ANALYSTS SAY: Buy, Sell, Hold (12 May)

buy sell hold 2021

MAYBANK KIM ENG	CGS CIMB
UMS Holdings (UMSH SP) Resilient profitability Strong 1Q22 on better-than-expected margins 1Q22 PATMI of SGD19.4m (+26% YoY) was ahead of our and consensus estimates, accounting for 31%/27% of respective FY22E. To our positive surprise, margin erosion was more benign than expected despite the inflationary environment. As such, we raise FY22E PATMI by 13%. Growth was primarily driven by strong demand and the robust outlook for semiconductor equipment. Our TP rises by 6% to SGD1.50 (14x FY22E P/E, from 15x previously). BUY. Read More ...	BRC Asia Ltd Riding on industry tailwinds ■ BRC’s 1H22 net profit of S$39.8m (+108% yoy) was a strong beat, helped by continued recovery of construction activities in Singapore. ■ We remain confident of further recovery in coming quarters as the labour shortage eases, given steady construction demand and work backlog. ■ Reiterate Add with a higher TP of S$2.50. BRC is our sector top pick for its relatively attractive valuation and higher dividend yield. Read More ...
CGS CIMB	CGS CIMB
Riverstone Holdings Solid execution ■ 1Q NP of RM109m (-2% qoq) slightly above expectations, showing RSTON’s earnings resiliency vs. peers, amid declining healthcare glove ASPs. ■ Strong demand for cleanroom gloves supports elevated ASPs; meanwhile healthcare glove ASPs likely bottomed, supported by industry’s higher costs. ■ RSTON continues to prioritise customised offerings in both the cleanroom and healthcare segments to improve stickiness in ASPs. Reiterate Add. Read More ...	UMS Holdings Ltd No slowdown seen in FY22F ■ 1Q22 revenue was above our/Bloomberg consensus full-year forecast while 1Q22 net profit was in line with our/Bloomberg consensus FY22F forecast. ■ UMS has appointed a tax consultant to help resolve the tax matter with the Malaysian authorities. ■ Reiterate Add. UMS is still seeing strong demand from its customers Read More ...

Counter Name	Last	Change
AEM Holdings	1.860	-0.020
Best World	2.480	-
Boustead Singapore	0.955	-
Broadway Ind	0.140	0.006
China Aviation Oil (S)	0.870	-0.005
China Sunsine	0.395	-
ComfortDelGro	1.400	-0.010
Delfi Limited	0.875	-0.005
Food Empire	1.130	-
Fortress Minerals	0.310	-
Geo Energy Res	0.295	-
Hong Leong Finance	2.430	-
Hongkong Land (USD)	3.410	0.010
InnoTek	0.505	0.005
ISDN Holdings	0.305	-
ISOTeam	0.047	-0.001
IX Biopharma	0.043	-
KSH Holdings	0.245	-0.005
Leader Env	0.049	-
Ley Choon	0.056	0.004
Marco Polo Marine	0.071	-
Mermaid Maritime	0.133	-0.019
Nordic Group	0.305	-0.005
Oxley Holdings	0.089	0.002
REX International	0.124	-0.002
Riverstone	0.925	-0.005
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.230	-0.005
The Trendlines	0.063	-0.001
Totm Technologies	0.021	0.001
Uni-Asia Group	0.845	0.015
Wilmar Intl	3.160	-0.020
Yangzijiang Shipbldg	1.770	-

Counter Name

Last

Change

AEM Holdings

1.860

-0.020

Best World

2.480

Boustead Singapore

0.955

Broadway Ind

0.140