| KGI FRASER | CGS CIMB |
Uni-Asia Group Limited (UAG SP)Strong 1H2021 beat, even better year ahead
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CapitaLand Pick-up in all segments
■ CapitaLand’s (CAPL) 1H21 core EPS of 8.3 Scts is broadly within expectations, at 45% of our FY21F forecast. ■ Growing recurrent contributions and fee income should drive growth. ■ Reiterate Add, with an unchanged TP of S$4.04.
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CGS CIMB |
CGS CIMB |
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ComfortDelGro Seeks ASX listing for Australian subsidiary
■ CD announced that it is pursuing an IPO on the Australian Securities Exchange (ASX) for its Australian subsidiary. Proposed timeline is 4Q21F. ■ Closest comparison is Sealink Travel’s acquisition of Transit Systems in Oct 2019 at 8.2x EV/EBITDA. Sealink is trading at 11.4x CY22F EV/EBITDA. ■ Should CD’s Australian asset be valued independently at 6x/8x/10x CY22F EV/EBITDA, our TP could be lifted to S$1.83/S$1.99/S$2.15 respectively.
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First Resources Ltd 1H21 results hit by higher export levy
■ FR’s 1H21 core net profit fell 46% yoy and was below estimates due to lowerthan-expected CPO price achieved, higher tax and lower minority interests. ■ The group will be able to enjoy the current high CPO prices and lower export levy in 2H21 as most of its 2H production is unhedged. ■ Reiterate Add with a lower TP of S$1.67/share. Risk-reward appears attractive at current EV/ha (US$10.4k) and 14.5x FY21 P/E.
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