buy sell hold 

 

MAYBANK KIM ENG CGS CIMB

ComfortDelGro (CD SP)

Buy CDG, Short AirAsia

 

Domestic first. International second. For trading-oriented investors, we recommend a pair trade of Long CDG and Short AirAsia, presenting a total return of 75%. We believe the faster recovery in land transport vs aviation will catalyse the divergence in share price performance. AirAsia has proposed a placement to raise MYR454.5m. That said, AAGB may need to tap equity and debt markets again in the future, given its poor earnings outlook. In contrast, land transport operator CDG is set to recover in FY21E onwards, driven by the gradual recovery in ridership and easing of social distancing measures domestically.

 

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MISC Bhd

Is the selloff in MISC shares an opportunity?

 

■ The selloff in MISC opens up an opportunity for investors to benefit from the likely 2H21F recovery in tanker freight rates, and MISC’s VLEC deliveries.

■ We reiterate Add with an unchanged SOP-based TP of RM7.63, although investors need to overlook a likely weak set of 4Q20F and 1Q21F results

 

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CGS CIMB

CGS CIMB

Lenovo Group

Strong PC demand to drive earnings growth

 

■ 3QFY3/21 core net profit rose 27% yoy to US$329m, 13% better than our forecast, thanks to record-high PBT margin and shipments in PC segment.

■ PC segment will lead earnings growth on work/study/game-at-home demand.

■ Reiterate Add, with an unchanged HK$11.68 TP, based on CY22F 15x P/E.

 

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Alibaba Group

Going heavily into new retail and local retail

 

■ Non-GAAP net profit for the quarter was Rmb59.2bn, up 27% yoy, in line with our expectation. The adjusted EBITA margin for the cloud computing segment continued to improve, reaching the break-even level.

■ Going forward, Alibaba will step up new business investment in its core commerce segment, especially in Taobao Deals, Taobao Live, Taoxianda, Taobao Short Video and Taobao Grocery.

■ We expect revenue from the cloud segment to grow by 69% and 60% yoy in 4Q FY3/21F and FY3/21F, respectively.

■ Reiterate Add with a new DCF-based TP of HK$341.

 

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LionelLim8.16Check out our compilation of Target Prices



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Avi-Tech Electronics0.265-
Best World1.7100.010
Broadway Ind0.095-0.001
China Sunsine0.390-
ComfortDelGro1.3700.010
Delfi Limited0.9400.010
Food Empire1.4300.010
Fortress Minerals0.260-0.020
Geo Energy Res0.355-0.005
GSS Energy0.027-
Hong Leong Finance2.4800.010
Hongkong Land (USD)3.060-0.090
InnoTek0.440-
ISDN Holdings0.320-
ISOTeam0.035-
IX Biopharma0.0460.005
Jiutian Chemical0.024-
KSH Holdings0.250-
Leader Env0.050-
Medtecs Intl0.1320.001
Nordic Group0.335-
Oxley Holdings0.0910.001
REX International0.138-0.008
Riverstone0.6700.005
Sinostar PEC0.135-
Southern Alliance Mining0.600-
Straco Corp.0.500-
Sunpower Group0.220-
The Trendlines0.085-
Totm Technologies0.021-
Uni-Asia Group0.800-0.015
Wilmar Intl3.330-0.030
Yangzijiang Shipbldg1.770-0.010
 

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