buysellhold july.23

PHILLIP SECURITIES

PHILLIP SECURITIES

17LIVE Group Limited

Back to growth mode

 

 We expect earnings growth in FY24e to be driven by a jump in virtual liver streamers, expansion in live commerce revenue and aggressive streamlining of R&D and other expenses. Monthly Active Users (MAU) will begin its recovery with a growth rate of around 10% in FY24e from new content offerings in SE Asia, product enhancements and reinvestment into marketing.

 

 

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Oiltek International Ltd

Beneficiary of the big push for sustainable fuel

 

 Oiltek provides design, engineering, maintenance, and turnkey solutions for refineries and processingplantsin the vegetable oils industry. These includethe major agricultural commodities such as palm, soybean, and rapeseed. 

 

 

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UOB KAYHIAN

UOB KAYHIAN 

Higher-for-a-lot-longer Interest Rates

Some Companies To Suffer, Some To Benefit

 

Recent comments by US Fed officials raise the spectre of zero interest rate cuts should the US economy remain robust. We view Singapore corporates’ debt levels as manageable across the companies we cover, with free cash flow generation forecast to remain strong in 2024. Nevertheless, some companies’ profit margins could erode in 2024 should interest rate cuts be deferred into 2025, eg WIL, CDL, CLI, SCI and KEP. Companies with high cash piles (eg VALUE, GENS and YZJ) could benefit.

 

 

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Maxis (MAXIS MK)

Compelling Risk-reward; Earnings Momentum Remains Healthy

 

We see emerging value as the stock trades at 8x EV/EBITDA, -2SD from its mean valuation. Stepping into 2H24, we see an improving risk-reward profile for Maxis as Malaysia draws close to a potential dual wholesale network. We came away from a recent meeting more sanguine on the near-term prospects of the group. Anchored by strong management, we expect the group to deliver a healthy three-year earnings CAGR of 8%. Upgrade to BUY with a DCF-based target price of RM4.20. 

 

 

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CGS CIMB LIM & TAN SECURITIES

Velesto Energy Berhad

Downgrade as Saudi Aramco cuts back

 

■ A number of jack-up (JU) rig drilling companies has had their rig contracts suspended by Saudi Aramco in recent days.

■ These rigs may find their way to SE Asia and other regions, which may cap or even pressure utilisation rates and daily charter rates (DCR) globally.

■ Velesto’s share price has almost quadrupled since mid-2022; hence, we downgrade from Add to Hold, with an unchanged DCF-based TP of 31 sen. 

 

 

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We initiate a BUY recommendation on Marco Polo Marine ($0.067,
up 0.1 cent) with a TP of S$0.082, based on 11.0x FY24F PE. MPM is
currently firing on both engines, as its ship chartering segment is buoyed
by high rates and its shipbuilding segment is backed by a substantial
order book pipeline.

Undemanding Valuations. MPM today trades at 8.7x FY24PE (Ex-
Cash FY24 PE: 6.5x) and 1.3x PB, which is undemanding compared to peers valuations of 13.9x FY24PE.

Given the higher potential of the 
current upcycle, we think that MPM can trade up to at least 11.0x PE, representing a c.20% discount to the previous peak and current peers.

MPM’s market cap stands at S$251.5mln and currently trades at 8.7x
FY24F PE and 1.3x PB, with a dividend yield of 1.5%. Our TP of $0.083
represents 23.9% upside from current share price. BUY!

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Broadway Ind0.1450.005
China Aviation Oil (S)0.865-0.005
China Sunsine0.390-0.005
ComfortDelGro1.390-0.010
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Fortress Minerals0.310-
Geo Energy Res0.3000.005
Hong Leong Finance2.420-0.010
Hongkong Land (USD)3.4200.010
InnoTek0.505-
ISDN Holdings0.300-0.005
ISOTeam0.047-
IX Biopharma0.039-0.004
KSH Holdings0.245-
Leader Env0.049-
Ley Choon0.055-0.001
Marco Polo Marine0.068-0.003
Mermaid Maritime0.1350.002
Nordic Group0.305-
Oxley Holdings0.0900.001
REX International0.124-
Riverstone0.9300.005
Southern Alliance Mining0.480-
Straco Corp.0.490-
Sunpower Group0.230-
The Trendlines0.063-
Totm Technologies0.019-0.002
Uni-Asia Group0.810-0.035
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