PHILLIP SECURITIES |
UOB KAYHIAN |
Raffles Medical Group Ltd
|
Ascendas REIT (AREIT SP)
|
CGS CIMB |
CGS CIMB |
1H22F: welcoming TransCore to the family ■ We expect STE to report 1H22F net profit of S$250m (-15% yoy), with stronger revenue (+18% yoy) but weaker EBIT (-4% yoy). ■ CA and USS to see strong revenue growth. However, margins could be affected by rising cost pressures and front-loaded acquisition expenses. ■ We trim our FY22-23F EPS by 3-4% to factor in higher opex. Our TP is reduced to S$4.58, still based on blended valuations (Figure 8). |
Starhill Global REIT
|
CGS CIMB | MAYBANK KIM ENG |
Ascendas REIT
|
Sembcorp Industries (SCI SP)
|