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iX Biopharma Ltd
Wafermine out-licensed for c.US$248m
■ IXBIO announced the out-licensing of Wafermine, its sublingual Ketamine
wafer, to Seelos Therapeutics (SEEL US, Non rated) for up to US$248m.
■ IXBIO is a specialty pharmaceutical and nutraceutical company that has
developed WaferiX, a patented drug delivery platform technology.
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Kimly (KMLY SP)
FY21: Excellent Results Supported By JSS Savings And Rental Rebates
Kimly’s FY21 net profit grew 55.8% yoy to S$39.2m, forming 142.8% of our full-year
forecasts. Outperformance was largely due to S$15.8m of JSS savings and rental
rebates which boosted earnings. All of Kimly’s business segments recorded strong
revenue growth as new outlets and stalls opened in FY21. Kimly maintained its high net
cash balance of S$70.6m and its S$54m acquisition of Tenderfresh was completed in
1 Oct 21. Downgrade to HOLD with a lower PE-based target price of S$0.41 (S$0.36).
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ComfortDelGro Corporation ($1.38, down 0.01) is en route to becoming the United Kingdom’s (UK’s) second largest intercity coach operator following a £8.75 million (S$15.84 million) deal with Stagecoach Group plc. As part of two agreements, ComfortDelGro will acquire Stagecoach’s remaining 35% stake in Scottish Citylink Coaches Limited, turning it into a wholly-owned subsidiary of the ComfortDelGro Group. Scottish Citylink, which became a 65%-owned subsidiary of ComfortDelGro in 2005, operates 19 long-distance express services within Scotland, linking the
cities of Glasgow, Edinburgh, Aberdeen, Dundee, Stirling and Inverness as well as some rural Highland communities.
ComfortDelGro’s share price has been hard hit since the announcement that the company does not intend to list their Australian subsidiary separately in Australia due to bad market conditions. We believe their
expansion plans in the UK (thereby making them an industry leader) could eventually see them listing their UK subsidiary separately. At $1.38,
it is capitalized at $2.99 billion and trades at 17.0x 2021 and 13.4x 2022 consensus PE raƟ o. Price to book is 1.1x and FY20 dividend yield is 2.6%.
Based on Bloomberg 12 months consensus target price of $1.85, the potential upside is 34.1%. Upgrade to BUY.
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Sembcorp Industries (S$1.96, unchanged) disclosed that its whollyowned subsidiary Sembcorp Energy UK (SEUK), plans to build Europe’s
largest battery energy storage system to help the UK achieve its Net Zero target. As part of Sembcorp Energy UK’s (SEUK) growing battery storage portfolio, SEUK intends to construct a 360MW battery at its
site at Wilton International on Teesside.
Ben Houchen, Tees Valley Mayor said: “This is fantastic news
that further cements our region’s reputation as ground zero for
net zero. This investment will add 70 cleaner, healthier and safer
jobs to the thousands we are already delivering across Teesside,
Darlington and Hartlepool as we develop the critical technologies
that are needed to make the UK net zero by 2050.”
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