PHILLIP SECURITIES | PHILLIP SECURITIES |
PropNex Ltd Bumper quarter
SINGAPORE | REAL ESTATE (AGENCIES) | 2Q21 RESULTS 2Q21 PATMI surged 127% YoY to S$16.5mn. A major beat. 1H21 PATMI at 75% of our forecast. All four revenue streams grew. Private resales stood out with a more than 3-fold jump in revenue. Resale prices more attractive than new-unit prices. Interim DPS up almost 3-fold to 5.5 cents, a 65% payout for 1H21. 2H21 to remain buoyant, underpinned by a virtuous cycle underway. HDB upgraders are pushing up new home sales, driving demand for resale units due to their price differential. Rising affordability forms the foundation of this upcycle. After a decade, the property price index is only up around 13%. Rising income and TDSR should contain speculation. We raise FY21e PATMI by 53% to S$63.5mn as we lift revenue by 77%. DCF target price (WACC 9.8%) rises from S$1.36 to S$2.08. That said, recent rally has priced in most of the positives. Downgrade to ACCUMULATE from BUY.
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UOB KAYHIAN |
UOB KAYHIAN |
ComfortDelGro Corporation (CD SP) 1H21: Results In Line; Looking Forward To Domestic Reopening
CD reported in-line 1H21 core profit of S$91m, up strongly from a low base. 2Q21 performance was largely affected by Phase 2 (Heightened Alert) measures as core earnings dropped 38% qoq. Overseas, Australia saw a good 2Q21 growth, though the effects of lockdown measures will likely be seen in 3Q21. The UK remains lacklustre. We look forward to Singapore’s reopening and potential unlocking of value in Australia. Maintain BUY with an unchanged target price of S$1.90.
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Thai Beverage (THBEV SP) Irrepressible Once Again
THBEV announced 9MFY21 EBITDA of Bt36.6b (+12% yoy) largely up from a low base. On a qoq basis, EBITDA was up 3%, which proves the company’s resiliency once again, in spite of the COVID-19 measures in Thailand seen in 3QFY21. Spirits EBITDA margins remained stable while earnings will likely remain robust going forwards. We think this continues to be largely underappreciated and we maintain our BUY recommendation with an SOTP-based target price of $0.92
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