buy sell hold 2021




AEM Holdings Ltd
Still on track for multi-year product ramp-up

■ 1Q22 revenue and net profit were above our and Bloomberg consensus fullyear expectations.
■ AEM raised its FY22F revenue guidance to S$700m-750m (from S$670m720m).
■ Reiterate Add and TP of S$6.85. FY22F performance could be stronger in the
first half, in our view.


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Frasers Logistics & Commercial Trust

Stable performance

■ 1HFY9/22 DPU of 3.85 Scts slightly below expectations, at 47.3% of our fullyear forecast
■ Robust financial metrics support potential inorganic growth
■ Reiterate Add with an unchanged DDM-based TP of S$1.56


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SIA Engineering
Recovery on track

■ 2HFY3/22 net profit of S$43m was below our expectation due to higher staff costs. Associate earnings (+356% yoy) were the key earnings driver.
■ We expect airframe overhaul and line maintenance revenue to recover to 75%/90%/100% of pre-Covid-19 levels in FY23F/24F/25F.
■ Though the stock has appreciated 20% YTD, it is still attractive at 1 s.d. below 10-year mean. Reiterate Add with an unchanged TP of S$2.92.


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CapitaLand Integrated Commercial Trust (CICT SP)
1Q22: Triple-Play On Reopening In Singapore

Negative rent reversion for CICT’s portfolio of retail malls narrowed from -7.3% in 4Q21 to -4.1% in 1Q22. Occupancy for Singapore office improved 1.9ppt qoq to 92.3%. CICT
achieved strong positive rent reversion of 9.3% for office properties, driven by Capital Tower and The Atrium@Orchard. CICT’s downtown malls, suburban malls and office buildings benefit from the reopening. CICT provides distribution yields of 5.0% for 2022 and 5.3% for 2023. Maintain BUY. Target price: S$2.45.


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Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
ISDN Holdings0.545-0.005
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
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

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