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Hongkong Land Holdings Ltd To repurchase up to US$500m worth of shares
■ Hongkong Land Holdings (HKL) announced today that it intends to repurchase up to US$500m worth of shares in a share buyback programme. ■ We think the programme reflects management’s positive response to investors’ concerns on HKL’s persistently deep discount to BV and NAV. ■ It trades at a 59% discount to end-FY21F NAV with a 5.2% dividend yield, and is one of the cheapest HK landlords. Reiterate Add.
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HRnetGroup Limited Getting a pay raise
■ We expect higher salary budgets and strong hiring sentiment in HRNET’s key markets of Singapore and North Asia to drive FY21F-22F’s gross profits. ■ HRNET’s share price has returned 42.9%, outperforming global recruitment companies’/MSCI World Index average returns of 28.3%/18.5% YTD. ■ Reiterate Add with TP of S$1.15. HRNET is trading at an attractive 11.8x FY22F P/E (c.45% discount to global peers) and c.4% dividend yield.
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CGS CIMB |
UOB KAYHIAN |
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Semiconductor CY22F semicon outlook still strong
■ Global semicon sales grew 29.0% yoy and 2.1% mom for Jul 2021. ■ WSTS projects CY22F global semicon revenue growth of 25.1% and a still strong 10.1% for CY23F. ■ AEM (Add, TP S$4.78) and UMS (Add, TP S$1.97) are beneficiaries.
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Wilmar International (WIL SP) Do Not Overlook Its Good Performance
Re-iterate BUY on Wilmar as industry data shows improving operating statistics, which points to a better 2H21 performance. Concern on risks from China’s regulatory crackdown is relatively low for the staple food industry which has no risk of monopoly and does not see any excessive price adjustments despite rising raw material prices. There are some hiccups to Adani-Wilmar Limited’s listing but the overall impact to Wilmar is marginal. Maintain BUY. Target price: S$6.40.
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Check out our compilation of Target Prices
