| PHILLIP SECURITIES |
PHILLIP SECURITIES |
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CapitaLand Investment Limited Lodging business to drive growth
1Q23 RESULTS 1Q23 revenue of S$702mn (+5.6% YoY) was slightly below our estimates, forming 21% of our FY23e forecast. This was due to lower event-driven fees from fund management (- S$33m or -68.8% YoY) with the lull in property transaction activities. Recurring fee income from fund management grew 3.5% to S$87mn.
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Prime US REIT Leasing is the top priority
1Q23 Update 1Q23 distributable income was below expectations and 21% of FY23e forecast. The decline of 28.8% to US$14.9mn was due to Prime increasing management fees paid in cash from 20% to 100%, higher interest expense, absence of lease termination income, and higher operating expenses. Excluding the higher proportion of management fees in cash, distributable income is still down 22.5%.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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StarHub Limited DARE+ Drag Delayed
1Q23UPDATE 15 May 2023 Revenue and EBITDA were in line with expectations at 22%/25% of our FY22e estimates. 1Q23 revenue growth of almost 9% YoY was broad-based, especially mobile roaming revenue and higher ARPUs in entertainment.
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Thai Beverage PLC No fizz in the beer
2Q23 RESULTS Earnings were within expectations. 1H23 revenue and PATMI at 49%/52% of our FY23e forecasts. 2Q23 PATMI growth of 3.4% was driven by growth in spirits but dragged down by a major decline in beer earnings.
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| CGS CIMB | CGS CIMB |
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AEM Holdings Ltd Recovery delayed, but outlook still bright
■ 1Q23 revenue of c.S$152.7m was c.12.8% above our S$135.4m forecast due to a 52% yoy increase in services revenue (which includes CEI). ■ 1Q23 net profit of c.S$15.6m was c.13.6% below our S$18.0m forecast. Net profit margin declined 5.4% pts yoy to 10.2% in 1Q23 (vs. 15.6% in 1Q22). ■ AEM maintained its S$500m revenue guidance for FY23F, though this may be guided downwards. We reiterate Add with an unchanged TP of S$3.86.
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Genting Singapore Recovery on track despite 1Q23 hiccup
■ 1Q23 adj. EBITDA of S$191.4m missed at 18.5%/17.5% of our/Bloomberg consensus’ FY23F due to weak non-gaming revenues and poor luck factor. ■ We think normalisation of win rates and continued recovery of flight capacities will support growth in subsequent quarters. ■ We trim FY23F adj. EBITDA by 7.3% but retain FY24-25F estimates on an intact tourism outlook in FY24F. Reiterate Add with unchanged TP of S$1.26.
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