buy sell hold 2021




Raffles Medical Group Ltd
Huge earnings beat from foreign patients and electives


 1H22 revenue/PATMI beat our estimates at 60%/95% of our FY22e forecast. 1H22 PATMI rose 51% YoY to $60mn. Earnings beat came from the recovery in foreign patients, return of elective treatments and more resilient COVID-19 related revenue.


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Ascendas REIT (AREIT SP)
1H22: Higher Rental Reversion, Occupancy And Utilities Expenses

AREIT achieved positive rental reversion of 13.2% in 2Q22, supported by growth momentum across all geographic regions. Portfolio occupancy improved 1.4ppt qoq to 94.0%, driven by Singapore and UK/Europe. Management plans to scale up in new economy assets, such as logistics properties. We have cut our DPU forecast by 7% due to higher utilities expenses. AREIT provides resilient 2022 distribution yield of 5.4%.
Maintain BUY with a target price of S$3.45.


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ST Engineering
1H22F: welcoming TransCore to the family

■ We expect STE to report 1H22F net profit of S$250m (-15% yoy), with stronger revenue (+18% yoy) but weaker EBIT (-4% yoy).
■ CA and USS to see strong revenue growth. However, margins could be affected by rising cost pressures and front-loaded acquisition expenses.
■ We trim our FY22-23F EPS by 3-4% to factor in higher opex. Our TP is reduced to S$4.58, still based on blended valuations (Figure 8).
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Starhill Global REIT
More room for recovery

■ 2H/FY22 DPU of 2.02/3.80 Scts beat estimates at 57%/108% of our FY22F.
■ Weaker retail occupancy was mitigated by stronger office leasing.
■ Reiterate Add. Recovery in tenant sales should lift tenant retailer sentiment.


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Ascendas REIT
Solid performance in 1H

■ 1H22 DPU of 7.873 Scts is broadly in line, at 48% of our FY22 forecast
■ Robust portfolio occupancy and rental reversions uplifts in 2Q
■ Reiterate Add, with an unchanged TP of S$3.20


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Sembcorp Industries (SCI SP)
The Green Pivot

Initiate with BUY; leader in sustainable solutions
We initiate coverage on SCI with BUY and a SOTP-based TP of SGD3.40, implying 14% upside. We like SCI due to: a) substantial additional earnings potential from its plan to boost renewable energy (RE) capacity to 10GW by FY25E; b) continued high tariffs contributing to good spark spreads in Singapore and India; c) resilience to rapid inflation and high interest rates; d) uniqueness amid scarcity of solid ESG companies in Singapore; e) attractive valuation as SCI consistently generates higher ROE than peers and is trading at a discount to Asian utilities peers.


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