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Banking – Singapore
2Q21 Results Preview: Cyclical Recovery Intact Despite Sequential Moderation
DBS’ and OCBC’s 1Q21 results were exceptionally strong, inflated by write-backs in general provisions of S$190m and mark-to-market gains from the insurance business respectively. The sequential pullback in 2Q21 was inevitable. We forecast DBS and OCBC to achieve net profit of S$1,535m (+23% yoy and -24% qoq) and S$1,198m (+64% yoy and -20% qoq) respectively for 2Q21. BUY OCBC (Target: S$15.52) and DBS (Target: S$35.60). Maintain OVERWEIGHT.
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CTOS Digital (CTOS MK)

2Q21: Within Expectations, Blistering Growth Pace Ahead


CTOS’ 2Q21 core net profit (excluding exceptional items) came in at RM15m. The impressive yoy improvement is premised on resilient growth of its digital products’ subscription and burgeoning demand for credit reports, as well as incremental earnings from associate BOL. Moving forward, we expect steady growth and minimal earnings impact from the COVID-19 pandemic, given the group’s earnings resilience in times of crisis. Maintain BUY. Target price: RM1.32.


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Navigating challenges


Still holding up

1H21 results were in line with our/consensus forecasts as 2Q21 earnings held up with the aid of the government-led data/device subsidy program. Management is mindful of potential near-term postpaid challenges, but is maintaining its FY21 guidance for now. Maintain HOLD with an unchanged DCF-based TP of MYR4.30. We prefer TM (T MK, BUY, CP: MYR6.10, TP: MYR7.40) in the space.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.130-0.040
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-
ISDN Holdings0.645-0.010
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
REX International0.197-
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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