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Centurion Corp (CENT SP)
2020: Better-than-expected Results, But Outlook Remains Cloudy Despite the COVID-19 pandemic, Centurion reported only a 4% decline in 2020 revenue to S$128m. However, S$28m in asset impairments led to an 83% yoy decline in NPAT to S$17m. Excluding the impairment, the company performed better than our expectations. We lower 2021 earnings by 9% due to lower occupancy expectations for its Australian and UK PBSA assets. Maintain BUY. Target price: S$0.445.
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G.H.Y Culture & Media Holding (GHY SP) 2020: Stellar Maiden Results; Shooting For The Stars
GHY reported a stellar core net profit of S$42.7m (+244% yoy) for 2020, in line with expectations for its maiden results since its listing. The group’s drama segment contributed to revenue growth, with six drama series sold and completed in 2020, alongside two dramas series currently in production. Concert production as well as a pipeline production with higher episode count would be an earnings boost. M&As are also a potential prospect. Maintain BUY with a 9% higher target price of S$1.18.
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CGS CIMB |
UOB KAYHIAN |
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REIT Trending towards a full recovery
■ Pent-up demand boosted Singapore REITs’ tenant sales in 4Q20. Occupancy remained high, but rental reversions slipped into negative territory. ■ Expect continuous improvement in footfall to support tenant sales. Rental reversion pressure is inevitable given the weaker trading environment. ■ Top pick remains FCT as we expect it to recover faster than its peers.
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My EG Services (MYEG MK)
4Q20: Another Record-High Net Profit MYEG’s 4Q20 core net profit was RM75.5m. The yoy improvement was due to overwhelming COVID-19 testing volumes and foreign worker amnesty programmes. Moving forward, MYEG will continue to deliver earnings growth driven by MySafeTravel and the recently launched SafeQ. The likely extension of a tax incentive status and emerging gains from China’s startup investments are also forming strong re-rating catalysts for MYEG. Maintain BUY. Target price: RM2.65.
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Check out our compilation of Target Prices
