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CGS CIMB CGS CIMB

HRnetGroup Limited

Hiring season around the corner

 

■ Twin engines of flexible staffing and permanent placements are on track for recovery; management is cautiously optimistic on the FY21F outlook.

■ We raise FY21F-23F permanent placement (GPM: c.100%) volume expectations by c.3-12% on potential labour market recovery.

■ Reiterate Add, with a higher TP of S$0.82. HRNET had net cash of S$332m (zero debt) as at end-Dec 20 and a 3.9% FY21F dividend yield.

 

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Keppel Corporation

Kris-talised

 

■ Pursuant to KrisEnergy’s filing of a winding up petition, KEP will book a loss of S$318m in respect of its exposures to KrisEnergy, based on recoverability.

■ As a guarantor via a bilateral contract with DBS Bank, KEP is also liable to pay on demand the revolving credit facility of S$251m.

■ The payment is likely to be covered by asset recycling. We also estimate c.S$309m of gains to offset the loss. Reiterate Add and TP of S$6.40.

■ This could mark the last vestige of ‘legacy’ issue and remove the overhang on KEP as it has been plagued by KrisEnergy’s weak performance.

 

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UOB KAYHIAN

DBS VICKERS

Banking – Malaysia

Solid 1Q21 Performance, Recovery Underway

 

The sector delivered a solid pre-provision operating profit growth of 16.3% yoy in 1Q21 (4Q20: 10.6% yoy). Despite the reimplementation of MCO2.0, the level of targeted assistance continued to improve qoq in 1Q21. We are maintaining our view that credit cost will continue to improve in 2021 vs 2020 despite the recent lockdown and high number of COVID-19 cases. Valuations also remain attractive at -1SD to historical mean P/B. Maintain OVERWEIGHT. CIMB is our top sector pick.

 

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Telecom Sector

Three reasons for sector consolidation

 

• We consider three reasons for potential consolidation in mobile sector in 2022 or earlier

• Mobile service revenue is likely to improve in 2H21F after a disappointing 1Q21

• Prefer Singtel for annual earnings growth of 13% over FY21-23F and 3.6% yield. Upgrade StarHub to BUY for 4.7% yield coupled with earnings recovery and sector consolidation in 2022

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.130-0.040
Avarga0.280-0.005
Avi-Tech Electronics0.395-
BH Global0.325-
China Sunsine0.490-0.005
Food Empire0.7600.010
Fortress Minerals0.390-0.010
Golden Energy0.3050.005
GSS Energy0.072-
InnoTek0.810-0.010
ISDN Holdings0.645-0.010
ISOTeam0.1180.005
IX Biopharma0.230-
KSH Holdings0.345-0.005
Leader Env0.077-0.002
Medtecs Intl0.405-0.010
Moya Asia0.0670.003
Nordic Group0.3500.005
Oxley Holdings0.205-0.005
Procurri0.300-
REX International0.197-
Riverstone0.9200.030
Roxy-Pacific0.470-
Southern Alliance Mining0.9850.005
Sri Trang Agro1.350-
Straco Corp.0.475-
Sunpower Group0.620-0.005
The Trendlines0.1000.002
UG Healthcare0.3550.005
Uni-Asia Group1.0600.010
Wilmar Intl4.080-0.010
Yangzijiang Shipbldg1.4300.020
Yinda Infocomm0.225-

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