buysellhold july.23

CGS CIMB

CGS CIMB

Food & Beverages

Tourism boosted Feb restaurant spend

 

■ Strong tourism recovery drove robust Feb restaurant sales (+8% yoy), which should carry on into Mar supported by large concerts held, in our view.

■ Jumbo remains our preferred pick in the F&B space as we view the group as a strong beneficiary of heightened tourist arrivals.

■ We reiterate Hold on Kimly as we expect the group to face a tougher time in passing on higher opex given difficulty in hiking outlet/stall prices.

 

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Sunny Optical Technology

Expected quarterly growth in 2Q24F

 

■ Sunny’s VLS shipments were robust (+34% yoy, +8% mom) but HCM shipments were weak (+15% yoy, -20% mom) in Mar 24.

■ On a quarterly basis, 1Q24 shipments demonstrated consistent growth in all segments: HLS/HCM/VLS rose by 38%/46%/16% yoy, respectively.

■ Reiterate Add. Our TP HK$61.60 is based on 18x FY25F P/E. 

 

 

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UOB KAYHIAN

LIM & TAN

Marco Polo Marine (MPM SP)

Virtual Call Takeaways: Thriving On Upswing In Offshore Industry

 

MPM has highlighted the promising future of offshore wind with rising global capacity targets. Average dayrates and utilisation rates are also likely to remain on the uptrend, supported by growing demand and limited vessel supply. We believe this allows MPM to continue securing ship chartering contracts and expanding into new markets, with its fleet and shipyard growth expected to contribute from FY25. Maintain BUY with a target price of S$0.086. 

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LHN Limited (S$0.34, unchanged) has announced its awarded tender of 260 Upper Bukit Timah Road, which was evaluated based on a set of Price and Quality criteria. The site will be rejuvenated into an integrated mixed-use community node for Rail Corridor users and communities at Upper Bukit Timah, featuring co-living spaces and a wide variety of well-curated community-centric offerings that foster family bonding and promote social interaction

LHN’s market cap stands at S$139.0mln and trades at a forward P/E of 5.4x and 0.6x P/B. Dividend yield of 8.8% is attractive. We continue to see growth in the co-living sector, backed by an increase in keys and resilient rental rates. LHN’s two new co-living properties will add to its current 2.1k keys and they remain on track to hit 800 new keys per year. Maintain Accumulate.

LIM & TAN  UOB K H

We highlight the key points from UOB Kay Hian’s ($1.37, unchanged) FY23 annual report:

For the most part of 2023, negative news permeated the global narrative, namely multi-year high US interest rates leading to concerns over the real estate downturn and consumption slowdown, bank failures and liquidity pressure, the ongoing war in Ukraine and tensions in the Middle East, together with fears of a recession. Despite the negative undertone, global equity markets turned in surprisingly strong performances. The S&P 500 surged almost 25% in 2023, buoyed by optimism around mega big-cap tech stocks and the potential for interest rate cuts. 

 At $1.37, UOB Kay Hian is capitalized at $1.233 billion and trades at a historical PE ratio of 7.3x, price to book ratio of 0.65x and a trailing dividend yield of 6.7% (9.2 cents div per share). Balance sheet is robust with cash and cash equivalent of $1.04 billion against interest bearing debt of $0.6 billion, translating to a net cash position of $440 million and representing 36% of its current market cap. We note that independent director Mr Tang Wee Loke has been selling share in the open market in the past few weeks, with his latest share sale on 5 April’24 of 123,500 at $1.38 each, reducing his holding in the company to 44.368 million share or 4.93% of the company. This may act as an overhang on the stock if his share sales were to continue despite the attractive dividend yield (the 9.2 cents final dividend would be going ex-div on 7 May’24).

 

 

 Alibaba Group (9988 HK)
4QFY24 Preview: Solid CMR And AIDC Growth; Lacklustre Profitability

Alibaba saw solid consumption momentum in Jan-Feb 24 on its platform and slight moderation in March with its continuous focus on user needs. We expect revenue to grow 6% yoy for 4QFY24, fuelled by better CMR growth.

For FY25, Alibaba will continue to focus on user experience and investment in AIDC to foster revenue growth amid a highly competitive environment. Maintain BUY with a lower target price of HK$92.00 (US$92.00).


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