buy sell hold 2021




PropertyGuru Group Ltd.
Dominant property platform


• Dominant market presence in Singapore/Vietnam/Malaysia. Around 41% of revenue is from current agent subscription fees with a 82% renewal rate.
• Pricing power and increasing customer spend through premium products are drivers for the expected revenue CAGR of 37% over the next two years.
• Initiate coverage with a BUY recommendation and DCF-based target price (WACC 10.1%, g 3.0%) of US$5.73.


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Ascott Residence Trust (ART SP)
Increasing Resiliency Through Pivot To Longer-stay Accommodation

ART is acquiring three serviced residences in Australia, France and Vietnam, five rental housing properties in Japan and an additional 45% stake in student accommodation The Standard at Columbia in the US for S$318.3m. The acquisitions expand ART’s exposure to longer-stay accommodation from 17% to 19% of portfolio valuation and are accretive to 2021 DPU by 2.8%. Distribution yield is expected to improve from 4.9% for 2022 to 5.8% for 2023. Maintain BUY. Target price: S$1.36.


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My EG Services (MYEG MK)
Further Decrypting Zetrix

A recent in-depth session on MYEG’s blockchain domain (Zetrix) reinforces our view that MYEG is well-positioned to deliver supercharged earnings growth via monetisation. Zetrix is on track to launch key applications such as supply chain financing and custom integration in 2H22. While we have significantly raised our 2023 earnings forecast after partially taking into account Zetrix’s potential, MYEG could still trounce our estimates. Maintain BUY and target price of RM1.30.


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Q&M Dental Group (QNM SP)
A transition year

2Q22 below market expectations; D/G to HOLD

To recap, QNM’s 2Q22 net profit of SGD3.4m (48% QoQ; -60% YoY) was disappointing due to the sharply lower-than-expected contribution from PCR tests.

While 2Q revenue fell 13% YoY to SGD44.1m, earnings suffered more due to negative operating leverage amid current inflationary pressures. To conserve cash, the group did not declare an interim DPS. We cut our FY22-24E EPS by over 40% on complete removal of testing revenues and slower core dental business growth. Downgrade to HOLD with a lower TP of SGD0.40 as we roll forward our valuation to 20x FY23E P/E.


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Raffles Medical Group (RFMD SP)
In the pink of health

Our Top Pick in the sector; maintain BUY

RFMD’s share price has rallied 19% since the positive 1H22 earnings surprise, largely driven by its healthcare division.

The outperformance was due to several factors: i) increased outpatient volumes and GP services; ii) continued operation of the CTFs (until at least end-2022); and iii) strong operational leverage from reduced costs and more efficient staffing (less PCR tests). We retain BUY with DCF-based TP of SGD1.57 (LTG: 2.5%, COE: 8%). RFMD remains our preferred pick in the healthcare sector.


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Thomson Medical Group (TMG SP)
Gearing for next stage of growth

Solid FY22 results; declares special DPS
Last month, TMG reported net profit more than tripled to SGD53.8m in FY22, boosted by higher patient load, larger average bill size, Covidrelated projects and the opening of a new wing in Malaysia.

Group EBITDA also jumped by 64.4% YoY to SGD109.7m on the back of better operating leverage amid a 38.8% YoY rise in revenue to a record high of SGD333.7m. In line with the stellar results, the group declared a special DPS of 0.115 cent for FY22, up from 0.015 cent last year. 


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