ROE of 14% despite strong CET-1 CAR at 12.8%, one of the highest among the Big-4 SOE banks.

Maintain BUY. Our target price for CCB of HK$10.42 is based on 1.10x 2018F P/B derived from the Gordon Growth Model (ROE: 14.0%, COE: 13.0% and Growth: 3.0%). Our lower assumption on cost of equity is justified by the authorities’ efforts to prevent financial risks and the clampdown on shadow banking, which reduces systemic risks in the banking system.





CORPORATE NEWS

Baker Technology: Secures time charter contract. Baker Technology has secured a time charter contract for its liftboat, Blue Titanium. It will be deployed in Southeast Asia to support rejuvenation works for oil & gas platforms for a national oil company in 2Q18. The charter is expected to contribute to the group’s performance for the financial year ending 31 Dec 18. (Source: The Business Times)

Bukit Sembawang Estates: 3QFY18 net profit doubles to S$10.7m on higher sales and profit recognition. The property developer reported net profit of S$10.7m, double the S$5.4m in 3QFY17. Revenue was higher as it recognised profits on its Watercove Ville project, as well as from two houses sold in Lengkok Angsa. (Source: The Business Times)

Civmec: 2QFY18 net profit of S$6.9m, progresses in ASX dual listing. The Western Australia-headquartered engineering services group reported net profit of S$6.9m in 2QFY18, helped by a 158.7% yoy increase in revenue to S$179.7m which was driven partly by higher contributions from existing contracts as projects ramped up during the period. (Source: The Business Times)

Cordlife Group: Third straight quarter of profit. Cordlife reported a third consecutive quarterly net profit of S$736,000 for the quarter ended 31 Dec 17, compared to a net loss of S$2.3m a year ago. The turnaround came on the back of a 7.6% yoy increase in revenue, driven by higher contributions from India, Singapore and the Philippines. (Source: The Business Times)

GSH Corporation: Buys prime Jalan Petaling plot in Kuala Lumpur for S$55m. The property developer is investing Rm164.5m (S$55.2m) for a 50% stake in a prime 1.4ha plot in Kuala Lumpur’s Chinatown precinct of Jalan Petaling. The consideration will be paid via a subscription of new shares for about RM50.1m and a shareholder loan. It will be funded by the group’s internal resources as well as borrowings. (Source: The Business Times)

Health Management International: Higher 2QFY18 profit, declares dividend. Private healthcare provider HMI reported net profit of RM15.7m in 2QFY18, nearly triple its net profit of RM5.3m in 2QFY17. The improved results came on the back of an improved performance as well as its increased stake in two hospitals, Makhota Medical Centre and Regency Specialist Hospital. (Source: The Business Times)

OKP Holdings: 4Q17 net profit falls 75% yoy. Infrastructure and civil engineering company OKP Holdings posted a 75% yoy decline in net profit to S$2m in 4Q17. The decline was attributed to lower gross margins for new and some current projects as a result of “more competitive pricing environment and rising manpower costs” in 4Q17. (Source: The Business Times)

SBS Transit: Net profit grows 50% yoy to S$47m in 2017. Bus and train operator reported net profit of S$47.1m in 2017, up 50.3% yoy. This came on the back of the government’s bus contracting model, higher ridership and the commencement of Downtown Line 3. (Source: The Business Times)


w w w . u t r a d e . c o m . s g 10


SECTOR Consumer: Retail sales up 4.6% yoy in December. Surging car sales as well as a brisk trade in mobile devices helped the retail sector end 2017 on a robust note. Total retail takings grew 4.6% yoy in December. This was helped by motor vehicle sales which soared 26% yoy, while sales of computer and telecommunications equipment went up 15.2% yoy. (Source: The Business Times)

Tourism: Tourism receipts and visitor arrivals hit new highs for second straight year. Preliminary estimates from the Singapore Tourism Board (STB) showed tourism receipts climbed 3.9% yoy to S$26.8b in 2017, spurred by growth in visitor arrivals across all top 10 markets – China, Indonesia, India, Malaysia, Australia, Japan, the Philippines, South Korea, the US and Vietnam. The increase in tourism receipts was also boosted by more visitor arrivals from high-spending markets such as China, South Korea, the US and the UK. (Source: The Business Times)



S I N G A P O R E

Disclosures/Disclaimers This report is prepared by UOB Kay Hian Private Limited (“UOBKH”), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities. This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the investment product. This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of UOBKH. This report is not directed to or intended for distribution to or use by any person or any entity who is a citizen or resident of or located in any locality, state, country or any other jurisdiction as UOBKH may determine in its absolute discretion, where the distribution, publication, availability or use of this report would be contrary to applicable law or would subject UOBKH and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registration, licensing or other requirements within such jurisdiction. The information or views in the report (“Information”) has been obtained or derived from sources believed by UOBKH to be reliable. However, UOBKH makes no representation as to the accuracy or completeness of such sources or the Information and UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. UOBKH and its connected persons may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKH and its connected persons are subject to change without notice. UOBKH reserves the right to act upon or use the Information at any time, including before its publication herein. Except as otherwise indicated below, (1) UOBKH, its connected persons and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) UOBKH, its connected persons and its officers, employees and representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities referred to in this report or other investments related thereto; (3) the officers, employees and representatives of UOBKH may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the “Subject Business”); and (4) UOBKH may otherwise have an interest (including a proprietary interest) in the subject corporation(s) referred to in this report. As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for. IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report was prepared by UOBKH, a company authorized, as noted above, to engage in securities activities in Singapore. UOBKH is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution by UOBKH (whether directly or through its US registered broker dealer affiliate named below) to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). All US persons that receive this document by way of distribution from or which they regard as being from UOBKH by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through UOB Kay Hian (U.S.) Inc (“UOBKHUS”), a registered broker-dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through UOBKH. UOBKHUS accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to and intended to be received by a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of UOBKHUS and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.



S I N G A P O R E

Analyst Certification/Regulation AC Each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including UOBKH’s total revenues, a portion of which are generated from UOBKH’s business of dealing in securities. Reports are distributed in the respective countries by the respective entities and are subject to the additional restrictions listed in the following table. General This report is not intended for distribution, publication to or use by any person or entity who is a citizen or resident of or

located in any country or jurisdiction where the distribution, publication or use of this report would be contrary to applicable law or regulation.

Hong Kong This report is distributed in Hong Kong by UOB Kay Hian (Hong Kong) Limited ("UOBKHHK"), which is regulated by the Securities and Futures Commission of Hong Kong. Neither the analyst(s) preparing this report nor his associate, has trading and financial interest and relevant relationship specified under Para. 16.4 of Code of Conduct in the listed corporation covered in this report. UOBKHHK does not have financial interests and business relationship specified under Para. 16.5 of Code of Conduct with the listed corporation covered in this report. Where the report is distributed in Hong Kong and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKHHK (and not the relevant foreign research house) in Hong Kong in respect of any matters arising from, or in connection with, the analysis or report; and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Hong Kong who is not a professional investor, or institutional investor, UOBKHHK accepts legal responsibility for the contents of the analyses or reports only to the extent required by law.

Indonesia This report is distributed in Indonesia by PT UOB Kay Hian Sekuritas, which is regulated by Financial Services Authority of Indonesia (“OJK”). Where the report is distributed in Indonesia and contains research analyses or reports from a foreign research house, please note recipients of the analyses or reports are to contact PT UOBKH (and not the relevant foreign research house) in Indonesia in respect of any matters arising from, or in connection with, the analysis or report.

Malaysia Where the report is distributed in Malaysia and contains research analyses or reports from a foreign research house, the recipients of the analyses or reports are to contact UOBKHM (and not the relevant foreign research house) in Malaysia, at +603-21471988, in respect of any matters arising from, or in connection with, the analysis or report as UOBKHM is the registered person under CMSA to distribute any research analyses in Malaysia.

Singapore This report is distributed in Singapore by UOB Kay Hian Private Limited ("UOBKH"), which is a holder of a capital markets services licence and an exempt financial adviser regulated by the Monetary Authority of Singapore.Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from, or in connection with, the analysis or report; and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, UOBKH accepts legal responsibility for the contents of the analyses or reports only to the extent required by law.

Thailand This report is distributed in Thailand by UOB Kay Hian Securities (Thailand) Public Company Limited, which is regulated by the Securities and Exchange Commission of Thailand.

United Kingdom

This report is being distributed in the UK by UOB Kay Hian (U.K.) Limited, which is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.

United States of America (‘U.S.’)

This report cannot be distributed into the U.S. or to any U.S. person or entity except in compliance with applicable U.S. laws and regulations. It is being distributed in the U.S. by UOB Kay Hian (US) Inc, which accepts responsibility for its contents. Any U.S. person or entity receiving this report and wishing to effect transactions in any securities referred to in the report should contact UOB Kay Hian (US) Inc. directly.

Copyright 2017, UOB Kay Hian Pte Ltd. All rights reserved. http://research.uobkayhian.com RCB Regn. No. 197000447W

Retail Market Monitor · 2018. 2. 13. · Retail Market Monitor Tuesday, 13 February 2018 1...

Documents

Transcript of Retail Market Monitor · 2018. 2. 13. · Retail Market Monitor Tuesday, 13 February 2018 1...