ANALYSTS SAY: Buy, Sell, Hold (3 Aug)

buy sell hold 2021

PHILLIP SECURITIES	UOB KAYHIAN
Raffles Medical Group Ltd Huge earnings beat from foreign patients and electives SINGAPORE \| HEALTHCARE \| 1H22 RESULTS  1H22 revenue/PATMI beat our estimates at 60%/95% of our FY22e forecast. 1H22 PATMI rose 51% YoY to $60mn. Earnings beat came from the recovery in foreign patients, return of elective treatments and more resilient COVID-19 related revenue. Read More ...	Ascendas REIT (AREIT SP) 1H22: Higher Rental Reversion, Occupancy And Utilities Expenses AREIT achieved positive rental reversion of 13.2% in 2Q22, supported by growth momentum across all geographic regions. Portfolio occupancy improved 1.4ppt qoq to 94.0%, driven by Singapore and UK/Europe. Management plans to scale up in new economy assets, such as logistics properties. We have cut our DPU forecast by 7% due to higher utilities expenses. AREIT provides resilient 2022 distribution yield of 5.4%. Maintain BUY with a target price of S$3.45. Read More ...
CGS CIMB	CGS CIMB
ST Engineering 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). Read More ...	Starhill Global REIT More room for recovery ■ 2H/FY22 DPU of 2.02/3.80 Scts beat estimates at 57%/108% of our FY22F. ■ Weaker retail occupancy was mitigated by stronger office leasing. ■ Reiterate Add. Recovery in tenant sales should lift tenant retailer sentiment. Read More ...
CGS CIMB	MAYBANK KIM ENG
Ascendas REIT Solid performance in 1H ■ 1H22 DPU of 7.873 Scts is broadly in line, at 48% of our FY22 forecast ■ Robust portfolio occupancy and rental reversions uplifts in 2Q ■ Reiterate Add, with an unchanged TP of S$3.20 Read More ...	Sembcorp Industries (SCI SP) The Green Pivot Initiate with BUY; leader in sustainable solutions We initiate coverage on SCI with BUY and a SOTP-based TP of SGD3.40, implying 14% upside. We like SCI due to: a) substantial additional earnings potential from its plan to boost renewable energy (RE) capacity to 10GW by FY25E; b) continued high tariffs contributing to good spark spreads in Singapore and India; c) resilience to rapid inflation and high interest rates; d) uniqueness amid scarcity of solid ESG companies in Singapore; e) attractive valuation as SCI consistently generates higher ROE than peers and is trading at a discount to Asian utilities peers. Read More ...

Counter Name	Last	Change
AEM Holdings	4.500	-0.120
Avi-Tech Electronics	0.295	-0.005
Broadway Ind	0.146	-0.004
China Sunsine	0.475	0.005
DISA	0.003	-0.001
Food Empire	0.535	-0.015
Fortress Minerals	0.375	-
Geo Energy Res	0.395	-
Golden Energy	0.500	0.005
GSS Energy	0.054	0.001
InnoTek	0.450	0.015
ISDN Holdings	0.475	-0.005
ISOTeam	0.106	0.005
IX Biopharma	0.163	-0.002
Jiutian Chemical	0.090	-0.001
KSH Holdings	0.345	-0.010
Leader Env	0.056	-0.005
Medtecs Intl	0.180	-0.001
Meta Health	0.031	0.001
Moya Asia	0.060	-
Nordic Group	0.430	0.005
Oxley Holdings	0.175	-0.005
REX International	0.230	-0.010
Riverstone	0.715	0.005
Sinostar PEC	0.220	-
Southern Alliance Mining	0.670	-
Straco Corp.	0.390	-
Sunpower Group	0.380	-0.005
The Trendlines	0.096	-
Totm Technologies	0.123	-0.001
UG Healthcare	0.215	0.005
Uni-Asia Group	1.100	-0.020
Wilmar Intl	4.090	-0.030
Yangzijiang Shipbldg	0.935	-0.010

ANALYSTS SAY: Buy, Sell, Hold (3 Aug)

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