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PHILLIP SECURITIES |
UOB KAYHIAN |
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PropNex Ltd More launches in 2H25 to sustain growth
▪ YTD5/25 new home sales (excl. EC) are up an estimated 163% YoY to 4,339 units. However, June sales are expected to be slower due to fewer launches during school holidays.
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Thai Beverage (THBEV SP) Cheaper To Stay Sober
In a bid to curb alcohol consumption, Vietnam recently announced that it would increase its special consumption tax on beer and other alcoholic beverages to 90% by 2031, affecting domestic beer products such as THBEV. With the beer sector already facing a challenging outlook, we reckon that THBEV is likely to fully pass on the higher excise tax to consumers, resulting in softer beer volumes. We maintain HOLD but with a lower SOTP-based target price of S$0.45 (S$0.51 previously).
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UOB KAYHIAN |
LIM & TAN |
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Hong Kong Exchanges and Clearing (388 HK) More Listings, Enhanced Liquidity And High Turnover To Drive Further Upside
We expect HKEX’s earnings to grow 31% yoy in 2Q25, driven by strong headline ADT amid the US tariff shock in April. While we expect the market velocity to moderate from recent peak levels, we believe improving IPO activities and a lower HIBOR environment could attract more fund inflows and support market turnover going forward. We raise our ADT assumptions and earnings forecasts as we take recent trends into consideration. Maintain BUY. Target price: HK$470.00.
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Sembcorp Industries / SCI ($6.89, up 9 cents) announced that through its whollyowned renewables subsidiary, Sembcorp Green Infra Private Limited (SGIPL), has been awarded its first 50MW Round-the-Clock (RTC) power project (the Project) from Solar Energy Corporation of India Ltd (SECI). This build-own-operate project is part of SECI’s 1.2GW tender for RTC power from Inter State Transmission System-connected renewable energy projects.
SCI’s market cap stands at S$12.3bln and currently trades at 11x forward PE and 2.3x PB, with a dividend yield of 3.3%. Consensus target price stands at $7.79, representing 13.1% upside from current share price. SCI’s fundamentals continue to remain fundamentally sound and valuations are not exactly demanding in terms of PE. However, we acknowledge share price has outperformed in recent times and thus recommend an Accumulate on Weakness for SCI. |
| LIM & TAN | MAYBANK KIM ENG |
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Reuters: Gold prices rose to a near two-month high on June 13, driven by safe-haven demand as Israel’s strikes on Iran escalated tensions in the Middle East. We remain positive on CNMC Goldmine (S$0.455, up 2 cts) in view of resilient gold prices amidst the volatile geopolitical and economic environment. CNMC’s market cap stands at S$184mln and trades at 11.6x forward P/E and 2.8x P/B, with a dividend yield of 3.7%. CNMC has completed the expansion of its CIL plant in April, increasing processing capacity of gold-bearing ore by 60% to 800 tonnes per day. Together with an increase in gold output as targeted by the company, we remain positive on the outlook and maintain BUY on CNMC Goldmine.
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Sea Ltd (SE US) MELI’s competitive ante – Limited risk
MELI’s free shipping targets; Shopee’s mass-market stronghold Mercado Libre’s (MELI) new free‑shipping campaign in Brazil slashed the minimum order threshold from BRL79 to BRL19 (USD3.40). Simultaneously, it cut seller shipping fees by up to 40%, with MELI shouldering the cost. The expanded shipping discount by MELI strategically targets the low-tomid price segment, where Shopee has been gaining strong traction. Note that, in Brazil Shopee’s AOV is roughly 3x lower than MELI’s.
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