Singapore Banking Monthly – Interest rates show slight uptick
- December’s 3M-SOR up MoM, 3M-SIBOR remains flat.
- Hong Kong’s domestic loans growth increased 4.23% YoY in November. Malaysia’s domestic loans growth increased 4.3% YoY and rose 0.85% MoM in November.
- SGX’s 2H21 top five equity index futures turnover are up 3.5% YoY. SGX securities and derivatives volumes from July to November 2021 are down 4.4% and 1.6% YoY respectively. SGX will be releasing 1HDec22 results on 4 February 2022.
- Maintain OVERWEIGHT. We remain positive on banks. Bank dividend yields are attractive with upside surprise due to excess capital ratios. Improving economic conditions and rising interest rates remain tailwinds for the banking sector. SGX is another beneficiary of higher interest rates.
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Aztech Global (AZTECH SP)
Business Remains Robust; Share Price Weakness Presents Buying Opportunity
We think Aztech’s share price correction of >30% since its IPO in Mar 21 is overdone. It has been delivering solid results (9M21 earnings grew 55% yoy) and we expect 2021/22 earnings to grow 33%/22% yoy. We understand that Aztech’s operations remain intact and orderbook remains healthy. We reduced our 2022 EPS by 9% to reflect a more
conservative view. Our target price fell 9% to S$1.55, pegged to peers’ average of 13.3x 2022F PE. Maintain BUY. Target price: S$1.55.
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Sembcorp Marine ($0.083, up 0.1 cents) has successfully completed the Vito Regional Production Facility (Vito RPF) for Shell Off shore Inc. With the Vito RPF, the Group’s first floating production unit, Sembcorp
Marine marks another major milestone in its newbuilding track record.
Sembcorp Marine is currently undertaking the construction of a second FPU project for Shell, involving the fabrication and integration of the FPU topsides, living quarters and hull, for the Whale development
located in the United States Gulf of Mexico. Sembcorp Marine’s market cap stands at S$2.6bln and is currently loss making. It
currently trades at 0.35x PB and does not give dividends. Consensus target price stands at S$0.091, representing 9.6% upside from current share price.
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mm2 Asia ($0.051, down 0.1 cents) refers to the announcement made by the Company on 9 December 2020 in relaƟ on to the Heads of Agreement relaƟ ng to the proposed merger of the mm2 Asia Ltd cinema business with Golden Village cinemas in Singapore. The Long Stop Date under the Heads of Agreement by which the stated condiƟ ons of the proposed merger were required to be satisfied was 31 December 2021. As this date has passed with one or more conditions not fulfilled, the Heads of Agreement has lapsed.
The Company will continue to explore new avenues to maximise stakeholder value and the Board will make additional
announcements as required in due course to update shareholders.
mm2 Asia’s market cap stands at S$118.6mln and is currently loss making. It currently trades at 0.71x PB and currently pays no dividends. |
