ANALYSTS SAY: Buy, Sell, Hold (7 Nov)

buy sell hold 2021

PHILLIP SECURITIES	PHILLIP SECURITIES
Oversea-Chinese Banking Corp Ltd Earnings bolstered by NIM expansion SINGAPORE \| BANKING \| 3Q22 RESULTS  3Q22 earnings of S$1.61bn were in line with our estimates. It came from higher net interest margin and net interest income offset by lower fee income. 9M22 PATMI is 73% of our FY22e forecast. Read More ...	Venture Corporation Limited Revenue close to record levels SINGAPORE \| TECHNOLOGY MANUFACTURING\| 3Q22 UPDATE 6 November 2022  9M22 PAT was within expectations at 71% of our FY22e forecast. 3Q22 PAT jumped 27% YoY to S$97.4mn. The improvement was in part due to lockdowns in Malaysia a year ago. Read More ...
PHILLIP SECURITIES	CGS CIMB
NetLink NBN Trust Stable may not be enough SINGAPORE \| TELECOMMUNICATIONS\| 1H23 RESULTS 6 November 2022  1H23 revenue and EBITDA were within expectations, at 52/53%of our FY23e forecasts. 1H23 DPU was 2.62 cents, an improvement of 2.3% YoY. Read More ...	Venture Corporation On track for recovery to pre-Covid net profit ■ Venture’s revenue increased 32.8% yoy to S$1,022.6m in 3Q22, 10.3% above our S$927.47m expectation. ■ Net profit grew 26.4% yoy to S$97.4m in 3Q22, 9.5% above our S$88.99m expectation. ■ We reiterate our Add call with a TP of S$19.62 as we see Venture’s net profit returning to pre-Covid (FY18-19) levels over FY23-24F. Read More ...
CGS CIMB	CGS CIMB
Capitaland Investment Catching up ■ Robust 3Q22 balance sheet with net debt to equity of 0.49x. ■ Faster pace of private fund-raising to boost fee income. ■ Maintain Add with a lower TP of S$4.50. Read More ...	OCBC A relatively conservative view on margins ■ Further NIM expansion is to be expected in coming quarters, although mgmt. is more conservative on FY23F NIMs given rising CASA outflow. ■ Stress tests did not reveal systemic asset quality concerns. ■ Reiterate Add with lower TP of S$13.70 as we raise our risk-free rate. Clarity on its NIM outlook and capital management plans are a key re-rating catalyst. Read More ...

Counter Name	Last	Change
AEM Holdings	2.370	0.030
Best World	2.460	-
Boustead Singapore	0.945	-0.015
Broadway Ind	0.133	-
China Aviation Oil (S)	0.920	-0.005
China Sunsine	0.420	0.005
ComfortDelGro	1.480	-
Delfi Limited	0.895	-
Food Empire	1.260	-
Fortress Minerals	0.300	-0.005
Geo Energy Res	0.305	-0.005
Hong Leong Finance	2.500	-
Hongkong Land (USD)	3.140	0.020
InnoTek	0.550	0.030
ISDN Holdings	0.305	-0.005
ISOTeam	0.044	0.001
IX Biopharma	0.042	0.001
KSH Holdings	0.250	-
Leader Env	0.047	-0.004
Ley Choon	0.045	-
Marco Polo Marine	0.067	-
Mermaid Maritime	0.139	-0.001
Nordic Group	0.305	-0.005
Oxley Holdings	0.088	-0.001
REX International	0.133	-0.003
Riverstone	0.795	-0.020
Southern Alliance Mining	0.430	-
Straco Corp.	0.485	-0.025
Sunpower Group	0.210	0.005
The Trendlines	0.067	-
Totm Technologies	0.022	-
Uni-Asia Group	0.820	-0.005
Wilmar Intl	3.470	-0.030
Yangzijiang Shipbldg	1.740	-0.010

Counter Name

Last

Change

AEM Holdings

2.370

0.030

Best World

2.460

Boustead Singapore

0.945

-0.015

Broadway Ind