|NET INTEREST INCOME (S$M)||7305||5052||4991|
|NET INTEREST MARGIN (%)||1.8||1.67||1.71|
|NON INTEREST INCOME (S$M)||4184||3437||3071|
|NON-PERFORMING LOAN RATIO (%)||1.4||1.3||1.5|
|TOTAL ALLOWANCES (S$M)||1434||726||594|
|NET PROFIT (S$M)||4238||3473||3096|
|EARNINGS PER SHARE (S$)||1.66||0.822||1.85|
|DIVIDEND PER SHARE (S$)||0.60||0.36||0.70|
|NET ASSET VALUE PER SHARE (S$)||16.87||8.49||18.82|
Friday, 17 February 2017
This week, all three local banks reported their full year results for 2016. We have summarised the financial results of the banks below:
Thursday, 16 February 2017
TARGET PRICE: S$0.50 (HOLD)
UPSIDE: 4% ⬆
Challenger Technologies reported their FY 2016 results yesterday. Net profit fell 27% from S$18.2m in FY2015 to S$13.2m in FY 2016. Revenue remained stable, declining slightly from S$352.2m to S$339.4m. Dividend per share increased to 2.7 cents, up from 2.65 cents a year earlier.
Monday, 13 February 2017
TARGET PRICE: S$1.05 (SELL)
SingPost released its third-quarter results last Friday, with net profit for 9M FY16/17 falling 31.3% from S$143m to S$98.6m. The fall in net profit come despite a 22.8% rise in revenue, from S$833m to S$1,024m. In light of the falling profits, SingPost has declared an interim dividend of 0.5 cents, down from 1.5 cents in 3Q FY15/16.
TARGET PRICE: S$2.17 (SELL)
ComfortDelGro Corporation released their FY 2016 results last Friday, posting a 5% increase in net profit, with earnings per share rising to 14.72 cents, up from 14.1 cents in FY 2015. Dividend per share has increased from 9 cents to 10.3 cents. However, ComfortDelGro's management has cautioned that the operating environment ahead remains challenging. We have a sell call on the stock, given the increasing competition from private hire operators and the weak Pound.