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Sea (SE US)
2022 Mega Discount
Share price for Sea corrected close to 30% in 4Q21 following the increasingly hawkish
stance by the US Fed and the Chinese government tightening policies in the ecommerce industry. More recently, the stake reduction by Tencent also spurred further doubts on Sea’s potential rebound. We deem the recent price action to be healthy, and firmly believe that the growth momentum for Sea’s main revenue driver, GMV, to continue going forward. Maintain BUY with target price of US$370.76.
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Building Materials – Malaysia Commodities Rally Continues To Gain Momentum In 4Q21
Commodity players are expected to post explosive earnings in 4Q21, led by the aluminum, ferroalloy, and tin segments, which offer an attractive trading catalyst. This is due to the unprecedented record-high prices in 4Q21, benefitting from structurally favorable supply-demand dynamics. We expect steel players to remain profitable but at lower margins while cement companies’ results may also improve on the back of
improved ASPs. Maintain OVERWEIGHT. Our top pick is Press Metal.
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Hyphens Pharma International Ltd
On the lookout for growth
■ We initiate coverage on HYP with an Add rating and a DCF-derived TP of
S$0.36 (WACC: 9.4%) post its acquisition of Novem.
■ We like HYP for its resilient business model and growing product portfolio as
well as sales and distribution channels that will drive future earnings growth.
■ Re-rating catalysts: accretive portfolio acquisitions and positive Ceradan
patent applications. Key risks: movement restrictions in medical channels.
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Phillip 2022 Singapore Strategy – The next two tapers
Review: STI recovered in 2021, rising 9.8% (2020: -11.8%). All the gains came from the banks. DBS alone accounted for around 60% of the rise in STI. Removal of dividend caps and better asset quality provided a re-rating catalyst and an earnings recovery for the banks. Only one-third of the STI component stocks enjoyed gains this year.
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