buysellhold july.23

CGS CIMB

CGS CIMB

Frasers Property Limited

1HFY24 dragged by UK fair value losses

 

■ 1HFY9/24 EPS of 0.91 Scts was below expectations, at 14.2% of our FY24F forecast, due mainly to fair value losses for UK commercial properties.

■ The company plans to focus on its strategy to unlock value, optimise returns and build resilient income streams.

■ Reiterate Add with an unchanged TP of S$1.41. 

 

 

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SIA Engineering

Strongest quarterly EBIT since 4QFY20

 

■ 2HFY3/24 core net profit of S$62m (+105% yoy) was a beat on lower-thanexpected staff costs. Revenue and associate profits came in strong.

■ We think SIE is set for strong FY25F core EPS growth of 23% yoy, driven by EBIT recovery and ramp-up in ESA profits (from GTF issues).

■ Reiterate Add at a higher TP of S$2.75 (19.5x CY25F P/E). We think downside is capped as the worst is likely over operationally.

 

 

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CGS CIMB

CGS CIMB 

ST Engineering

Aerospace firing up

 

■ 1Q24 aerospace revenue of S$1.15bn (+32% yoy) beat our expected S$1bn, with improvements across all segments — airframe, engine, nacelle and PTF.

■ USS revenue missed on weak Satcom, but we see better quarters ahead on back-weighted 2H24F project recognitions and Satcom cost optimisation.

■ Group order momentum firm qoq in 1Q24 at S$3.0bn (4Q23: S$3.1bn), led by DPS (S$1.65bn). Reiterate Add and TP of S$4.36.

 

 

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UMS Holdings Ltd

Hold for long-term investors

 

■ 1Q24 results below expectations, with revenue at 16.1%/15.1% of our/ Bloomberg consensus FY24 forecasts, and net profit at 14%/12.6%.

■ As its key customer’s inventory level remains elevated, UMS could see yoy decline in revenue in FY24F before growth resumes in FY25F.

■ Downgrade to Hold; TP lowered to S$1.06 (still based on 14.2x FY25F P/E).

 

 

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UOB KAYHIAN UOB KAYHIAN

RH Petrogas (RHP SP)

1Q24: A Lot To Like – Higher Oil Production And Prices; Good Cost Control

 

RHP reported a strong set of 1Q24 results that were above expectations. Net profit rose 18% yoy on the back of slightly higher oil production, better realised oil prices and very commendable cost control. Planning for the company’s two exploration wells for 2H24 remains on track. We highlight RHP’s inexpensive 2024E PE and EV/EBTIDA of 6.3x and 2.5x respectively. Maintain BUY. Target price: S$0.242.

 

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SIA Engineering (SIE SP)

FY24: Core Net Profit In Line; Expect Further Earnings Recovery In FY25

 

SIAEC’s FY24 core net profit of S$121m (+135% yoy) was spot on against our forecast. We expect SIAEC’s earnings to move close towards a full recovery in the upcoming year (FY25), driven by a further increase in business volume, although cost pressure could still be a near-term drag on margins. SIAEC’s valuation is palatable, trading at 17.0x/15.1x FY25/26F PE (or 12.7x/11.4x if excluding net cash) and offering 5.2%/5.4% dividend yields by our estimates. Maintain BUY. Target: S$2.70.

 

 

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