ANALYSTS SAY: Buy, Sell, Hold (12 May)

buy sell hold 2021

MAYBANK KIM ENG	CGS CIMB
UMS Holdings (UMSH SP) Resilient profitability Strong 1Q22 on better-than-expected margins 1Q22 PATMI of SGD19.4m (+26% YoY) was ahead of our and consensus estimates, accounting for 31%/27% of respective FY22E. To our positive surprise, margin erosion was more benign than expected despite the inflationary environment. As such, we raise FY22E PATMI by 13%. Growth was primarily driven by strong demand and the robust outlook for semiconductor equipment. Our TP rises by 6% to SGD1.50 (14x FY22E P/E, from 15x previously). BUY. Read More ...	BRC Asia Ltd Riding on industry tailwinds ■ BRC’s 1H22 net profit of S$39.8m (+108% yoy) was a strong beat, helped by continued recovery of construction activities in Singapore. ■ We remain confident of further recovery in coming quarters as the labour shortage eases, given steady construction demand and work backlog. ■ Reiterate Add with a higher TP of S$2.50. BRC is our sector top pick for its relatively attractive valuation and higher dividend yield. Read More ...
CGS CIMB	CGS CIMB
Riverstone Holdings Solid execution ■ 1Q NP of RM109m (-2% qoq) slightly above expectations, showing RSTON’s earnings resiliency vs. peers, amid declining healthcare glove ASPs. ■ Strong demand for cleanroom gloves supports elevated ASPs; meanwhile healthcare glove ASPs likely bottomed, supported by industry’s higher costs. ■ RSTON continues to prioritise customised offerings in both the cleanroom and healthcare segments to improve stickiness in ASPs. Reiterate Add. Read More ...	UMS Holdings Ltd No slowdown seen in FY22F ■ 1Q22 revenue was above our/Bloomberg consensus full-year forecast while 1Q22 net profit was in line with our/Bloomberg consensus FY22F forecast. ■ UMS has appointed a tax consultant to help resolve the tax matter with the Malaysian authorities. ■ Reiterate Add. UMS is still seeing strong demand from its customers Read More ...

Counter Name	Last	Change
AEM Holdings	2.370	0.030
Best World	2.460	-
Boustead Singapore	0.945	-0.015
Broadway Ind	0.133	-
China Aviation Oil (S)	0.920	-0.005
China Sunsine	0.420	0.005
ComfortDelGro	1.480	-
Delfi Limited	0.895	-
Food Empire	1.260	-
Fortress Minerals	0.300	-0.005
Geo Energy Res	0.305	-0.005
Hong Leong Finance	2.500	-
Hongkong Land (USD)	3.140	0.020
InnoTek	0.550	0.030
ISDN Holdings	0.305	-0.005
ISOTeam	0.044	0.001
IX Biopharma	0.042	0.001
KSH Holdings	0.250	-
Leader Env	0.047	-0.004
Ley Choon	0.045	-
Marco Polo Marine	0.067	-
Mermaid Maritime	0.139	-0.001
Nordic Group	0.305	-0.005
Oxley Holdings	0.088	-0.001
REX International	0.133	-0.003
Riverstone	0.795	-0.020
Southern Alliance Mining	0.430	-
Straco Corp.	0.485	-0.025
Sunpower Group	0.210	0.005
The Trendlines	0.067	-
Totm Technologies	0.022	-
Uni-Asia Group	0.820	-0.005
Wilmar Intl	3.470	-0.030
Yangzijiang Shipbldg	1.740	-0.010

Counter Name

Last

Change

AEM Holdings

2.370

0.030

Best World

2.460

Boustead Singapore

0.945

-0.015

Broadway Ind