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ComfortDelGro Corporation (CD SP)
2020: In Line; Taxis Turn The Corner CD reported a net profit of S$46m in 4Q20 (+18% qoq). Full-year adjusted earnings of S$110m makes up 97% of our estimates, in line with expectations. Public transport services continued its recovery with slightly better ridership in 4Q20. A positive was the return to operating profitability for the taxi segment, though a small amount of rental waivers remains in place. CD trades at -1SD to its mean PE and -2SD to its mean P/B. Maintain BUY with an unchanged target price of S$1.78.
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Far East Hospitality Trust (FEHT SP) 2H20: The Best Offence Is A Great Defence
Occupancies for hotels and SRs dipped by 9.9ppt and 4.4ppt qoq respectively in 4Q20 due to lower demand for accommodation for Malaysian workers displaced by the MCO. However, FEHT’s distributable income is more stable due to its master leases with sponsor FEO, which run till 2032. Fixed rents accounted for 72% of rental income from its hotels and SRs pre-COVID-19. FEHT trades at P/NAV of 0.74x. Distribution yield is set to improve to 6.4% in 2022. Maintain BUY. Target price: S$0.72.
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CGS CIMB |
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Penguin Int'l Ltd All eyes on potential privatisation
■ PBS’s FY20 core net profit of S$9.7m (-47.2% yoy) was below at 93%/94% of our/consensus FY20F (S$10.4m/S$10.3m) on lower net margins. ■ The yoy revenue drop was unsurprising, but higher-than-expected operational costs led to lower net profit margins. ■ We think investors may be more interested in PBS’s potential privatisation. We downgrade PBS from Add to Hold with TP at the offer price of 65 Scts
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Check out our compilation of Target Prices