| PHILLIP SECURITIES | DBS VICKERS |
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YOMA STRATEGIC HOLDINGS LTD. Collateral damage
SINGAPORE | REAL ESTATE| UPDATE 2Q21 to be washed out by political instability and Covid-19. Spillover into 3Q21 likely. Myanmar’s political regression and ongoing violence to thwart Yoma’s growth prospects. Downgrade to NEUTRAL from BUY with a revised TP of S$0.156, down from S$0.34. We change from SOTP to 0.45x P/B valuation, slightly above its average historical low in 2007- 2010. This reflects the stock’s negative outlook over the next one year amid violence, strikes and business disruptions.
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Singapore Hospitality Right time to pick up fallen angels
• International travel to pick up more meaningfully towards 2H21, catalysed by “bubble” travels • Herd immunity threshold could be achieved by 3Q21/end-2021 for selected large domestic markets like US and UK, implying a faster rebound in travel • Valuations attractive at 0.82x P/NAV despite book devaluation; recovery prospects overlooked • Maintain Overweight, picks ART and CDLHT
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CGS CIMB |
CGS CIMB |
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Q&M Dental Group A reason to smile
■ We like Q&M for its almost recession proof, lucrative dentistry franchise and very entrenched position in the profession in Singapore (83 dental outlets). ■ The key catalyst is net profit growth from its new Covid-19 diagnostic testing segment which could contribute c.38% of its core net profits in FY21-22F. ■ We initiate coverage with an Add rating and TP of S$0.92, based on 20x FY22F P/E against our 2-year core earnings CAGR forecast of c.74%.
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Top Glove Corporation 2QFY21: Boosted by higher ASPs
■ 1HFY8/21 core net profit of RM5.4bn (+2,283% yoy) was within expectations, at 52% of our and 54% of Bloomberg consensus full-year estimates. ■ We are not overly concerned on potential decline in ASPs from 2HFY21F onwards, as we have accounted for this in our ASP estimates in FY21-23F. ■ We reiterate our Add call with an unchanged TP of RM7.80 (14x CY22 P/E).
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