Aoxin Q & M Dental Group (AOXIN SP)
Potential Unlocking Of Huge Value Via Nasdaq Listing Of Associated Company
Aoxin’s 49% associated company, Acumen, is exploring a listing on Nasdaq. Our basecase estimate using 22x 2021F PE for Acumen, based on Q&M Dental’s historical mean PE, will unlock value of S$216m (S$0.42/share) for Aoxin. Compared to current market cap of Aoxin at S$127m (S$0.25/share), shareholders will enjoy more than 70% upside in value accretion upon successful of listing, with continued ownership of the China dental business. Maintain BUY and target price of S$0.37 (16x 2022F PE). |
Keppel Corporation
4Q21F: Generous dividend
■ We expect KEP to report c.53% hoh increase in net profit in 2H21F (on 27 Jan) to S$459m, boosted by divestment gains of c.S$396m.
■ KEP clocked in S$1.6bn of proceeds in 2H21F from asset recycling efforts, paving way for stronger final DPS of S$0.16-0.18 (FY21F: S$0.28-S$0.30)
■ Reiterate Add with higher SOP TP of S$7.20 as we roll over to FY23F.
■ KEP trades at 0.85x and 11x CY22F P/BV and P/E, -1 sd below its historical
average. Catalyst: aggressive asset recycling and earnings accretive M&As.
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Axis REIT (AXRB MK)
Higher acquisition targets
Maintain as top BUY
4QFY21 core earnings and 4th interim gross DPU of 2.41sen (FY21: 9.49sen) were within expectations, with FY21 earnings coming in at 96%/100% of our/consensus estimates. We adjust higher our FY22/23E earnings by 1%/12%, which increases our rolled-forward DDM-TP to MYR2.30. Maintain BUY. Axis remains as our top pick in the REITs sector, supported by resilient rental income from industrial properties and active assets acquisitions.
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Sentral REIT (SENTRAL MK)
4Q21: Results Within Expectations
Sentral REIT’s results came in within our estimates, with full-year 2021 core earnings
accounting for 98% of our full-year forecast. Operations remain fairly resilient and we
believe SENTRAL will continue to report decent results moving forward, given that its
tenants are mostly well-established MNCs. The stock offers an attractive dividend yield
of at least 8% from 2022 onwards. Maintain BUY and target price of RM1.00.
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