ANALYSTS SAY: Buy, Sell, Hold (18 Jan)

buy sell hold 2021

CGS CIMB	CGS CIMB
United Overseas Bank A booster shot from Citigroup’s franchise ■ We think that the acquisition of Citigroup’s consumer businesses is not cheap but strategic to boost UOB’s retail banking market share in ID, MY and TH. ■ Fed rate hikes should provide ROE uplift until earnings contribution from the acquisition kicks in. We raise FY22-23F NIMs by c.2-5bp to c.1.57-1.67%. ■ Reiterate Add with higher TP of S$33.50. We view the roadmap towards c.13% ROE by 2026 positively. A faster pace of rate hikes is a key catalyst. Read More ...	Property Devt & Invt A slower Dec ■ Dec monthly home sales fell 58% mom and was 47% lower yoy following the property cooling measures announced in Dec, and absence of big launches. ■ Volume transactions rose 29.4% yoy to 13,3489 units in 2021 while private home prices increased 10.6% yoy. ■ Reiterate sector Overweight on valuations. Sector top picks: CIT and UOL Read More ...
MAYBANK KIM ENG	UOB KAYHIAN
Genting Singapore (GENS SP) Grey clouds linger Maintain HOLD call with lower TP of SGD0.83 (-3%) With the land vaccinated travel lane between Malaysia and Singapore suspended, we expect GENS earnings to be flattish for yet another year. Longer term, we expect competition for its premium mass market to intensify. We cut our FY22E/FY23E core net profit by 72%/54%. Consensus estimates are aggressive, in our view. Rolling forward our valuation base year to end-FY22E and raising our WACC a tad to 13.1% (from 12.3%), we trim our DCF-based TP to SGD0.83 from SGD0.86. Maintain HOLD call. Read More ...	Singapore Exchange (SGX SP) 1HFY22 Earnings Preview: Expect Flattish Results, Dragged By Cash Equities With SGX’s 1HFY22 results announcement approaching, we reviewed SGX’s semiannual market statistics and adjusted our forecasts accordingly. Excluding the cash equities segment, we project yoy growth from the other segments based on strong 1HFY22 volumes. However, with SGX trading at its +1SD historical mean PE, we are cautious on the success of future growth initiatives and impact of A50 futures competition on earnings. Thus, maintain HOLD with a higher target price of S$9.74. Read More ...

Counter Name	Last	Change
AEM Holdings	2.370	0.030
Best World	2.460	-
Boustead Singapore	0.945	-0.015
Broadway Ind	0.133	-
China Aviation Oil (S)	0.920	-0.005
China Sunsine	0.420	0.005
ComfortDelGro	1.480	-
Delfi Limited	0.895	-
Food Empire	1.260	-
Fortress Minerals	0.300	-0.005
Geo Energy Res	0.305	-0.005
Hong Leong Finance	2.500	-
Hongkong Land (USD)	3.140	0.020
InnoTek	0.550	0.030
ISDN Holdings	0.305	-0.005
ISOTeam	0.044	0.001
IX Biopharma	0.042	0.001
KSH Holdings	0.250	-
Leader Env	0.047	-0.004
Ley Choon	0.045	-
Marco Polo Marine	0.067	-
Mermaid Maritime	0.139	-0.001
Nordic Group	0.305	-0.005
Oxley Holdings	0.088	-0.001
REX International	0.133	-0.003
Riverstone	0.795	-0.020
Southern Alliance Mining	0.430	-
Straco Corp.	0.485	-0.025
Sunpower Group	0.210	0.005
The Trendlines	0.067	-
Totm Technologies	0.022	-
Uni-Asia Group	0.820	-0.005
Wilmar Intl	3.470	-0.030
Yangzijiang Shipbldg	1.740	-0.010

Counter Name

Last

Change

AEM Holdings

2.370

0.030

Best World

2.460

Boustead Singapore

0.945

-0.015

Broadway Ind