buy sell hold 2021

 

CGS CIMB

UOB KAYHIAN

Navigating Singapore

 

 Singapore corporate earnings are above pre-Covid-19 levels, and we project CY22F aggregate net profit growth of c.30% vs. 2019. We think this is a tall order to beat in 2023F, amidst slower economic growth.
 Our theme for 2023F is to look for sectors that can benefit from a pause in rate hikes, such as SREITs. We think timing the rotation is key. To grow topline and market share, cost efficiencies and increased ESG efforts have never been more important. As such, size and scale matter, and we expect to see more synergies growth among corporates as they execute M&A plans in 2023F.

 

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Kimly (KMLY SP)


FY22 Results In Line; Stable Outlook And Dividend

Kimly’s FY22 net profit fell 13.4% yoy, mainly due to persistently higher operating costs. Revenue from the food retail segment grew 60.2% yoy, attributable to the newlyacquired Tenderfresh Group. Despite the closure of 11 underperforming food stalls during the year, the opening of 8 Tenderfresh food stalls has boosted revenue. However, fewer food outlets are expected in the future due to the disposal of Rive Gauche. Maintain HOLD with target price slightly lowered to S$0.36.

 

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PHILLIP SECURITIES

MAYBANK KIM ENG

LHN Limited
Co-living the growth driver


SINGAPORE | REAL ESTATE | 2H22 RESULTS
 FY22 revenue and adjusted PATMI was 91%/100% of our FY22e forecasts. 2H22 adjusted PATMI declined 19% YoY to S$13.4mn due to the absence of worker dormitory earnings.
 Co-living revenue continues to grow strongly with 38% YoY growth in 2H22. Growth was driven by an estimated 25% growth in rooms and a mid-teens rise in room rates.

 

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Capital A (CAPITALA MK)
AirAsia Cambodia a potential beneficiary of Belt & Road?


Maintain BUY call and MYR0.84 SOP-based TP
CAPITALA has proposed to set up a 51%-owned JV in Cambodia, AirAsia Cambodia (AAC). We are unsure if it will be profitable right away but note that Cambodian-Chinese relations are close as exemplified by the many Belt & Road investments in Cambodia. AAC could capitalise on that relationship. Perhaps that is why AAC is slated to commence operations in late-2023, when many believe China will reopen its borders. Maintain earnings estimates, BUY call and MYR0.84 SOP-based TP for now.

 

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PHILLIP SECURITIES PHILLIP SECURITIES

  

Del Monte Pacific Limited
Record margins from price increases


SINGAPORE | CONSUMER| 2Q23 RESULTS
 The results were better than expected. 1H23 revenue and PATMI (excluding one-offs) were 49%/67% of our FY23e forecast. The continued push towards branded products drove gross margins to 29%, and is ahead of our modelled 26% from increases in selling price.

 

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Pan-United Corporation Ltd.
Construction recovery slower than expected


SINGAPORE | CONSTRUCTION| Update
 Workplace incidents hampered the recovery. As a result of the Heightened Safety period imposed by the Ministry of Manpower (MOM), local construction projects are, in general,
progressing slower than expected. YTD22 contracts awarded is down 9.4% YoY. 

 

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