buy sell hold 2021

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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.

 

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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. 

 

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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.

 

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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

 

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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-
DISA0.004-
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

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