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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