ANALYSTS SAY: Buy, Sell, Hold (13 May)

buy sell hold 2021

CGS CIMB	CGS CIMB
Golden Agri-Resources Expect a weaker 2Q due to export ban ■ GGR’s 1Q22 core net profit was above due to higher CPO price achieved. ■ We are concerned that 2Q22F earnings may weaken due to the ongoing palm oil export ban, which will lead to higher logistic and storage costs. ■ Downgrade to Hold from Add, with a lower TP of S$0.30, as CPO price could trend lower in 2H22F on rising output while operating costs could rise. Read More ...	Kimly Group Tailwinds subsiding ■ We see tailwinds subsiding due to Singapore’s significantly-relaxed Covid-19 measures since Apr. Workers return to office could impact Kimly’s footfall. ■ We also expect further margin compression in 2HFY9/22F arising from higher raw material and staff costs. We lower our FY22-24F EPS by 9-17%. ■ Downgrade to Hold with a lower TP of S$0.41, now pegged to 15.4x CY23F P/E (vs. 16.8x previously), based on -0.5 s.d. from 5-year historical mean. Read More ...
CGS CIMB	UOB KAYHIAN
Q&M Dental Group Managing post-Covid growth expectations ■ 1Q22 revenue/net profit missed our expectations at 21.0%/19.4% of our FY22F estimates on lower-than-expected dental core revenue. ■ Interim dividend of 0.4 Scts was 60% lower yoy, representing a payout ratio of 58%, below our 80% payout ratio expectation for FY22F. ■ Reiterate Add with lower TP of S$0.73; cut FY22F/23F/24F EPS by 12%/8%/5% as we temper assumptions for revenue intensity per dental chair Read More ...	Bumitama Agri (BAL SP) 1Q22: Results Above Expectations BAL’s 1Q22 results beat our expectations on higher PK contributions. Management guided no significant impact from the export ban for now as the announcement was made right before the Lebaran holiday. Having said that, we expect 2Q22 earnings growth to be muted, mainly dragged by lower sales volume and net CPO ASP (impact from Indonesia’s export ban). Maintain BUY with a higher target price of S$0.93. 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