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Grand Venture Technology Ltd Gearing up for growth
■ FY20 revenue/net profit was 12%/22% above our forecast, driven by strong yoy revenue growth in the semiconductor and life science segments. ■ The company expects the growth momentum in its life sciences and medical segments to continue into FY21F. ■ Reiterate Add with a higher S$0.605 TP as more customer wins drive higher profitability.
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Raffles Medical Group FY20: In-line; awaiting foreign patients
■ FY20 core net profit of S$42.3m (ex govt grants and some fair value losses) was largely in line with our/consensus’ earnings of S$44.2m/S$42.6m. ■ While we expect an earnings improvement in FY21F, it could be lower vs. FY19’s number on lack of foreign tourists and potential Shanghai losses. ■ Reiterate Hold, as we think the improving local patient volume has been priced in. We lift our SOP-based TP as we roll forward to end-FY21F.
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CGS CIMB |
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Wilmar International Special dividends make up for weaker 4Q
■ Wilmar’s final results were 5% below our forecast due to higher taxes. ■ Positive on strong final and special dividend of S$0.155 (div yield 2.8%). ■ The value of its stake in YKA is worth 3.1x Wilmar’s current market cap. Reiterate Add, with a higher SOP-based TP of S$6.15.
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