buy sell hold 2021




Ascott Residence Trust (ART SP)
Room Rates Heading Higher Due To Rapid Recovery In The US and Europe

ART’s properties in the US, the UK and continental Europe have experienced a rapid recovery since May 22 with RevPAU near pre-pandemic levels in 2Q22 and poised to scale greater heights in 3Q22, boosted by the summer holidays. ART has raised the asset allocation target in longer-stay assets, such as student accommodation and rental housing, by 10ppt to 25-30% of portfolio value. Distribution yield is expected to improve from 4.8% in 2022 to 5.8% in 2023. Maintain BUY. Target price: S$1.33.


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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
Continues To Execute Well

YZJ continues to execute well, delivering 18 vessels in 2Q22 to date. In our view, this operational performance is impressive given the challenges that the company has faced due to China’s “dynamic zero-COVID” strategy. As a result, YZJ should be able to hit or even exceed its target of delivering 60 vessels this year. Trading at 2022F PE of 5.4x and yielding 4.7%, YZJ is a compelling and defensive stock. Maintain BUY. Target price: S$1.16.


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Mynews Holdings (MNHB MK)
Briefing update

Maintain HOLD with an unchanged TP of MYR0.60
We expect MNHB to continue to face a challenging business environment in FY22 given heightened industry competition, expectations for overall softer consumer spending in 2H22, and the adverse impact of labour shortages on both its food manufacturing and retail business. We make no changes to our earnings estimates, HOLD call or TP of MYR0.60 (2.0x FY23 P/BV, -1SD to mean).
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DMCI Holdings (DMC PM)
Parent over the kid

Reiterate BUY with higher NAV-TP of PHP12
Factoring in our recent upgrades on Semirara (SCC, CP: PHP35.00, HOLD, TP: PHP34.00; see Coal: higher for longer), we raise our NAV-based TP for DMC to PHP12.0 (from PHP11.1) and our FY22/23 earnings forecasts by +37%/+21%. We reiterate BUY on DMC and prefer it over SCC given the higher total returns of c.55%, which includes an 11.5% FY22E yield. We are also positive on its residential (DMCI Homes) and construction (DM Consunji) segments, which should continue to benefit from the country’s reopening trajectory.


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Excelpoint Technology Ltd
To be acquired at S$1.93/share

■ Excelpoint will be acquired by WT Microelectronics by 3Q22. Excelpoint will
be delisted from SGX following the transaction, as per its offer document.
■ Priced at S$1.93/share, the total cash consideration amounts to c.S$232.2m,
according to Excelpoint’s offer document.
■ The transaction values Excelpoint at 6.8x FY21 P/E and 1.5x FY21 P/BV.


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Nanofilm Technologies Limited

Hiccup in end demand growth
Cut earnings by 5% on near-term demand weakness


Recovery in supply but end demand dampened. Nanofilm was affected by the supply chain disruptions last year while demand was strong. With the worst in supply chain disruptions likely behind us, we could see a strong earnings rebound. However, given the recent weakness in end market demand for electronic devices, we have toned down our earnings projection for FY22F and FY23F.

Earnings and Recommendation

Cut FY22F/23F earnings by 5% each. With the 3C segment contributing at least 50% to group revenue, weaker demand could affect the bottom line. We have revised down earnings for FY22F and FY23F by 5% each. We now project earnings growth of 22%/17% for FY22F/23F, vs. 29%/17% previously. 

Maintain BUY with lower TP of S$3.70. We have switched the valuation methodology from PEG to a PE basis, to be in line with other technology stocks in our coverage. Our new TP of S$3.70 is pegged to 32x PE on FY22F earnings. This level is -0.5SD from the average since listing and also coincides with the PE upon listing in October 2020. Maintain BUY.



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