buysellhold july.23



BRC Asia Ltd

Bountiful five years ahead


 1H24 results were within expectations. Revenue and PATMI were 44%/46 of our FY24e forecast. 1H24 PATMI jumped 47% YoY to S$38.5mn. Revenue recovered as construction site disruptions normalized. Margins rebounded after the sharp price contraction last year. An interim dividend of 6 cents was announced (1H23: 6 cents).



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Oversea-Chinese Banking Corp Ltd

Non-interest income the growth driver


 1Q24 earnings of S$1.98bn were slightly above our estimates. This was due to higher non-interest income from growth in fee, insurance, and trading income and moderate growth in NII offset by higher allowances and expenses. 1Q24 PATMI was 28% of our FY24e forecast.



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Pricing in some refinancing risk


 1Q24 results were within expectations. Gross revenue/distributable income was 23%/22% of our FY24e forecast. DI was 19.5% lower YoY due to lower portfolio occupancy (1Q24: 80.9%) and higher finance expenses.

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Genting Singapore

A winning hand in 1Q24


■ GENS’s 1Q24 adj. EBITDA reached S$369.5m, exceeding expectations at 32.2% of both our and Bloomberg consensus FY24F estimates.

■ A strong adj. EBITDA margin of 47.1% in 1Q24 (+7.5% pts yoy/+12.0% pts qoq) suggests a confluence of better win rates and collections, in our view.

■ Reiterate Add and TP of S$1.30. We believe its current valuation at more than 1 s.d. below 5-year mean of 9.2x 12M fwd EV/EBITDA is attractive. 



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Centurion Corporation Ltd

A strong start to FY24F


■ CENT’s 1Q24 revenue growth of 30% yoy represents growth acceleration vs. 2H23’s 22% yoy, boosted by strong upward rental revisions in Singapore.

■ Student accommodation (PBSA) unit also saw strong revenue growth >20% yoy in 1Q24, and CENT sees opportunity to grow its portfolio further here.

■ Reiterate Add as we see CENT riding on favourable industry dynamics amid ongoing regulatory reforms to improve migrant worker housing standards.



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Civmec Ltd’s ($0.78, up 0.005) 3Q to March’24 revenue of A$258.3 million rose 37.6% yoy while net profit of A$17.1 million rose 16.9% yoy, coming in slightly ahead of expectations. EBITDA of A$31.6 million, representing a 15.2% yoy increase. Civmec remained in a strong net cash balance of A$35.9 million, helping to insulate them from the higher for longer interest rate environment.

We believe there is upside to consensus forecasts given the better than expected 3Q to March’24 performance and management’s optimistic outlook ahead. We also expect final dividends to be increased from 3 cents to 3.5 cents, bringing full year div to 6 Aussie cents, translating to an attractive yield of 6.9%. Civmec is trading at undemanding valuations of 6.8x forward PE, price to book of 0.9x and consensus target price of $1.14, implying a potential upside of 46%. We maintain Accumulate rating on Civmec.

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