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CGS CIMB CGS CIMB

Hongkong Land Holdings Ltd

To repurchase up to US$500m worth of shares

 

■ Hongkong Land Holdings (HKL) announced today that it intends to repurchase up to US$500m worth of shares in a share buyback programme.

■ We think the programme reflects management’s positive response to investors’ concerns on HKL’s persistently deep discount to BV and NAV.

■ It trades at a 59% discount to end-FY21F NAV with a 5.2% dividend yield, and is one of the cheapest HK landlords. Reiterate Add.

 

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HRnetGroup Limited

Getting a pay raise

 

■ We expect higher salary budgets and strong hiring sentiment in HRNET’s key markets of Singapore and North Asia to drive FY21F-22F’s gross profits.

■ HRNET’s share price has returned 42.9%, outperforming global recruitment companies’/MSCI World Index average returns of 28.3%/18.5% YTD.

■ Reiterate Add with TP of S$1.15. HRNET is trading at an attractive 11.8x FY22F P/E (c.45% discount to global peers) and c.4% dividend yield.

 

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CGS CIMB

UOB KAYHIAN

Semiconductor

CY22F semicon outlook still strong

 

■ Global semicon sales grew 29.0% yoy and 2.1% mom for Jul 2021.

■ WSTS projects CY22F global semicon revenue growth of 25.1% and a still strong 10.1% for CY23F.

■ AEM (Add, TP S$4.78) and UMS (Add, TP S$1.97) are beneficiaries.

 

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Wilmar International (WIL SP)

Do Not Overlook Its Good Performance

 

Re-iterate BUY on Wilmar as industry data shows improving operating statistics, which points to a better 2H21 performance. Concern on risks from China’s regulatory crackdown is relatively low for the staple food industry which has no risk of monopoly and does not see any excessive price adjustments despite rising raw material prices. There are some hiccups to Adani-Wilmar Limited’s listing but the overall impact to Wilmar is marginal. Maintain BUY. Target price: S$6.40.

 

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LionelLim8.16Check out our compilation of Target Prices



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Counter NameLastChange
AEM Holdings2.290-0.070
Best World2.4600.020
Boustead Singapore0.945-0.015
Broadway Ind0.125-0.003
China Aviation Oil (S)0.905-0.005
China Sunsine0.400-0.010
ComfortDelGro1.450-0.010
Delfi Limited0.895-0.005
Food Empire1.280-0.040
Fortress Minerals0.305-0.015
Geo Energy Res0.300-0.005
Hong Leong Finance2.480-0.010
Hongkong Land (USD)2.830-0.020
InnoTek0.520-0.015
ISDN Holdings0.3000.005
ISOTeam0.042-0.001
IX Biopharma0.040-0.005
KSH Holdings0.2550.005
Leader Env0.050-
Ley Choon0.0440.001
Marco Polo Marine0.067-0.002
Mermaid Maritime0.136-0.003
Nordic Group0.310-0.005
Oxley Holdings0.089-
REX International0.1380.003
Riverstone0.790-0.005
Southern Alliance Mining0.445-
Straco Corp.0.4950.010
Sunpower Group0.205-0.005
The Trendlines0.069-
Totm Technologies0.022-
Uni-Asia Group0.825-
Wilmar Intl3.4000.020
Yangzijiang Shipbldg1.740-0.030
 

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