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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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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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