ANALYSTS SAY: Buy, Sell, Hold (17 Feb)

buy sell hold 2021

CGS CIMB	CGS CIMB
Grand Venture Technology Ltd A new chapter begins ■ FY21 revenue/net profit were in line with our expectations. ■ Grand Venture Technology (GVT) is excited about growth prospects in the coming years. ■ Reiterate Add. We lower our TP to S$1.60 due to sector P/E multiple derating. Read More ...	United Overseas Bank A resilient showing ■ Stronger fee income, c.S$200m-300m profit from integration of Citigroup’s consumer franchise and c.23 bp NIM expansion to drive FY22-24F earnings. ■ Credit costs guided to be stable, with SPs from residual risks smoothened by GP reversals. UOB is likely to retain sizeable part of c.S$1bn mgmt. overlays. ■ Reiterate Add with a higher TP. UOB trades at c.1.2x FY22F P/BV, still below its 1.4x valuation as NIM peaked in Apr 18 during the last rate hike cycle. Read More ...
CGS CIMB	PHILLIP SECURITIES
UG Healthcare Corp Ltd OBM model bears fruits ■ 2QFY6/22 results in line with expectations. Net profit was flattish qoq as volume recovery offset weakness in ASPs. ■ End-demand recovering well; UGHC has stepped up outsourcing efforts as distribution margins improved, with end-market pricing relatively sticky. ■ We believe UGHC’s OBM model enables it to fare better than OEM peers, which currently face pricing pressure. Reiterate Add and TP of S$0.42. Read More ...	Singapore Telecommunications Ltd – Lift from mobile ARPU continues 9M22 revenue/EBITDA met expectations at 76%/72% of our FY22e estimates. Underlying PAT of S$473mn was flat YoY. Mobile earnings expanded in Singapore, Australia and India. The Philippines was the key drag. Rising ARPU and cost controls were the key drivers of earnings growth. Enterprise earning was sluggish from legacy services and lower project wins. We kept our FY22e forecast largely unchanged before incorporating S$261mn net gain from disposal of Australia Tower Network. As roaming revenue returns, economic conditions improve and competition is more benign, we expect mobile to enjoy earnings growth in FY22e and FY23e. We maintain our ACCUMULATE recommendation and SOTP TP of S$2.86. Read More ...

Counter Name	Last	Change
AEM Holdings	1.860	-0.050
Best World	2.490	-
Boustead Singapore	0.950	-
Broadway Ind	0.134	0.002
China Aviation Oil (S)	0.875	0.005
China Sunsine	0.395	-
ComfortDelGro	1.410	-0.030
Delfi Limited	0.875	-
Food Empire	1.120	-
Fortress Minerals	0.310	0.025
Geo Energy Res	0.295	-0.005
Hong Leong Finance	2.430	0.010
Hongkong Land (USD)	3.410	-0.040
InnoTek	0.500	-0.010
ISDN Holdings	0.305	-
ISOTeam	0.050	-0.001
IX Biopharma	0.042	0.004
KSH Holdings	0.250	-
Leader Env	0.049	-
Ley Choon	0.053	-
Marco Polo Marine	0.072	0.001
Mermaid Maritime	0.156	-
Nordic Group	0.310	0.005
Oxley Holdings	0.087	-0.001
REX International	0.126	-0.002
Riverstone	0.960	0.075
Southern Alliance Mining	0.480	-
Straco Corp.	0.480	-0.010
Sunpower Group	0.235	0.020
The Trendlines	0.062	-
Totm Technologies	0.020	-0.001
Uni-Asia Group	0.830	0.005
Wilmar Intl	3.170	-0.030
Yangzijiang Shipbldg	1.780	0.020

Counter Name

Last

Change

AEM Holdings

1.860

-0.050

Best World

2.490

Boustead Singapore

0.950

Broadway Ind

0.134