CGS CIMB

Centurion Corp (CENT SP)
1Q22: Continues To See Strong Recovery In Its Business

Centurion reported better-than-expected 1Q22 revenue of S$45m, up 47% yoy and forming over 30% of our full-year revenue estimates. All business segments enjoyed
double-digit revenue growth due to a combination of higher occupancies and new revenue streams as economic recovery and the reopening of international borders provided strong tailwinds. Maintain BUY. Target price S$0.43.

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SingTel
2H22F: Bharti’s turnaround to lift earnings

■ 2HFY3/22F core net profit may have risen 8-9% yoy to S$970m-980m
(steady hoh). Based on this, we expect Singtel to meet our FY22 estimates.
■ We see a turnaround in share of Bharti’s earnings based on reported results.
■ Reiterate Add and TP of S$3.30. Singtel is our top Singapore telco pick.

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CGS CIMB

PHILLIP SECURITIES

UG Healthcare Corp Ltd
OBM model bears fruit

■ 3QFY6/22 results in line with expectations. Net profit was flattish qoq as volume recovery offset weakness in ASPs.
■ We believe that UGHC’s OBM model enables it to fare better than OEM peers, which currently face pricing pressure.
■ Instead of competing on price, UGHC is focused on producing higher margin niche products while outsourcing generic nitrile gloves. Reiterate Add.

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Q & M Dental Group Ltd
New clinics support earnings growth

SINGAPORE | HEALTHCARE | 1Q22 RESULTS 23 May 2022
 Earnings were within expectations. 1Q22 revenue and PATMI were 27%/25% of our FY22e forecast. New dental clinics drove dental earnings growth.
 Excluding disposal gains and COVID-19 PCR earnings, we estimate dental earnings growth of 27% to S$5.7mn in 1Q22.
 We maintain our FY22e PATMI and BUY recommendation. The target price is unchanged, and core dental operations are valued at 25x PE FY22 earnings, in line with industry peers.

Listed associate, Aoxin Q & M Dental (S$0.175, Not Rated), is valued at market price with a 20% discount. Q & M Dental is expanding its franchise of dental clinics across Singapore and
Malaysia. We estimate the number of clinics to grow at 18% CAGR over the next two years (or 27 p.a. vs management target of at least 30 p.a.). 

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