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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