ANALYSTS SAY: Buy, Sell, Hold (28 Feb)

buy sell hold 2021

CGS CIMB	CGS CIMB
Propnex Ltd Delivering a strong FY21 ■ 4Q/FY21 EPS of 3.86/16.22 Scts, was above our expectations, at 25.9%/107.5% of our FY21F forecast. ■ Outperformance underpinned by strong showing across all business segments. ■ Upgrade to Add rating with an unchanged TP of S$2.07. Read More ...	SBS Transit Ltd Optimism abounds post-Covid-19 ■ SBUS’s FY21 core NP of S$67.4m (-15% yoy) was above expectations. Govt relief was a big help as ridership only showed a better recovery at end-2021. ■ Further reopening in Singapore should drive mobility recovery. We believe the new framework agreement with LTA is a net positive for SBUS in FY22F. ■ Reiterate Add. We think SBUS is in a good position to lift its dividend payout in FY22F given its strong balance sheet and cash generation capabilities. Read More ...
CGS CIMB	CGS CIMB
Singapore Airlines Share price weakness – chance to Add? ■ 9MFY22 core net loss of S$837m made up 65% of our full-year loss forecast, above expectations due to stronger-than-expected cargo profits. ■ Strong oil prices have dampened investor enthusiasm for SIA, but oil price strength may be transitory, and borders may reopen convincingly by mid-22F. ■ Reiterate Add with a slightly higher TP of S$5.88, still based on FY23F P/BV of 1.06x (+1 s.d. from the mean since 2011) on our adjusted BVPS. Read More ...	ST Engineering Smashing new records ■ STE surprised positively with strong order wins in 4Q21 (S$3.2bn) and FY21 (S$11.7bn), firming up order book to a record S$19.3bn. ■ A change in dividend policy to quarterly payout and a commitment of 16 Scts for FY22F also point to better earnings prospects. ■ We estimate full-year contribution from TransCore in FY23F and post-Covid19 recovery across segments could lift STE’s profit above S$700m. ■ Recent share price correction offers good buying opportunity as it now trades at 17x FY23F P/E. Reiterate Add with a higher TP of S$4.70. Read More ...

Counter Name	Last	Change
AEM Holdings	1.910	0.090
Best World	2.490	0.010
Boustead Singapore	0.955	0.005
Broadway Ind	0.132	-
China Aviation Oil (S)	0.875	0.010
China Sunsine	0.395	-
ComfortDelGro	1.450	-
Delfi Limited	0.885	0.015
Food Empire	1.130	-
Fortress Minerals	0.300	-
Geo Energy Res	0.300	0.010
Hong Leong Finance	2.430	0.010
Hongkong Land (USD)	3.430	0.010
InnoTek	0.505	-0.005
ISDN Holdings	0.300	-
ISOTeam	0.050	0.001
IX Biopharma	0.039	-
KSH Holdings	0.250	-
Leader Env	0.049	-
Ley Choon	0.053	0.003
Marco Polo Marine	0.071	0.001
Mermaid Maritime	0.146	0.004
Nordic Group	0.305	-
Oxley Holdings	0.087	-
REX International	0.126	0.002
Riverstone	0.895	0.035
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	0.005
Sunpower Group	0.210	0.005
The Trendlines	0.063	-
Totm Technologies	0.021	-
Uni-Asia Group	0.825	0.005
Wilmar Intl	3.190	0.010
Yangzijiang Shipbldg	1.760	0.020

Counter Name

Last

Change

AEM Holdings

1.910

0.090

Best World

2.490

0.010

Boustead Singapore

0.955

0.005