Thai Beverage
Strong rebound post lockdown
■ THBEV saw a strong rebound in 1QFY22 as its key geographies emerged
from lockdown – revenue/EBITDA rose 59%/94% qoq.
■ We are confident of continued recovery as the economy reopens further;
price hikes and prudent cost management should help uphold its margins.
■ Reiterate Add and TP of S$0.91; THBEV is our sector top pick as we believe
it is a laggard recovery play. |
Silverlake Axis Ltd
Rising tide
■ 2QFY6/22 core net profit of RM59.5m was above expectations given stronger
order wins. GPM was stronger at c.62% due to higher licencing revenue.
■ Order wins of RM176m in 2QFY6/22 were a record high (FY21: RM326m).
Potential deal pipeline robust at c.RM1.3m, with RM180m close to finalising.
■ Reiterate Add with higher TP. We think SILV is poised to benefit from banks’
rising investment appetite for tech upgrades amidst a rising rate cycle.
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DBS Group Holdings (DBS SP)
4Q21: Asset Quality And Dividend Surprise Are Upsides
DBS’ 4Q21 results were in line with our expectations. Loan growth at 9.9% was the
highest in seven years. NPL ratio receded from 1.5% to 1.3% due to full repayment of
two significant NPLs. Quarterly dividend increased 9% qoq to 36 S cents. We expect
four rate hikes each in 2022 and 2023. We expect NIM to expand 15bp and 13bp
respectively to 1.61% in 2023 and 1.74% in 2024. We expect dividend yield to improve
from 3.9% in 2022 to 4.2% in 2023. Maintain BUY. Target price: S$40.00.
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Thai Beverage (THBEV SP)
1QFY22: Solid Results; Recovery Has Just Started
THBEV released its 1QFY22 results, with revenue and EBITDA in line with our
expectations. This was driven by a stronger-than-expected recovery in the beer and
food segments. The spirits segment posted strong revenue growth but was dragged
down by rising material costs. We opine that THBEV is an attractive and undervalued
COVID-19 recovery play with high potential upside. Maintain BUY with a higher SOTPbased target price of S$0.90 (previously S$0.85).
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