buysellhold july.23

CGS CIMB

CGS CIMB

AEM Holdings Ltd

New CEO from 1 July 2024

 

■ We hosted AEM for a CEO transition chat with our clients on 7 Jun 2024. Both incoming and departing CEOs joined the virtual call.

■ In our view, Amy Leong, the incoming CEO, has a strong semicon background to support her role at AEM.

■ We adjust our model for AEM’s 1-for-100 share bonus issue, which reduces our TP to S$1.82; reiterate Reduce till better earnings visibility emerges.

 

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SK Hynix

More HBM will be used for AI GPUs

 

■ We expect SKH’s 2Q24F OP to beat Bloomberg consensus estimates on memory ASP growth, backed by HBM3E shipments and eSSD demand.

■ We believe continued tight memory supply in 2025F will drive SKH’s memory ASP growth, leading to higher OP of W40.10bn (+41% yoy) in 2025F.

■ Reiterate Add with a higher TP of W270k, still based on 2.2x 12M-fwd P/BV.

 

 

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UOB KAYHIAN

UOB KAYHIAN 

Keppel DC REIT (KDCREIT SP)

Silver Lining For Guangdong Data Centres

 

We saw green shoots of recovery for Guangdong DC1 and DC2. KDCREIT has submitted proposals to requests from several potential tenants, including hyperscalers and AI start-ups. Management focuses on working with Bluesea Development to execute the recovery roadmap to bring Guangdong DC1 and DC2 back on track. KDCREIT will scout for acquisitions in Singapore and Japan. It provides 2024 distribution yield of 5.1% (DCREIT: 5.4%, MINT: 6.3%). Maintain BUY. Target price: S$2.20.

 

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Bursa Malaysia (BURSA MK)

ADV Continues To Exceed Expectations

 

Bursa’s ADV has continued to exceed expectations, with a ytd average of RM3.1b surpassing our initial 2024 assumption of RM2.8b. The current equity ADV upcycle is only six months old, compared with historical upcycles lasting 6-18 months. Therefore, we remain optimistic on Bursa’s near- to medium-term prospects, which prompt us to raise our ADV assumptions. Maintain BUY with a higher target price of RM9.42 (25.5x 2024 PE), up from RM8.76 after an earnings adjustment. 

 

 

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