buysellhold july.23

PHILLIP SECURITIES

PHILLIP SECURITIES

CapitaLand Investment Limited

Targeting to double FUM in 5 years

 

 FY23 revenue of S$2.784bn (-3.2% YoY) formed 92% of our FY23e forecast while PATMI of S$181mn (-79% YoY) was below our estimate due to revaluation losses of S$600mn and lower contribution from China.

 

 

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China Aviation Oil

Net profit and dividend beat expectations

 

 The results beat our estimates by 22%, due to stronger-than-expected contributions from 33%-owned SPIA. 

 

 

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PHILLIP SECURITIES

PHILLIP SECURITIES

ComfortDelGro Corp Ltd

More growth ahead

 

 FY23 earnings beat expectations at 117% of our forecast. Revenue was within our estimates at 98%. 4Q23 PATMI jumped 77% YoY to S$49.3mn.

 

 

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PropNex Ltd

Challenging but bottomed

 

 2023 results were below expectations. Revenue and PATMI were 83%/76% of our estimates. 2H23 adjusted PATMI declined 26% YoY to S$26.2mn, dragged down by weakness in new launch transactions. The dividend for FY23 dropped 11% to 6 cents or 6.9% yield. 

 

 

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SATS LTD

Focus on refinancing debt and managing costs

 

 SATS reported 3Q24 net profit of S$31.5mn, which included S$3.1mn profit from WFS. The 9M24 net profit of S$23.7mn is in line with our FY24e estimates of S$66mn, before an estimated S$30mn amortization of intangible assets. The amount will be finalized in March 2024.

 

 

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ST Engineering

Defence and security led earnings growth

 

 FY23 net profit was in line with our expectations. Net profit was affected by several oneoffs amounting to S$66mn. Excluding these, net profit would have grown by 23.7%. 

 

 

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