ANALYSTS SAY: Buy, Sell, Hold (1 Mar)

buy sell hold 2021

UOB KAYHIAN	UOB KAYHIAN
Bumitama Agri (BAL SP) 2H21: Results Above Expectations BAL’s 2021 results came in above our expectations, mainly due to the better-thanexpected CPO ASP which was able to offset the impact from its previous forward sale contracts. We expect 2022 earnings to increase by 25% yoy on the back of: a) strong CPO prices; and b) higher CPO production, thanks to both internal and external FFB production. Maintain BUY with a higher target price of S$0.85, after factoring in the higher CPO ASP for 2022. Read More ...	ComfortDelGro Corporation (CD SP) FY21: Building Up Immunity To COVID-19 CD reported strong 2021 PATMI of S$130.1m (+114.0% yoy), marking the start of its recovery from COVID-19. Public transport services continued its gradual recovery while the taxi segment returned to profitability. Government relief is expected to taper off completely by 2H22 as key markets transition to endemic living. Trading at - 1.5SD to its five-year mean PE, CD is an attractive value play, backed by strong fundamentals. Maintain BUY with a lower target price of S$1.73. Read More ...
UOB KAYHIAN	MAYBANK KIM ENG
Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) 2021: Better Than Expected Due To Non-Operating Items YZJ’s PATMI of Rmb3.7b (+47% yoy) was better than expected due to non-operating items. 2H21’s gross margin of 10.8% for shipbuilding should be the trough and we expect it to expand towards the 15% level towards 2H22. YZJ’s 10% yoy earnings growth this year will be underpinned by a 20% increase in vessel deliveries and continued strong shipping performance. The company will spin off its investment arm via a 1:1 distribution in specie in 1H22. Maintain BUY. Target price: S$1.95. Read More ...	Bumitama Agri (BAL SP) Strong 4Q21 on better-thanexpected CPO ASP A beneficiary of spot prices in FY22E FY21 core PATMI beat ours and street estimates by 10% on better CPO prices. As BAL has little forward sales commitment in FY22E, it is poised to benefit from high CPO spot prices (coupled with higher FFB output growth guidance). Following our EPS upgrade, we reiterate our BUY call with a higher TP of SGD0.98 after rolling forward our valuation to FY23E on unchanged 11x PER peg, its 5Y mean (from SGD0.93 on 11x FY22 PER). BAL trades at just 8x PER with attractive dividend yields of ~5%. 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