buy sell hold 2021





City Developments Limited
Lifted by hospitality and divestment gains


 1H22 revenue of S$1.47bn (+23.5% YoY) in line at 46% of our forecast. PATMI exceeded at 107% due to divestment gains from Millennium Hilton Seoul of $526.2mn and $94mn gains
from deconsolidation of CDLHT, excluding which, performance would have been in line.
 All three core segments improved. Strong residential sales (712 units sold, in line) and recovery in the hospitality segment (RevPAR +110% YoY), which has turned EBITDA positive.
Investment properties portfolio recovered with office and retail above expectations.
 639-unit JV EC project, Copen Grand set to be launched in 4Q22; demand for project expected to be robust. Hotel operations to also benefit from reduction of Covid-19 restrictions, M&A and divestment opportunities.


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Singapore Telecommunications (ST SP)
1QFY23: Earnings In Line; Recovery On Track

For 1QFY23, Singtel reported 11% yoy higher core net earnings of S$499m, in line with expectations. Higher roaming revenue coupled with increased take-up of higher value plans led to strong operational performances from the Singapore consumer segment and Optus. NCS’ double-digit revenue growth trajectory remains intact while the group enterprise segment remains resilient. Regional mobile associates outperformed, largely led by Airtel. Maintain BUY with a DCF-based target price of S$2.90.


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Farm Fresh (FFB MK)
1QFY23: Decent Sales Performance Masked By Temporary Lull In Margins

1QFY23 earnings came in largely within expectations. Sales held up relatively well despite growing off a high base. Gross margins were expectedly hit by high input costs. Raised ASPs and completion of mid-stream expansion should drive earnings for the rest of the year. We continue to like Farm Fresh for its exciting earnings growth and attractive valuations that could re-rate further. Maintain BUY with a target price of RM1.82.


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Hap Seng Plantations (HAPL MK)
2Q22: Below Expectations

HAPL’s 1H22 earnings contributed 50% of our full-year forecast, falling short of our forecasts as we expect a weaker 2H22 due to lower CPO ASP. Still, we would like to highlight that HAPL achieved the highest CPO ASP among all the plantation companies under our coverage, partially offsetting the lower production in 2Q22. The company declared interim dividend of 5 sen/share (yield: 2.2%). Maintain BUY with a target price
of RM2.80. 


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Singapore Telecommunications (ST SP)
Stable and stronger

Overall good results; Retain BUY
Q1FY23 PATMI of SGD628m (+41% YoY) is in line with MIBG/consensus expectations, accounting for 25% of full year estimates. Headline growth was lifted by improved operational performance and exceptional gains from Airtel (+144% YoY) and dilution of the group’s effective shareholding in Australia Tower Network. Our FY23-25F forecasts for Singtel’s core business are unchanged, but we raise our SOTP-based TP by 4% to SGD3.15 due to higher valuations for associate businesses. We reiterate BUY on Singtel, which is our top sector pick.


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Growth On A New Lease

A newer new-economy play; Re-initiate SGD0.55 TP

ESR-LOGOS REIT (ELOG) has emerged from its merger with ARA Logos as one of the top 10 SREITs by free float, with higher contributions from neweconomy AUM. We see visible growth drivers from: (1) quality AUM growth from new-economy assets; (2) stronger fundamentals and growth in Australia; (3) visible sponsor pipeline, supported by added debt headroom;
(4) dividend yield readjustment to match up to industrial peers. Valuations are undemanding at 7.4% FY23E yield, and 0.6% DPU growth. We reinitiate coverage with a SGD0.55 TP (COE: 6.5%, LTG: 2%), suggesting 42% upside.
BUY. Risks are: higher interest rates, high inflation, and macro uncertainties. 


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Share Prices

Counter NameLastChange
AEM Holdings3.7300.030
Avi-Tech Electronics0.280-
Best World1.760-
Broadway Ind0.120-
China Sunsine0.4000.005
Food Empire0.630-0.010
Fortress Minerals0.370-0.005
Geo Energy Res0.350-0.005
Golden Energy0.790-0.005
GSS Energy0.048-
ISDN Holdings0.400-
IX Biopharma0.124-0.001
Jiutian Chemical0.0810.001
KSH Holdings0.350-
Leader Env0.056-
Medtecs Intl0.134-0.002
Meta Health0.025-
Nordic Group0.4700.005
Oxley Holdings0.1540.003
REX International0.2300.005
Sinostar PEC0.185-
Southern Alliance Mining0.4200.010
Straco Corp.0.4050.010
Sunpower Group0.275-
The Trendlines0.0940.002
Totm Technologies0.099-0.003
UG Healthcare0.189-0.001
Uni-Asia Group0.8200.010
Wilmar Intl4.020-0.030
Yangzijiang Shipbldg1.350-0.030

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