buy sell hold 2021

CGS CIMB

CGS CIMB

Jumbo Group Limited
Bumpy path to recovery


■ 1HFY9/22 net loss of S$4.5m was below our expectations due to Omicron impacts. Significant easing of Covid measures in Singapore will aid recovery.
■ However, key overhang is strict Covid-19 restrictions in China (7 outlets). We now expect Jumbo to remain loss-making in FY22F (S$5m net loss).
■ Reiterate Hold with lower TP of S$0.30, still based on 20.5x CY23F P/E.

 

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Property Devt & Invt
New home sales hold steady mom


■ Apr 2022 monthly ex-EC new home sales held steady mom at 653 units.
■ Resale and HDB resale volumes remained stable, even as prices ticked up.
■ Reiterate sector Overweight on valuations. Sector top picks: UOL and CIT.

 

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CGS CIMB

MAYBANK KIM ENG

Banks
Key takeaways from digital banking ESS


■ In 2023, we think new digital banks will aim to capture shares in an untapped value pool (revenue) of RM10bn, out of the sector’s RM91bn (EY estimate).
■ In our view, new digital banks will take 3-5 years to break even; hence, we do not expect them to start a long-lasting price war within this period.
■ The emergence of new digital banks does not alter our positive outlook for the sector; reiterate Overweight on banks.

 

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Dialog Group (DLG MK)
A ST blip, LT investment case
remains firm


Maintain BUY and MYR4.90 TP
9MFY22 results came in below, on lower profits from its independent terminal ops due to lower ASP and higher overall opex (manpower, supply chain setbacks) in 3QFY22, which led to an 8-9% cut in FY22-24 earnings.
We see this as a temporary setback. Its tank terminal operations remain its core earnings push and developing Pengerang to its full potential remains its key agenda. Our SOP-based TP is unchanged. 

 

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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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