buysellhold july.23

PHILLIP SECURITIES

UOB KAYHIAN

StarHub Limited

Pop in dividends

 

 4Q23 results were within expectations. FY23 revenue and EBITDA were 99%/101% of our FY23 estimates. The full-year dividend was 6.7 cents, a 34% YoY rise and ahead of our 5 cents estimate.

 Revenue guidancefor FY24e was for weaker growth of 1-3% (FY23: +5.5%). We believe mobile revenue faces stiffer competition from lower-end price plans, thus impeding ARPU growth despite contributions from higher-margin roaming revenue.

 

 

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Mapletree Pan Asia Commercial Trust (MPACT SP)

3QFY24: Singapore Leading The Charge

 

MPACT’s Singapore portfolio, including VivoCity, MBC, mTower, Mapletree Anson and BOAHF, has grown from strength to strength. Overseas properties have not fared as well, with management cautioning weakness for business park property Sandhill Plaza in Shanghai, China. MPACT trades at FY25 distribution yield of 6.3% and P/NAV of 0.80x. Maintain BUY. Target price: S$1.86. 

 

 

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CGS CIMB

UOB KAYHIAN

SingTel

Cost optimisation efforts to show in 3Q

 

■ We estimate 3Q core net profit was S$570m (+2% yoy) as absence of Trustwave losses was partially offset by weaker Optus and associate profits.

■ Cost optimisation efforts should drive SG margin expansion in FY25F but Optus’s recovery could be subdued on potential churn and ARPU impact.

■ Reiterate Add at a higher SOP-based TP of S$2.90 as we roll forward our valuation. Asset monetisation is a near-term catalyst, in our view.

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Plantation – Malaysia

Stagnant Prices Amid Potentially Higher Supply From Competing Vegoil

 

Malaysia’s palm oil inventory came in below market expectation for Jan 24 on higher-than-expected exports and domestic disappearance. End inventory for Feb 24 is expected to be below 2m tonnes on lower production mom due to fewer harvesting days. Having said that, CPO prices are likely to trade within the current range of RM3,600-4,000/tonne due to pricing pressure caused by other vegoils. An improved 2024 profit on higher CPO ASP and lower costs will support share price performance. Maintain OVERWEIGHT   

 

 

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CGS CIMB  UOB KH

PTT Oil and Retail Business

Oil business hit by high stock loss in 4Q23

 

■ OR’s net profit dropped sharply by 96.3% qoq as oil margin shrank to THB0.75/litre in 4Q23 vs. THB1.26/litre in 3Q23.

■ We believe OR’s oil marketing margin may be under pressure in 1Q24F on changes in diesel cost base and potential government intervention.

 

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Sunway (SWB MK)
Inclusion In KLCI Index Soon?

Sunway's market cap has climbed to the 28th position in Bursa Malaysia, and is poised for a potential KLCI inclusion assuming sustained share price and trading volume. Enhanced by its Iskandar Malaysia projects and expanding healthcare segment, Sunway will likely continue its upward trajectory momentum. Maintain BUY with target price increased to RM3.01 (from RM2.38).

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