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Centurion Corp (CENT SP)
1H21: Earnings Likely To Have Troughed – Solid Outlook Ahead
Centurion’s in line 1H21 results showed a decent level of resilience now that vaccination rates have reached very high levels in its key market segments, and thus have had a positive knock-on effect on economic activity. At the bottom-line, NPAT was affected by a fair value loss on its investment properties. We believe earnings have troughed and the outlook remains solid. Maintain BUY with P/B-based target price lowered slightly to S$0.43 (previously S$0.445).

Lendlease Global Commercial REIT (LREIT SP)

Growth From The Redevelopment Of Car Park And Acquisition Of Jem


313@Somerset benefits from the return of employees to their workplace starting 19 Aug 21 and tourists would start trickling in starting 4Q21. The multi-functional event space is expected to be operational by early-23, drawing more youths to 313@Somerset. The successful acquisition of Jem will pave the way for LREIT to acquire other properties in the sponsor pipeline. LREIT provides a distribution yield of 5.4% for 2021 and 6.1% for 2022. Maintain BUY. Target price: S$1.01.


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Q&M Dental Group (QNM SP)

More Testing


2Q21 shows potential of testing business 2Q21 reported PATMI rose 23% YoY to SGD8.4m, which brings 1H21 earnings to SGD17.8m (+119% YoY) or about 50% of MKE/street consensus’ full-year estimates. It was a slight beat considering our/market expectation of a stronger 2H21, mainly due to its continued dental clinics expansion and ramping up of testing operation. While our EPS forecasts are largely unchanged, we raise our TP to SGD1.03 as we roll forward valuations to FY22E, still based on 22x P/E. Maintain BUY.


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China Sunsine Chemical Holdings

Solid execution


■ Sunsine’s 1H21 net profit of Rmb265m (+94% qoq, +222% yoy) was above expectations, mainly due to stronger than expected GPM.

■ The 2H outlook could be more muted; we expect profit spread to narrow on the back of weaker downstream demand.

■ Valuation remains cheap at 3x FY22F P/E (ex-cash). We reiterate our Add call with a higher TP of S$0.68.


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LionelLim8.16Check out our compilation of Target Prices

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