buy sell hold 2021




Ascott Residence Trust
Strong recovery in RevPAU


 Recovery is underway as reflected in the 2Q22 results. Portfolio RevPAU of S$124 is c.82% of pre-Covid levels, up 91% YoY on the back of higher average daily rate and
 Extended stay segment has been resilient with 95% occupancy and 8% expected rental growth for US student accommodations.


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Likely a decent start to FY3/23F

■ 1QFY3/23F core EPS likely rose 6-9% yoy and 3-5% qoq to S$480m-490m. 1QFY23F core EPS was likely in line at 19-20% of our FY23F forecast.
■ We think yoy EPS growth was driven by Bharti & TSEL. Qoq, earnings likely driven by TSEL, Singapore/Optus Consumer and Amobee (narrower losses).
■ Reiterate Add and TP of S$3.20 for Singtel, our top Singapore telco pick


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Q&M Dental Group
Pricing in near-term challenges

■ Following QNM’s analyst briefing, we reduce our earnings forecasts for FY22F/23F/24F by 30%-34% on earnings void from lower Covid-19 tests.
■ With wage inflation and a tight labour market, QNM is likely toeing a fine line between balancing profitability and organic growth through clinic expansion.
■ Downgrade to Hold with lower TP of S$0.44, pegged at 20x FY23F P/E (1 s.d. below its five-year average) on limited upside catalysts.
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Singapore Exchange
Multi-asset platform strategy paying off

■ 2HFY6/22 core net profit of S$233m was in line with our/consensus estimates. Strength in FICC and equity derivatives offset softer cash equities.
■ Commodities and OTC FX were key revenue drivers, benefitting from market volatility. Div. likely to stay stable in FY23F – hinting at more M&A to come.
■ Downgrade to Hold with TP unchanged. A recovery of treasury income will likely drive sequential earnings growth, but we think this is priced in. 


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Sembcorp Marine
Show me the money

■ SMM shortens the repayment terms from Borr Drilling by one year to 2023-2024 (previously 2023-2025) for the nine jack-up rigs delivered in 2017-19.
■ Borr Drilling will start to repay partially the US$0.8bn owed to SMM starting 2023 thru May 2025. The new terms also include higher interest payments.
■ SMM said the new terms were due to an improved drilling market. Expect slight positive share price reaction to the news as cashflow is set to improve.


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Singapore Exchange (SGX SP)
FY22: Robust Results Backed By Elevated Volatility

SGX reported higher FY22 revenue (+4.1% yoy) and net profit (+1.4% yoy), backed by elevated trading volatility in 2HFY22. Excluding the cash equities segment, SGX’s underlying businesses posted positive revenue growths in FY22. With higher interest rates, we expect SGX’s margins to expand in FY23 as treasury income starts to recover. However, rising cost pressures may start to weigh on margins. Maintain BUY with a
lower target price of S$10.85.


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Share Prices

Counter NameLastChange
AEM Holdings4.030-0.100
Avi-Tech Electronics0.280-
Broadway Ind0.1390.001
China Sunsine0.460-0.005
Food Empire0.510-
Fortress Minerals0.340-
Geo Energy Res0.370-
Golden Energy0.790-0.020
GSS Energy0.050-
ISDN Holdings0.425-0.030
IX Biopharma0.136-0.003
Jiutian Chemical0.076-0.003
KSH Holdings0.340-0.005
Leader Env0.0500.001
Medtecs Intl0.110-0.004
Meta Health0.029-
Moya Asia0.089-
Nordic Group0.490-0.015
Oxley Holdings0.160-
REX International0.230-
Sinostar PEC0.180-0.010
Southern Alliance Mining0.630-
Straco Corp.0.410-
Sunpower Group0.280-0.010
The Trendlines0.086-0.003
Totm Technologies0.124-0.002
UG Healthcare0.179-0.001
Uni-Asia Group0.890-0.030
Wilmar Intl3.850-0.030
Yangzijiang Shipbldg1.040-0.040

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