buy sell hold 2021

Aoxin Q & M Dental Group (AOXIN SP)
Potential Unlocking Of Huge Value Via Nasdaq Listing Of Associated Company

Aoxin’s 49% associated company, Acumen, is exploring a listing on Nasdaq. Our basecase estimate using 22x 2021F PE for Acumen, based on Q&M Dental’s historical mean PE, will unlock value of S$216m (S$0.42/share) for Aoxin. Compared to current market cap of Aoxin at S$127m (S$0.25/share), shareholders will enjoy more than 70% upside in value accretion upon successful of listing, with continued ownership of the China dental business. Maintain BUY and target price of S$0.37 (16x 2022F PE).
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Keppel Corporation
4Q21F: Generous dividend

■ We expect KEP to report c.53% hoh increase in net profit in 2H21F (on 27 Jan) to S$459m, boosted by divestment gains of c.S$396m.
■ KEP clocked in S$1.6bn of proceeds in 2H21F from asset recycling efforts, paving way for stronger final DPS of S$0.16-0.18 (FY21F: S$0.28-S$0.30)
■ Reiterate Add with higher SOP TP of S$7.20 as we roll over to FY23F.
■ KEP trades at 0.85x and 11x CY22F P/BV and P/E, -1 sd below its historical
average. Catalyst: aggressive asset recycling and earnings accretive M&As. 


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Higher acquisition targets

Maintain as top BUY

4QFY21 core earnings and 4th interim gross DPU of 2.41sen (FY21: 9.49sen) were within expectations, with FY21 earnings coming in at 96%/100% of our/consensus estimates. We adjust higher our FY22/23E earnings by 1%/12%, which increases our rolled-forward DDM-TP to MYR2.30. Maintain BUY. Axis remains as our top pick in the REITs sector, supported by resilient rental income from industrial properties and active assets acquisitions.


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4Q21: Results Within Expectations

Sentral REIT’s results came in within our estimates, with full-year 2021 core earnings
accounting for 98% of our full-year forecast. Operations remain fairly resilient and we
believe SENTRAL will continue to report decent results moving forward, given that its
tenants are mostly well-established MNCs. The stock offers an attractive dividend yield
of at least 8% from 2022 onwards. Maintain BUY and target price of RM1.00. 


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Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
ISDN Holdings0.545-0.005
IX Biopharma0.172-0.002
Jiutian Chemical0.109-
KSH Holdings0.350-
Leader Env0.059-0.001
Medtecs Intl0.189-0.004
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4050.010
Oxley Holdings0.1770.002
REX International0.2900.010
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.4050.005
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.060-0.070
Wilmar Intl4.100-
Yangzijiang Shipbldg0.900-0.005

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