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RHB |
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CSE Global (CSE SP) Record Order Intake; Maintain BUY
Maintain BUY with new DCF-backed TP of SGD0.73 from SGD0.69, 33% upside plus 5% yield. FY19 net profit was SGD24.1m (+19.6% YoY) on the back of higher revenue (FY19: SGD451.2m, FY18: SGD373.5m) as a result of improved performance in the group’s operations, and contribution from the Volta acquisitions. CSE Global has a record order intake of SGD578.8m (+52.1% YoY) in FY19, giving it a robust orderbook of SGD307m (+70.5% YoY) into FY20F.
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Venture Corp (VMS SP) After a Superb 4Q19, a Brighter Outlook; BUY
Maintain BUY, SGD19.30 TP implies 17% upside with c.4% FY20F yield. As expected, Venture delivered sturdy 4Q19 numbers, with a PATMI of SGD96.3m (+13% QoQ). It expects to record a strong 2H20, and anticipates most – if not all – orders to be fulfilled, having implemented corrective measures to stabilise supply. Note that the majority of its production capacity is still outside of China.
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| CGS CIMB | CGS CIMB |
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HRnetGroup Limited 4Q19: dampened by cautious hiring
■ 4Q19 was a miss due to lower professional recruitment contribution and absence of associates’ contribution; FY19 core earnings fell 16.3% yoy. ■ We think the 4Q19 weakness could persist into 1H20F on Covid-19 disruption and the more cautious hiring outlook globally. ■ Downgrade the stock from Add to Hold on earnings miss and near-term challenges, with lower EPS and S$0.58 TP, supported by a 4-5% yield.
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Propnex Ltd Ending the year on a high note
■ 4Q/FY19 EPS of 2.22/5.42 Scts were ahead of expectations, at 54%/132% of our full-year forecasts. ■ Boost from a greater proportion of higher-margin project marketing revenue. ■ Reiterate Add, with a higher TP of S$0.70.
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