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Singapore Medical Group (SMG SP)
An Improved And Final Offer
SMG received a revised general offer of S$0.40/share (up from S$0.37/share) from TLW on 2 Nov 22. We recommend shareholders to accept the offer, given that it: a) falls within the fair value range of S$0.39-0.46 of the IFA; b) represents a premium to the VWAPs, exceeding all closing prices in the past 15 months; and c) is close to our last target price of S$0.45 (14x 2022F EPS). If the offer fails, SMG’s share price could trend
downwards significantly. The offer closing date is 15 Nov 22.
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PTT Oil & Retail Business (OR TB)
3Q22: Results Below Consensus; Expect Outlook To Improve qoq In 4Q22
OR posted a net profit of Bt701m in 3Q22, in line with our forecast but below consensus estimate of Bt2.1b. The qoq decline in earnings was mainly due to lower earnings
contributions from all business units, including mobility, lifestyle and global businesses. Going forward, we expect core earnings to improve in 4Q22 on the seasonal high in petroleum sales volume and a potentially higher marketing margin.
Maintain BUY. Target price: Bt33.00.
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MR D.I.Y. Group (M) (MRDIY MK)
3Q22 results underperformed
Maintain BUY with a lower TP of MYR2.50
3Q22 results undershot expectations due to higher-than-expected operating expenses. Our FY22-FY24E earnings estimates have been lowered by 5%-10%. We expect sequential earnings to improve given the easing in freight and labour shortage issues alongside higher consumer spending during the year-end festive season. Maintain BUY with a lower TP of MYR2.50 (from MYR2.70) based on unchanged 40x FY23E PER.
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Heineken Malaysia (HEIM MK)
Another round of drinks please
Maintain BUY with a higher DCF-TP of MYR29.60
HEIM’s results were above expectations on stronger-than-expected sales. We are encouraged that sales and volume momentum remained robust in 3Q22 despite weaker consumer sentiment. Our FY22E-FY24E earnings estimates are raised by 7%-13% p.a.. Maintain BUY with a higher DCF-TP of MYR29.60 (WACC: 7%, LT growth: 3%).
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Grand Venture Technology Ltd
Pinning its hopes on the front-end
■ 9M22 revenue/net profit at 74.3%/74.5% of our FY22F forecasts were in line
with our expectations.
■ 9M22 revenue growth was mainly driven by the Electronics, Aerospace,
Medical and Others segment, which offset the decline in Semiconductors.
■ We reiterate our Reduce call, with a TP of S$0.40.
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CSE Global
The first of two acquisitions to be conducted
■ CSE is acquiring radio solutions provider Logic Technologies for S$20.4m at
an acquisition multiple of 8.8x FY21 P/E, which we deem fair.
■ Management expects the acquisition to be accretive upon completion.
Management also forecasts cost synergies of S$0.4m per annum.
■ Reiterate Hold at a lower TP of S$0.37 as we factor in CSE’s enlarged share
capital post rights issuance.
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