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UOB KAYHIAN |
UOB KAYHIAN |
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Samudera Shipping Line (SAMU SP) A Leading Regional Container Shipping Feeder Service Provider
As a leading regional feeder service provider, SSL stands to benefit from a secular trend of supply chain relocations to Southeast Asia. Its 1H25 performance should be supported by healthy container shipping volume and freight rates driven by Asian exporters’ frontloading activities, while the pending USTR port charges on large Chinamade vessels may boost demand outlook for small-sized/feeder vessels. SSL trades at 0.62x trailing P/B, with net cash of S$325m, forming 69% of its market cap.
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Automobile – China Weekly: PV Sales Up 6.9% yoy On Last-Minute Buying Before Promotions End
China’s PV insurance registrations grew 6.9% yoy/4.0% wow in the 26th week of 2025, in line with expectations, while BYD’s sales fell 5% wow during the week. The rollback of discounts and the high inventory level constitute earnings headwinds. We cut BYD’s target price from HK$163.30 to HK$142.00. Geely raised its 2025 sales target to 3m units on upbeat sales. We raise target price for Geely from HK$31.00 to HK$35.00. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
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CGS CIMB |
UOB KAYHIAN |
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Tenaga Nasional Tax claim setback, appears procedural
■ After earlier court wins, Tenaga faced a setback yesterday as the Federal Court ruled in favour of the IRB on a 2018 tax assessment. ■ While a provision may be required near term, we see room for recovery as Tenaga plans to resubmit under the correct schedule affirmed by the court. ■ Maintain our Add rating with a DCF-based TP of RM19.10 (WACC: 7.6%).
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STRATEGY – MALAYSIA 2H25 Strategy – Re-Charging For Outperformance
While Malaysian equities predictably kicked off the year with caution, the FBMKLCI is still being re-charged by easing global risk aversion and robust domestic-driven liquidity. We anticipate the market will progressively adopt a risk-on mode as signals of pragmatic US trade accords have re-sparked business capex cycles and spending. Capitalise on the anticipated “summer lull” for western equities and the upcoming soft 2Q25 reporting season, to position for a stronger year-end.
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| LIM & TAN | LIM & TAN |
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Bukit Sembawang’s market cap stands at S$1.1bln and currently trades at 9.2x PE and 0.7x PB, with a dividend yield of 1.0%. There are currently no analysts covering BSE on Bloomberg. Final dividend was maintained at 4 cents per share, but special dividend was raised from 12 cents to 16 cents per share, translating to a total payout of 20 cents per share (45% payout ratio) and yield of 4.9%. With its net cash of $582mln accounting for 55% of its market cap of $1.1bln, we see BSE as undervalued and see opportunities to “Accumulate” on any price weakness.
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The Straits Times: Sellers of private homes will have to pay higher seller’s stamp duty (SSD) rates of between 4 per cent and 16 per cent if they sell a residential property less than four years after the date of purchase. The SSD is currently payable by those who sell a residential property within three years of purchase, at rates of between 4 per cent and 12 per cent. We will be hosting key management of PropNex today at our lunchtime monthly webinar series at 12pm. Investors who wish to know more about the property outlook in Singapore as well as any effects of the recent increase in SSD rates may use the opportunity to post questions to the management. PropNex is capitalized at S$829mln and trades at a forward P/E of 14.2x. Price-to-book stands at 6.6x and dividend yield is 4.7%. |
