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Ready For Border Re-openings; Exploring M&A Opportunities


At S$4.56, SATS is trading at just 5% below pre-COVID-19 level, implying that the street is swiftly pricing in a recovery. Operationally, we sense there would be significant operating leverage as flights resume, but a key uncertainty is the impact on margins from changes in inflight catering. SATS also appears to be on the lookout for bolt-on acquisitions, possibly in China or India to add scale to its operations. At current price, SATS is trading at 22.7x pre-pandemic earnings. Maintain HOLD. Target: S$4.27.


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Tenaga Nasional (TNB MK)

A Future-Proof Business Model


TNB is focusing on sustainable energy solutions as it wants coal-related revenue to fall to 20% by 2030. TNB’s RE targets include a 300mw hydro power plant, seeking LSS4 contracts and acquiring a 39% stake in the Sunseap Vietnam solar project. As TNB meets its ESG mandate, the business is expected to yield sustainable returns and pave the way for 5% dividend yield over 2021-22. RP3 discussions are underway, announcement towards 4Q21. Maintain BUY. Target price: RM13.70.


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Inari Amertron (INRI MK)

Record Year In The Making; Explosive Earnings Underway


Despite the typical earnings normalisation in 1Q21, volume loadings from Inari’s RF business are bucking the trend while optoelectronics picked up steam. Besides the exponential RF growth, new business expansions at P34 and P55 which bring along diversification are underway. Inari is staging to record a 3-year net profit CAGR of 38% in FY23. Maintain BUY with an unchanged target price of RM4.20.


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UMS Holdings

Market leader rallies the troops


• UMS reported 4Q20 results with sales up 9% YoY (FY20: 25%). FY20 gross margins are up by ~40bps to 53.3%, while profits missed estimates due to goodwill impairments on Kalf Engineering and JEP Holdings.

• Extend the lead. Key customer continues raising guidance, with expectations of taking market share from other players. We think UMS may be in store for another year of strong revenue growth, based off the key customer’s comments.

• Maintain OUTPERFORM with raised TP of S$1.43. We see further upside from a recovery in associate contributions, better than expected margins and additional news on expansion initiatives.


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LionelLim8.16Check out our compilation of Target Prices

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