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Yinson Holdings (YNS MK) Stepping up its energy transition agenda
Maintain BUY and MYR6.65 TP Yinson’s collaboration with Verano speeds up its energy transition program. Verano offers Yinson immediate access into Latin America’s RE space, with a strong development pipeline of greenfield RE projects (800MW) in hand. Crystallising these projects will help realise its 5GW RE capacity target by 2025 and meet its 2030 carbon neutral agenda. Our TP is SOP-based.
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Sunway Construction Group (SCGB MK) ESG: Making strides
Manageable risks Since embarking on its sustainability journey, 2020/2021 YTD saw further milestones achieved as SCGB started measuring and reporting on key “E” parameters and signed up as an official supporter of the TCFD. SCGB's overall ESG risks are manageable, in our view. As it continues to build on these efforts, its value proposition and investment case should strengthen further. We value SCGB on 18x PER (-0.5SD of mean) on 12M ending midFY22E earnings, deriving a MYR1.72 TP; HOLD.
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UOB KAYHIAN |
UOB KAYHIAN |
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Frasers Logistics & Commercial Trust (FLT SP) Riding On E-Commerce Growth And Sizeable Sponsor Pipeline
FLCT benefits from structural change in Australia as households switched to online retail and yields were compressed by an average of 51bp yoy in 1Q21. Germany has witnessed a strong recovery supported by the manufacturing sector and continued growth in e-commerce. We expect FLCT to pivot toward the New Economy through expansion in logistics and business park properties. Distribution yield is attractive at 5.4% for FY21 and 5.7% for FY22. Re-initiate coverage with BUY. Target: S$1.79.
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OM Holdings (OMH MK) Entering A Golden Age Of Commodities
As an eco-friendly and the world’s lowest-quartile-cost manganese smelter operator, OMH stands to be a prime beneficiary of the commodities supercycle, amid strong demand due to economic recovery and structural supply shortage caused by the global decarbonisation trend. It is a major recovery play in 2022, as herd immunity against COVID-19 will allow production to recover. OMH is dual-listed following its listing on Bursa Malaysia in Jun 21. Initiate coverage with BUY. Target price: RM3.27.
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