buy sell hold 2021


AEM Holdings (AEM SP)

Kicking off a new cycle Raised FY21E guidance; top pick for SG tech


3Q21 PATMI of SGD23.3m (-4.3% YoY, +42.7% QoQ) was ahead of our expectation but in line with consensus. The sequential recovery was driven the volume ramp of new generations of equipment for Intel. We raise our FY21E EPS by 5% to factor in the increased FY21E revenue guidance, but keep FY22-23E largely unchanged pending FY22E guidance in early 2022. Maintain TP of SGD5.77 (16x FY22E P/E). AEM is our top pick for Singapore tech as we see many quality tailwinds and the least supply side risks. BUY.


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ComfortDelGro Corporation (CD SP)

3Q21: Underwhelming Results But New Regulations Poised To Boost Earnings


CD reported PATMI of S$25.8m for 3Q21, increasing 19.4% yoy but dropping sharply by 25.9% qoq from 2Q21. COVID-19 outbreaks in key markets led to suppressed ridership and earnings. Due to uneasy market conditions, the planned IPO of a subsidiary was called off. Looking forward, the easing of COVID-19 measures will continue to be positive for ridership while favourable regulatory changes provide strong tailwinds. Maintain BUY with a higher target price of S$1.99.


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Frasers Logistics & Commercial Trust (FLT SP)

2HFY21: Benefitting From Revaluation Gains And Lower Cost Of Borrowings


FLT benefitted from the acquisition of six European properties completed on 24 May 21 which provided more than four months of contributions. Cost of borrowings improved 0.3ppt yoy and 0.1ppt qoq to 1.6% due to lower base rates and lower interest rates for borrowings refinanced in 2HFY21. Valuation uplift was 9% or S$603.9m and NAV per unit increased 12.7% yoy to S$1.24. Distribution yield is attractive at 5.1% for FY22 and 5.2% for FY23. Maintain BUY. Target: S$1.79.


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SingTel (ST SP)

1HFY22: Earnings Below Expectations; Recovery Continues Into 2HFY22


Singtel delivered 1HFY22 core earnings of S$983m, a 17% yoy growth on the back of improved Optus performance and a turnaround in associate Airtel. Accounting for 43% and 44% of house and street’s estimates, the earnings were below expectations. Management alluded towards recovery thanks to the reopening of economy. First interim DPS of 4.5 S cents was declared for 1HFY22. We cut FY22 forecast by 6%, accounting for higher depreciation charges. Maintain BUY. Target price: S$2.75.


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