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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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