UOB KAYHIAN | CGS CIMB |
1HFY22: Mixed Results As Derivatives Outperform, Dragged Again By Treasury Income SGX reported lower 1HFY22 net profit, down 8.7% yoy as lower treasury income and trading velocity affected overall revenue. Excluding treasury income, the currencies, commodities and equity derivatives segments posted robust double-digit revenue growth as demand surged. Although SGX’s underlying businesses are stable and growing, we do not see any near-term catalysts to justify a re-rating. Maintain HOLD with a lower target price of S$9.09 (S$9.74). |
HRnetGroup Limited
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LIM & TAN |
LIM & TAN |
CSE Global (S$0.485, down 1 cent) announced that it grew its new orders in the fourth quarter ended 31 December 2021 (“4Q2021”) by 33.4% year-on-year to S$131.2mln, compared to S$98.4mln in the previous corresponding period (“4Q2020”). About S$85.5mln of new orders were secured by the Group’s Energy sector in 4Q2021, as compared to S$63.0mln in 4Q2020. The 35.7% increase in Energy orders was due to higher Ɵ me and material jobs coupled with newly awarded power and electrification projects. The above developments are not expected to have any material impact on the consolidated net tangible assets per share or
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DBS ($36.48, up 53 cents) refers to the MAS announcement in relation to the digital disruption. CEO Piyush Gupta said that “In a digital era, customers rightly expect to have seamless and uninterrupted access to online banking services 24/7. This is something we take very seriously. Since the November incident, DBS has taken a series of actions to improve the resilience of our services and incident response. These actions are but a starting point. Over the course of the next few months, together with an independent expert, we will DBS’ market cap stands at $94.4bln and currently trades at 13.6x forward PE and 1.6x PB. Dividend yield stands at 2.8% and consensus target price is at $38.41, representing 5.3% upside from current share price. DBS valuations has torn ahead of its peers OCBC and UOB and |