buysellhold july.23



Nanofilm Technologies Int'l Ltd

Likely still in net loss in 1Q24


■ 1Q24 revenue grew 19% yoy to S$39m, in line with our and Bloomberg consensus full-year forecasts.

■ Management guided that FY24F revenue and net profit will be better than FY23 barring unexpected major macro events.

■ Upgrade to Hold as its revenue growth resumption improves its prospects of delivering better FY24-25F net profit



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Aztech Global Ltd

1Q24 revenue hit by snowstorm


■ Aztech’s 1Q24 revenue fell 20.4% yoy due to customer orders being rescheduled as a result of the snowstorms in China.

■ Order book has grown to S$456m as at 23 Apr 2024 and management expects to fulfill the bulk of these orders in 2Q24, leading to qoq growth.

■ Reiterate Add with an unchanged TP of S$1.23.



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1Q24F: Shopee cash burn likely halved qoq


■ We see a positive set of results for 1Q24F, with Shopee’s cash burn likely narrower vs. consensus expectations, while GMV momentum remains strong.

■ Further commission fee hikes and live-commerce unit economic uplift could return Shopee to EBITDA breakeven for FY24F (2H23: -US$572m), we think.

■ Reiterate Add with a higher TP of US$76 on a normalising competitive landscape for the ASEAN e-commerce industry.

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Aztech Global (AZTECH SP)

1Q24: Earnings In Line With Expectations; Robust Orderbook Drives Optimism


In the face of postponed customer orders from snowstorms in China, Aztech’s 1Q24 earnings of S$15.9m (+19% yoy) are still largely in line with our forecast, forming 15% of our 2024 estimate. IoT devices remain the key revenue contributor, making up 99% of revenue. Orderbook continues to be healthy at S$456m as of 23 Apr 24, with the majority planned for completion in 2Q24. This indicates a strong 2Q24 and healthy revenue growth for 2024. Maintain BUY with a target price of S$1.25. 



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1Q24: Broad-based Growth From Singapore And Australia


KREIT had a resilient performance with Singapore and Australia generating positive rental reversions of 10.1% and 16.4% respectively in 1Q24. Management has raised guidance for rental reversion from mid to high single-digit for 2024. 255 George Street is expected to provide a yield of above 6% and accretion of 1.4% on pro forma FY23 DPU. KREIT’s valuation is attractive with 2024 distribution yield of 7.1% (CICT: 5.7% and Suntec: 6.3%) and P/NAV at 0.66x. Maintain BUY. Target price: of S$1.20



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Nanofilm Technologies International (NANO SP)

1Q24: Revenue In Line But Still Loss-making; Maintain SELL On Rich Valuation


Nanofilm’s 1Q24 revenue of S$39m (+19% yoy) is in line with expectations at 20% of our full-year estimate, but earnings are still in the red. AMBU saw a 41% yoy growth due to a 51% growth in the 3C sector and a 24% growth in the automobile sector. Gross margin rose 3ppt yoy due to increased contribution from the 3C and industrial segments. Maintain SELL with a 6% lower target price of S$0.56 after cutting our 2024 EPS. Nanofilm is trading at 18x 2024F PE vs 14x for Singapore peers. 



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