buysellhold july.23

CGS CIMB

CGS CIMB

Semiconductor

Sector to recover further in 2025F

 

■ Global semicon sales are expected to improve in 2024F, with growth projections of 13.1%-20.2% yoy, according to WSTS and IDC.

■ In our view, AEM, Frencken and UMS are beneficiaries of the trade diversion into Malaysia and the expected semicon recovery in 2024-25F.

■ Our top small-cap picks to play into the semicon recovery theme are Frencken and UMS.

 

 

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Banks

Don’t lose sleep over asset quality

 

■ We estimate that every 10% rise in the GILs of construction and WC loans would shave banks’ FY24F NP by 0.2% and 1.3%, respectively.

■ Banks’ management overlay of RM6bn at end-Jun is more than sufficient to offset any additional provisions from construction and WC loans, in our view.

■ We reaffirm our Overweight stance on banks, premised on potential writebacks in management overlay and increases in dividend payout ratios.

 

 

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OCBC INVESTMENT RESEARCH



 

 

 

 

SEMBCORP INDUSTRIES (SCI SP) 

Recommendation :  BUY 

Fair Value        :  SGD 6.83

  

IN THE MIDST OF TRANSFORMATION.

  • Acquiring assets to grow renewables capacity
  • Targeting renewable capacity of 26GW by 2028
  • Capital recycling strategy in focus

Sembcorp Industries (SCI) is a leading energy, water and urban development group operating across five continents worldwide. Over the years, SCI’s key financial metrics such as return on equity (ROE) have turned for the better, a trend supported by higher electricity prices as well. The group has also been divesting non-core assets to unlock value and grow its renewables portfolio. Successful execution of its renewables strategy provides further scope for re-rating, though good assets may not come cheap currently. We would look out for a possible inclusion in the MSCI Singapore Index as a catalyst.   

   

 

 

 

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