buy sell hold 2021




ComfortDelGro (CD SP)
A greener fleet to enhance ESG score

Good disclosures, firm decarbonisation programme

Under our enhanced ESG 2.0 review, CD obtained a score of 80, well above the average of 50, due to good disclosures and strong commitment to sustainable mobility. Transition of its fleet to green vehicles should also lead to better fuel efficiency and lower greenhouse gas (GHG) emissions. Concurrently, the group is seeking to employ route optimisation and ondemand services to improve its operating leverage. This is coupled with gradual recovery in ridership across key markets. Maintain BUY and DCFbased TP of SGD1.75 (WACC: 8.3%, LTG: 1%).


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REITs – Singapore
Rich Pickings Among Bombed-out US REITs

US office eked out a mild 1.4% yoy increase in asking rent in 2Q22 despite a slowdown in leasing volume in 1H22. The average physical occupancy for the top-10 cities remains low at 47.4% as of Oct 22. US REITs have suffered the brunt of recent indiscriminate selling. Bargains have emerged with US office REITs trading at average P/NAV of 0.60x. BUY KORE (Target: US$0.80), MUST (Target: US$0.63) and UHU (Target: US$0.68) as they provide 2022 distribution yields of 11.2%, 13.1% and 12.0% respectively.


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Malaysia Aviation
GE15 to add fuel to the recovery fire


With Prime Minister Ismail Sabri Yaakob having dissolved Parliament on 10 Oct 2022, the 15th General Election (GE15) will have to be held within 60 days. Taking a leaf out of history, we expect GE15 to have a long term positive impact on passenger traffic and a short term positive impact on airfares. To be more specific, we expect GE15 to favour CAPITALA more
than MAHB. We maintain our estimates and TPs for MAHB and CAPITALA. Maintain POSITIVE view on the Malaysian aviation sector.


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Genting Malaysia (GENM MK)
Taking A Big Bite At The Big Apple

With the moratorium for New York’s downstate casino ending in 2023, GENM’s RWNYC appeals as one of the frontrunners to secure a full-scale gaming licence. Securing a concession could raise RWNYC’s GGR and EBITDA by >US$603m (>68%) and >US$106m (>80%) respectively, and inspire the Genting Group to list its US operations in the US. Maintain BUY. Target price: RM4.00. 


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UMS Holdings Ltd
AMAT cuts 4Q22 sales guidance

■ On 7 Oct 2022, the US government announced new export rules affecting the sale of semiconductor-related products to China.
■ Consequently, Applied Materials, a major customer of UMS, lowered its 4Q22 sales guidance.
■ We cut our FY22-24F EPS forecasts. Our TP decline to S$1.37 is mainly due to mean reversion on worries over a semicon industry slowdown.


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Property Development
Developers not excited on property outlook

■ Rehda’s survey shows that property developers had weaker new property
sales/launches in 1H22 vs. 2H21 and are less optimistic on property outlook.
■ Developers under our coverage chalked in higher 1H22 new sales vs. 2H21
following easing of lockdowns, and 2H22 new launches likely to be stronger.


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