buy sell hold 2021





Alpha Picks: Adding DELFI While Removing THBEV, DBS and SIAEC

Despite overall bearish investor sentiment in Feb 23, our Alpha Picks portfolio easily outperformed the STI by 3.7ppt on an equal-weighted basis. For Mar 23, we have included newly-initiated DEFLI into our portfolio due to higher upcoming contributions from Indonesia which will boost revenue and earnings. Additionally, we have taken profit on DBS and Thai Beverage, and also removed SIA Engineering. Our Alpha Picks portfolio has beaten the STI for 11 out of the past 12 months.


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Japfa Ltd
A prolonged downturn

■ Japfa recorded core net loss of US$31.1m in 4Q22, with FY22 core net profit declining 73.9% and coming in below expectations at 45.1% of our estimate.
■ Headwinds are unlikely to subside in the next two quarters, as consumption of animal proteins remains subdued on weak purchasing power.
■ Downgrade to Reduce, with lower TP of S$0.24 (5x FY24F P/E, 1 s.d. below 5-year mean) due to oversupply resulting in subdued selling prices. 


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FY23F: Hitting profitability milestones

■ We think SE could report better-than-expected EBITDA for 4Q22F, helped by narrower losses at Shopee (e-commerce) and SeaMoney (fintech).
■ We expect SE to achieve EBITDA breakeven at the group level by 2Q23F; SeaMoney/Shopee may turn segment EBITDA positive by 3Q/4Q23F.
■ We believe SE will revert its focus to reaccelerating topline growth in FY24F after it has achieved its breakeven targets. Reiterate Add.


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Hongkong Land (US$4.63, down 2 cents) reported full year results and stated that profitability was significantly lower in 2022, primarily due to a lower contribution from the Development Properties business in the second half of the year, after a record performance in 2021. 

Hongkong Land’s market cap stands at US$10.8bln, and trades at 11.7x forward PE and 0.3x PB, with a dividend yield of 4.8%. Consensus target price stands at S$5.19, representing 12.1% upside from current share price. Share price will likely continue to be supported by share buy back which is only 11.2% completed (US$444mln to go). We like that HKL continues to distribute steady dividends and that the worst is probably over and situation should improve with China/HK opening up gradually, which should feed into HKL’s earnings and property valuations in 2023. As such, we recommend an ACCUMULATE ON WEAKNESS rating.









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Share Prices

Counter NameLastChange
AEM Holdings3.6900.080
Avi-Tech Electronics0.2750.025
Best World1.770-
Broadway Ind0.090-
China Sunsine0.420-
Food Empire0.955-0.010
Fortress Minerals0.360-
Geo Energy Res0.230-
Golden Energy0.9600.005
GSS Energy0.0440.005
ISDN Holdings0.4300.015
IX Biopharma0.081-
Jiutian Chemical0.056-0.001
KSH Holdings0.3300.005
Leader Env0.0860.004
Medtecs Intl0.149-
Meta Health0.015-
Nordic Group0.4600.010
Oxley Holdings0.1240.001
REX International0.166-0.002
Sinostar PEC0.1570.004
Southern Alliance Mining0.780-
Straco Corp.0.470-
Sunpower Group0.310-0.015
The Trendlines0.099-
Totm Technologies0.083-
UG Healthcare0.159-0.003
Uni-Asia Group0.9000.010
Wilmar Intl3.970-
Yangzijiang Shipbldg1.270-0.030

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