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PHILLIP SECURITIES |
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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 |
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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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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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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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