| UOB KAYHIAN | UOB KAYHIAN |
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Singapore Exchange (SGX SP) Competition Looms
HKEX recently announced the launch of a new MSCI A share index futures contract which is the direct competitor to SGX’s FTSE A50 index. While the FTSE A50 index has a relatively large turnover volume, the group’s multi-asset suite of product offerings could allow for customer stickiness while we also note that HKEX’s previous MSCI product launches have been fairly lacklustre. Maintain HOLD with a target price of S$11.65.
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Heineken Malaysia (HEIM MK) 2Q21: Within Our Expectations Off The Back Of Impressive Sales
Heineken’s 2Q21 results were below consensus expectations but within ours. Top-line performance was impressive. While growing off a low base, it gained market share. Momentum might be stalled in the upcoming quarter seeing tighter lockdown measures, but we think sentiment has found a bottom. Meanwhile, operations have resumed since last week as well. Heineken commands resilient demand and offers an attractive recovery ahead. Maintain BUY and target price of RM27.00.
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CGS CIMB |
CGS CIMB |
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Genting Plantations Sell-down over ESG risks overdone
■ GENP’s 1H21 results above due to higher CPO price and downstream profit. ■ We project the group to record sequential higher profit in 3Q21F, thanks to seasonally higher output and firm CPO price. ■ We raise our FY21-23F earnings forecasts by 4-15% and lower our TP to RM9.31. Sharp dip in share price on ESG concerns overdone; reiterate Add.
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Panasonic Manufacturing Malaysia Berhad Bogged down by manufacturing restrictions
■ 1QFY3/22 core net profit of RM17.7m came in below expectations, mainly due to higher operating costs and manufacturing restrictions due to FMCO. ■ A 16-day production halt in July and potential supply chain disruptions are likely to keep operating margins weak in 2QFY22F. ■ Reiterate Hold with a lower TP of RM31.40 (15x CY22F P/E).
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