UOB KAYHIAN | OCBC |
BRC Asia (BRC SP) 2QFY21: In Line With Expectations; Sturdy As Steel
BRC’s 2QFY21 net profit of S$9.5m was flat qoq, making up 23% of our full-year estimate and in line with expectations. The group has declared an interim dividend of 4 S cents, as outlook for public sector construction projects continues to show a steadfast demand, though the risks of project delays remain. Maintain BUY with an unchanged target price of S$2.00.
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Singapore Post More time needed
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CGS CIMB |
CGS CIMB |
Parkway Life REIT Coming into its own
■ The potential renewal of Singapore hospitals’ master lease agreement (MLA) is a catalyst for share price outperformance. ■ We anticipate DPU CAGR of 4.8% over FY20-23F post MLA renewal, not including any potential future inorganic growth exercises. ■ Upgrade to Add with a higher DDM-based TP of S$4.80.
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SBS Transit Ltd A speed bump
■ 1Q21 net profit of S$23.3m (-14% qoq, +109% yoy) was in line with expectations. Weaker topline was offset by stronger cost control. ■ Ridership recovery YTD was slower than expected; we lower our ridership assumptions in view of recent tightening of Covid-19-related restrictions. ■ Rail financing reforms remains a key potential catalyst for SBUS. Reiterate Add with a lower TP of S$3.50, still pegged to 13.2x FY22F P/E.
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