buy sell hold  

MAYBANK KIM ENG CGS CIMB
Genting Singapore (GENS SP)
Sayonara Yokohama
 
 
D/G to HOLD with lower TP of SGD0.86 (-26%)
The Yokohama mayoral election resulted in the election of a resolutely anti-IR mayor. This almost certainly means that the Yokohama IR RFP process will be shelved. Though we still opine that the GENS-Sega Sammy JV was in the strongest position to win a Yokohama IR license, it is likely all academic now. Remove our previously ascribed SGD0.30/shr contribution from a Yokohama IR from our TP to arrive at a lower TP of SGD0.86. Downgrade to HOLD.
 
 
 
 
 
   

Wilmar International

Regulator puts AWL’s IPO on hold

 

■ According to SEBI’s website, Adani Wilmar’s IPO is currently in abeyance.

■ AEL has not received any formal communication from SEBI on this issue.

■ This is negative as it could delay the listing of AWL, one of the two catalysts we projected for 2H21F.

 

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PHILLIP SECURITIES

Q & M Dental Group Ltd

Rebound on track

SINGAPORE | HEALTHCARE | 2Q21 RESULTS 23 August 2021

 

 2Q21 PATMI within expectations, at 49% of our adjusted FY21e forecast. Revenue spiked 105% YoY to S$50.8mn. Normalised PATMI was up 10x. 1-for-5 bonus issue and 1 cent quarterly dividend announced.

 Earnings from Acumen Diagnostics’ COVID-19 PCR tests were an estimated S$3mn, up from S$0.6mn the previous quarter.

 Maintain BUY. Target price dips to S$0.98 from S$1.00 as we revamp our valuations. We now peg Acumen at S$60mn, at the proposed purchase price by Aoxin for a 49% stake. We roll over our 25x core P/E valuation to FY22e. Another S$0.04 has been added from the market value of listed associate, Aoxin Q & M Dental (S$0.225, Not Rated), at a 20% discount.

 

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