| PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
Oversea-Chinese Banking Corp Ltd Non-interest income driving growth
4Q23 earnings of S$1.62bn met our estimates. It came from higher fee income and stable NII. FY23 PATMI was 100% of our FY23e forecast. 4Q23 DPS was up 5% YoY to 42 cents. FY23 dividend rose 21% YoY to 82 cents, with the dividend payout ratio stable at 53%. It was below our expectations
|
Sheng Siong Group Ltd Lack of new stores
FY23 revenue and PATMI were within expectations at 99%/99% of our forecast. Revenue growth was 2.1% YoY. Same-store sales contracted and new-store expansion was muted.
|
|
CGS CIMB |
CGS CIMB |
|
Yangzijiang Financial Holdings Softer sentiment; working on recoveries
■ 2H23 net profit of S$40m missed our expectations due to FV losses but impairments on its debt investments was lower than expected. ■ Debt investments in China declined to 40% of total AUM at end-FY23, closing in to its c.30% long-term target – a key step towards its risk diversification. ■ Reiterate Add with lower SOP-based S$0.45 TP. While investment sentiment in China remains weak, its NPL recovery efforts are progressing well.
|
Centurion Corporation Ltd Further positive rental reversions in FY24F
■ CENT’s 2H23 revenue and PATMI grew 22% and 29% respectively, reflecting stronger occupancies and positive rental reversions across all its markets. ■ We see continued tailwinds, and expect further positive rental reversions in FY24F. CENT is actively exploring opportunities to expand its AUM. ■ Reiterate Add as we see CENT riding on favourable industry dynamics amid ongoing regulatory reforms to improve migrant worker housing standards.
|
| CGS CIMB | UOB KAYHIAN |
|
UMS Holdings Ltd New plant starts volume production in Mar
■ FY23 revenue (S$299.9m, -19% yoy) was 3.9% below our/Bloomberg consensus’ forecasts. ■ FY23 net profit (S$59.98m, -39% yoy) was in line with our expectations, but 1.1% below Bloomberg consensus’ forecast. ■ Reiterate Add with a higher S$1.76 TP as the semicon industry recovers and business with a new semicon customer grows.
|
First Resources (FR SP) 2H23: Results Below Expectations
2H23 results came in below expectations, due to higher production cost and larger losses from downstream as both refining & fractionation and biodiesel reported loses in 4Q23. 2024 earnings would be better supported by better production growth, lower production cost and improving outlook for its downstream operation. Additional areas from acquisition and conversion from rubber are expected to propel its production growth 3-4 years later. Maintain BUY. Target price: S$1.65.
|
