buy sell hold 2021



Jiutian Chemical Group (JIUC SP)
1Q22: Achieved High ASPs On Limited Industry Supply

Jiutian’s 1Q22 strong net profit of Rmb201.1m (+122.7% yoy) came from higher revenue of Rmb772.3m (+75.8% yoy), as ASPs for DMF and MA remained elevated. The industry
supply shortage is expected to keep feedstock ASPs high for 2022 and 2023, which would lead to positive operating leverage and solid free cashflow generation for Jiutian.
Maintain BUY with a higher target price of S$0.18 (from S$0.168), after raising our forward assumptions for product ASPs.


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Manulife US REIT

Downside protection from minimal
lease expiry profile
• Rental reversion improved to +3.9%
• Physical building occupancy rate at 34% in Apr 2022
• Leasing volume improved in the US

Investment thesis
Manulife US REIT (MUST) reported its 1Q22 business update. Portfolio occupancy remained healthy but was down 0.6 percentage points (ppt) quarter-over-quarter (QoQ) to 91.7%, which remained above the US Class A average of 83%. Rental reversion improved to +3.9% vs.
-0.8% in FY21, of which 54% came from new leases. With MUST’s expiring rents in 2022 at 2.1% below market rents, we expect MUST to achieve low single digit positive rental reversion in 2022. Leasing volume in the US improved 13.8% QoQ, with overall leasing volume at
~80% of pre-Covid levels. However, the return to office trend was slower in 1Q21, impacted by the emergence of the Omicron variant. MUST’s physical occupancy rate in 1Q22 fell by 3.7 ppt QoQ to 25.3%, which wass ubsequently increased to 34% in Apr 2022. Afterad justments and increasing our risk-free-rate to 2.95%, our fair value estimate decreases marginally from USD0.80 to USD0.77.



Globetronics Technology (GTB MK)
Tax incentive expiry on the

Revising EPS estimates on higher tax; D/G to HOLD
GTB’s existing tax incentives related to its “Pioneer Status” is set to expire in June 2022. As such, we have increased its effective tax rate for FY22-24E to 9-18% and slashed our EPS estimates by 8%-21%. Despite undemanding valuations, we D/G GTB to a HOLD and lower our TP to MYR1.44 (-42%), pegged to 20x FY23 PER, at -1.5SD to the LT mean. We prefer INRI MK (BUY, TP: MYR4.00) as our top sector pick for MY OSATs.


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Hartalega (HART MK)
4QFY22 hit by prosperity tax

Smaller than expected quarterly loss 4QFY3/22 net loss of MYR198m (-1.8x QoQ, -1.2x YoY) was better than expected due to lower-than-expected prosperity tax. Despite the recent pick-up in orders and stabilising ASP, management remains cautious on industry outlook due to stiff competition and escalating raw material costs. We raise our FY23/24 earnings forecasts by 4-5% and TP to MYR3.14 (+13sen) on an unchanged 19.4x CY23 PER (-1SD of historical
mean). Reiterate SELL.


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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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