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CTOS Digital (CTOS MK) A Paramount In The Credit Bureau Ecosystem
CTOS is well-positioned to prosper in the ASEAN credit bureau ecosystem, riding on its diversified customer portfolio, dominant market share with extensive database (>30 years), and ambitious regional growth strategy across multiple markets. The large unbanked population and prospective credit growth in under-penetrated emerging countries where CTOS serves also offer plenty of opportunities for supercharged earnings growth. Initiate coverage with BUY and target price of RM1.32.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Bursa Malaysia (BURSA MK) Valuations Remain Rich Against ADV Normalisation; Downgrade To SELL
We expect the stock to register three consecutive years of earnings contraction from 2021-23 as ADV is expected to continue normalising downwards off a high base. Current 2022 PE valuations of +0.5SD is not particularly attractive against the backdrop of a still declining ADV expectation. Post earnings adjustment and rolling forward our valuations to 2022, we lower our target price to RM7.00 and downgrade our recommendation to a SELL.
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SPH REIT (SPHREIT SP) Slow Recovery
3Q21 DPU in line, maintain HOLD SPHREIT’s 3Q21 DPU rose 11.3% QoQ on the back of recovering fundamentals, underpinned by its suburban Singapore assets and resilient Australian malls. Paragon, at c.56% of revenue and 64% of its AUM, remains weak, with negative rental reversions to persist, given slow tenant sales and absent tourism spend. The numbers were in line and we maintain our forecasts and DDM-based SGD0.80 TP (COE: 7.8%, LTG: 1.5%). Stay at HOLD. We prefer FCT (FCT SP, BUY, TP SGD2.90) for its concentrated suburban mall portfolio.
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Check out our compilation of Target Prices