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Aztech Global (AZTECH SP)
2Q22: Earnings Beat Due To Higher Productivity; Orderbook Remains Healthy
Aztech’s 2Q22 net profit of S$29m (+79% yoy / +109% qoq) is above our forecast due to stronger production volume in the absence of production disruption. IoT devices continued to be a key growth driver, which drove revenue growth of 77% yoy.
Orderbook grew 16% to S$827m as at 25 Jul 22 vs S$713m as at 18 Apr 22; S$450m is planned for completion in 2H22, indicating a strong 2H22. Also, Aztech is optimistic on its outlook. Maintain BUY with a 6% lower target price of S$1.46.
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SIA Engineering (SIE SP)
1QFY23: Results In Line; Profitable Even Without Government Support
1QFY23 marks the first quarter that SIAEC returns to positive core profitability excluding government support. 1QFY23 ex-relief core net profit of S$4.2m is a good start and we expect SIAEC’s profitability to continue to improve for the rest of FY23, driven by the rising flight activities at Changi Airport. With the positive core profitability and SIAEC’s strong balance sheet, we expect a meaningful recovery in dividend payment in FY23. Maintain BUY and unchanged target price of S$2.70.
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Aztech Global Ltd
Order momentum remains strong
■ 1H22 revenue/net profit was above our/Bloomberg consensus at 48%/50% of full-year forecasts. Historically, 1H formed 40% of full-year performance.
■ Order book was S$827.0m as at 25 Jul 22, of which S$450.0m is expected to be fulfilled in FY22F.
■ Reiterate Add with a higher TP of S$1.22. |
Keppel DC REIT
DPU growth against the odds
■ KDC’s 1HFY22 DPU of 5.049 Scts (+2.5% yoy) was in line at 49.7% of our FY22F.
■ Portfolio metrics remain robust; only 2% of leases to be de-risked for 2H22.
■ Reiterate Add with an unchanged DDM-based TP of S$2.63.
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Aztech Global (AZTECH SP)
Strong execution
Beat on solid momentum and margins
1H22 PATMI of SGD42.8m (+45.7% YoY) was ahead of our and street estimates, at c.50% of full year (1H typically accounts for c.40%). We raise FY22E EPS by 5% to reflect order book update and better than expected margins. Maintain BUY as near term demand outlook appears more resilient than we anticipated, while components shortages are easing. TP rises to SGD1.39 as we roll forward to 10x FY23E P/E. Key risk is if FY23 growth disappoints.
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CapitaLand Malaysia Trust (CLMT MK)
2Q22 earnings on track
Maintain HOLD
2Q22 core net profit and 1st interim gross DPU of 1.95sen were within expectations, bringing 1H22 core net profit to 48%/57% of our/consensus’ full year estimates. No changes to our forecasts and DDM-TP of MYR0.55 (Ke: 9.9%). Maintain HOLD; risk-reward remains approximately balanced, with FY22-24E net DPU yields of c.6-7%. We prefer Axis (AXRB MK, CP MYR1.95, BUY, TP MYR2.12).
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