| UOB KAYHIAN | PHILLIP SECURITIES |
Singtel (ST SP) Defending Mobile Market Share; Reassessing Digital Life Businesses
2HFY21 results are likely to contract to S$900m-1b in the absence of travel-related revenue and a challenging enterprise business environment. The Singapore telecoms landscape saw benign competition but ARPU was diluted by SIM-only plans. We expect Singtel to offer 5% dividend yield as the S$1.21b exceptional item booked in FY21 was non-cash. Singtel may sell its digital life assets as it reassesses its future path. Maintain BUY with a DCF-based target price of S$2.84.
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KOUFU GROUP LIMITED Speed bump on road to recovery SINGAPORE | CONSUMER | Operational update
Jobs Support Scheme (JSS) grants to be enhanced to 50% from 10%. Footfalls at food courts dropped following Singapore’s move to Phase 2 (Heightened Alert). Commencement of integrated facility operations delayed to 3Q21. Downgrade from ACCUMULATE to NEUTRAL with a lower target price of S$0.64 from S$0.68. Still based on 18.5x FY21e, the average of its peers. We cut revenue for FY21e/FY22e by 1.8%/1.9% and PATMI by 6.1%/8.0% as the consumption recovery is taking longer to pan out.
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KGI FRASER |
CGS CIMB |
Uni-Asia Group Limited (UAG SP)Company Update (Updated 24 May 2021) Shipping upcycle; rates at multi-year highs
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Grand Venture Technology Ltd On a grand venture
■ GVTL’s 1Q21 net profit (voluntary business update) was 41.1% of our FY21F net profit, driven by strong growth in its semiconductor segment. ■ GVTL’s FY21-23F net profit could grow 23-136% driven by higher revenue as the group gains new customers/products and does more assembly business. ■ Reiterate Add with a higher S$1.12 target price.
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