buy sell hold 2021

CGS CIMB CGS CIMB
Propnex Ltd
Delivering a strong FY21

■ 4Q/FY21 EPS of 3.86/16.22 Scts, was above our expectations, at
25.9%/107.5% of our FY21F forecast.
■ Outperformance underpinned by strong showing across all business
segments.
■ Upgrade to Add rating with an unchanged TP of S$2.07.
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SBS Transit Ltd
Optimism abounds post-Covid-19


■ SBUS’s FY21 core NP of S$67.4m (-15% yoy) was above expectations. Govt
relief was a big help as ridership only showed a better recovery at end-2021.
■ Further reopening in Singapore should drive mobility recovery. We believe
the new framework agreement with LTA is a net positive for SBUS in FY22F.
■ Reiterate Add. We think SBUS is in a good position to lift its dividend payout
in FY22F given its strong balance sheet and cash generation capabilities. 

 

 

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CGS CIMB

CGS CIMB

Singapore Airlines
Share price weakness – chance to Add?


■ 9MFY22 core net loss of S$837m made up 65% of our full-year loss forecast,
above expectations due to stronger-than-expected cargo profits.
■ Strong oil prices have dampened investor enthusiasm for SIA, but oil price
strength may be transitory, and borders may reopen convincingly by mid-22F.
■ Reiterate Add with a slightly higher TP of S$5.88, still based on FY23F P/BV
of 1.06x (+1 s.d. from the mean since 2011) on our adjusted BVPS.

 

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ST Engineering
Smashing new records


■ STE surprised positively with strong order wins in 4Q21 (S$3.2bn) and FY21
(S$11.7bn), firming up order book to a record S$19.3bn.
■ A change in dividend policy to quarterly payout and a commitment of 16 Scts
for FY22F also point to better earnings prospects.
■ We estimate full-year contribution from TransCore in FY23F and post-Covid19 recovery across segments could lift STE’s profit above S$700m.
■ Recent share price correction offers good buying opportunity as it now trades
at 17x FY23F P/E. Reiterate Add with a higher TP of S$4.70. 

 

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