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

buy sell hold 2021

PHILLIP SECURITIES	CGS CIMB
DBS Group Holdings Ltd – Lower provisions drove earnings FY21 earnings of S$6.8bn met our estimates as higher fee income and strong loans growth offset lower NIMs. 4Q21 DPS rose 9% to 36 cents. NIM fell 6bps YoY to 1.43% but loan growth of 9% YoY cushioned NII. NIM remained flat QoQ. SPs down 1% to 67mn in 4Q21. Maintain ACCUMULATE with a higher GGM TP of S$41.60, up from S$35.90. We raise FY22e earnings by 2% as we raise NII estimates for FY22e. We now assume 1.79x FY22e P/BV in our GGM valuation, up from 1.56x, as we raise our ROE estimates to 13.0%. For FY22e, management guided benign provisions, continued growth in loans and stable NIMs. We believe there is upside to NIM guidance. A 50bps move in interest can raise our earnings by 13%. Read More ...	OUE Commercial REIT Holding stable for now ■ 2H/FY21 DPU of 1.37/2.6 Scts was below our expectations at 47%/89.3% of our FY21F forecast. ■ Slight dip in commercial portfolio occupancy in 2H21 while hospitality segment remains at minimum rent level. ■ Reiterate Hold rating with an unchanged DDM-based TP of S$0.45. Read More ...
CGS CIMB	UOB KAYHIAN
Singapore Airlines Broad quarantine-free travel coming up? ■ Reiterate Add as Singapore will reinstate full VTL capacity by 4 Mar, expand VTL lanes, and make it cheaper for travellers to enter Singapore. ■ Our TP of S$5.86 is unchanged, still based on P/BV of 1.06x (+1 s.d.), on our adjusted FY23F BVPS. Read More ...	Genting Singapore (GENS SP) 4Q21: Better Capital Management In Sight GENS’ 4Q21 results came in below our expectations as the Omicron outbreak stalled authorities’ initial endeavours to relax social distancing measures and border restrictions. Positively, Singapore has reinstated progressive reopening of its borders via VTLs with multiple countries and loosening its social prohibitions. More importantly, cash-rich GENS plans to enhance its capital management efforts. Maintain BUY. Target: S$1.08. Read More ...

Counter Name	Last	Change
AEM Holdings	1.910	0.090
Best World	2.490	0.010
Boustead Singapore	0.950	-
Broadway Ind	0.132	-
China Aviation Oil (S)	0.870	0.005
China Sunsine	0.395	-
ComfortDelGro	1.440	-0.010
Delfi Limited	0.875	0.005
Food Empire	1.120	-0.010
Fortress Minerals	0.285	-0.015
Geo Energy Res	0.300	0.010
Hong Leong Finance	2.420	-
Hongkong Land (USD)	3.450	0.030
InnoTek	0.510	-
ISDN Holdings	0.305	0.005
ISOTeam	0.051	0.002
IX Biopharma	0.038	-0.001
KSH Holdings	0.250	-
Leader Env	0.049	-
Ley Choon	0.053	0.003
Marco Polo Marine	0.071	0.001
Mermaid Maritime	0.156	0.014
Nordic Group	0.305	-
Oxley Holdings	0.088	0.001
REX International	0.128	0.004
Riverstone	0.885	0.025
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	0.005
Sunpower Group	0.215	0.010
The Trendlines	0.062	-0.001
Totm Technologies	0.021	-
Uni-Asia Group	0.825	0.005
Wilmar Intl	3.200	0.020
Yangzijiang Shipbldg	1.760	0.020

Counter Name

Last

Change

AEM Holdings

1.910

0.090

Best World

2.490

0.010

Boustead Singapore

0.950

Broadway Ind