buy sell hold 2021

MAYBANK KIM ENG

CGS CIMB

Venture (VMS SP)
One for the late cycle play


Riding a post-Covid recovery; BUY
1Q22 PATMI of SGD84m (+28.6% YoY) beat our and consensus estimates, accounting for c.24% of our full year forecast (1Q historically accounts for c20-22%), driven by broad-based growth.

Maintain BUY with unchanged TP of SGD21.00 (17.2x FY22E P/E) as we see earnings recovery this year towards pre-Covid levels (2019: SGD363m) as a catalyst, as this narrative contrasts other tech plays globally where demand slowdown is a key concern.

 

Read More ...  

Jiutian Chemical Group Ltd
Solid start to the year


■ 1Q22 net profit of Rmb201m (-5% qoq, +123% yoy) was above expectations. Interim DPS of 0.75 Scts proposed (+114% yoy) represents 8% yield.
■ Barring significant worsening of Covid-19 situation in China, Jiutian expects continued smooth operations and stable product prices for the rest of FY22F.
■ Reiterate Add on continued favourable industry cycle and strong net cash position (80% market cap). Reiterate Add with higher TP of S$0.17.

Read More ...

CGS CIMB

CGS CIMB

Ascendas REIT
Healthy rental reversions in 1Q


■ Slight qoq dip in portfolio occupancy to 92.6% due to non-renewals in Australia.
■ Higher qoq average rental reversions of +4.6% is underpinned by stronger reversions in USA and Australia.
■ Reiterate Add rating with an unchanged TP of S$3.20.


1Q22 business update In its 1Q22 business update, AREIT reported a slight qoq dip in portfolio occupancy to 92.6%, mainly on the back of lower occupancy in Australia and USA, while Singapore remained stable. Rental reversion averaged +4.6% (4Q21: +2.9%).

It also completed the purchase of 2 logistics properties in Australia for S$90.2m and 1 redevelopment asset in Singapore for S$38.2m in 1Q. Aggregate leverage stood at 36.8% at end-1Q22, translating to an available debt headroom of S$4.6bn, based on a 50% limit, to pursue inorganic growth opportunities. An estimated 79.1% of its borrowings are in fixed rates; management guided that a 20bp change in average funding cost would only impact FY21 DPU by 0.4%.

 

Read More ...

 

CapitaLand Integrated Commercial


1Q22 performance in line

■ 1Q22 revenue and NPI in line; the latter at 23.3% of our FY22 forecast
■ Overall portfolio committed occupancy stood at 93.6% at end-Mar 2022
■ Reiterate Add, with an unchanged DDM-based TP of S$2.57

1Q22 business update CICT reported 1Q22 revenue/NPI of S$339.7m/S$248.3m, up 1.5%/0.5% yoy, on higher revenue across all segments, partly offset by the rise in utilities expenses as it had hedged energy cost for 2022F at higher rates.

The results were broadly in line with our expectations, with NPI at 23.3% of our FY22 forecast. Gearing was at 39.1% at end-1Q with 85% of total debts hedged to fixed rates. Management indicated that CICT's focus in 2022 would be to remain agile and be proactive in managing costs. 

 

Read More ...

   

Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
DISA0.003-0.001
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
InnoTek0.540-0.005
ISDN Holdings0.545-0.005
ISOTeam0.1080.003
IX Biopharma0.172-0.002
Jiutian Chemical0.109-
KSH Holdings0.350-
Leader Env0.059-0.001
Medtecs Intl0.189-0.004
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4050.010
Oxley Holdings0.1770.002
REX International0.2900.010
Riverstone0.7550.005
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.4050.005
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.060-0.070
Wilmar Intl4.100-
Yangzijiang Shipbldg0.900-0.005

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 1394 guests and no members online