buy sell hold 2021

MAYBANK KIM ENG

CGS CIMB

ComfortDelGro (CD SP)
Room to Move


1Q22 results in line, retain Buy with unchanged TP

ComfortDelgro’s (CDG) 1Q22 headline PATMI of SGD76.7m (+30.4% YoY) was boosted by a one-off exceptional gain of SGD37.2m on disposal of its Alperton property in London. Excluding non-recurring items and government relief, we deem core operating profit of SGD64.6m (+25.7% YoY) - or c.23%/22% of MIBG/consensus full year estimates to be broadly within expectation. We expect CDG to show sequential growth with relaxation of Covid-19 restrictions and border reopenings from late Apr 2022. Retain Buy with a DCF-based TP of SGD1.76 (WACC: 8.3%, LTG: 1%).

 

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First Resources Ltd
2Q earnings likely hit by palm oil export ban


■ 1Q22 core net profit grew 739% yoy to US$73.6m, above our expectation.
■ We project weaker 2Q22F earnings as export ban may lead to lower sales.
■ We lift our earnings forecasts but downgrade our call to Hold from Add as its share price (+38% YTD) has reached our TP.

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CGS CIMB

CGS CIMB

OUE Commercial REIT
A mixed quarter


■ 1Q22 revenue/NPI slightly below, at 23.8%/24.2% of our FY22F forecasts.
■ Focus on improving commercial occupancy; Hilton Singapore Orchard commenced operations in Feb 2022.
■ Reiterate Hold with a lower DDM-based TP of S$0.43.

 

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Silverlake Axis Ltd
Riding the waves


■ 3QFY6/22 core net profit of RM40m was below expectations due to elevated staff costs and business enhancement opex. GPM stable at c.58% in 9M22.
■ Order win momentum sustained at RM97m in 3Q. Robust pipeline of deals of RM1.7bn. Secured backlog of RM450m provides earnings visibility for FY23F.
■ Reiterate Add with lower TP of S$0.40. We think SILV is poised to benefit from banks’ rising investment appetite as interest rate tailwinds set in.

 

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Share Prices

Counter NameLastChange
AEM Holdings4.140-0.020
Avi-Tech Electronics0.3250.040
Broadway Ind0.157-0.003
China Sunsine0.4400.005
DISA0.003-
Food Empire0.5150.005
Fortress Minerals0.3850.010
Geo Energy Res0.365-0.015
Golden Energy0.450-0.020
GSS Energy0.060-
InnoTek0.5200.005
ISDN Holdings0.485-
ISOTeam0.095-
IX Biopharma0.163-0.007
Jiutian Chemical0.093-0.001
KSH Holdings0.340-
Leader Env0.057-0.004
Medtecs Intl0.199-0.006
Meta Health0.0380.002
Moya Asia0.058-0.002
Nordic Group0.4000.005
Oxley Holdings0.169-0.001
REX International0.275-0.005
Riverstone0.7400.005
Sinostar PEC0.2350.025
Southern Alliance Mining0.6350.030
Straco Corp.0.410-0.005
Sunpower Group0.385-0.005
The Trendlines0.102-0.002
Totm Technologies0.149-0.001
UG Healthcare0.220-
Uni-Asia Group1.040-0.020
Wilmar Intl4.040-0.050
Yangzijiang Shipbldg0.930-

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