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	3.730	0.080
Avi-Tech Electronics	0.275	-0.015
Best World	1.790	-0.010
Broadway Ind	0.119	0.002
China Sunsine	0.410	-
DISA	0.003	-
Food Empire	0.650	0.030
Fortress Minerals	0.345	-
Geo Energy Res	0.355	0.005
Golden Energy	0.775	0.005
GSS Energy	0.047	-
InnoTek	0.475	0.025
ISDN Holdings	0.405	0.010
ISOTeam	0.095	-
IX Biopharma	0.127	-
Jiutian Chemical	0.076	0.001
KSH Holdings	0.355	-
Leader Env	0.053	-0.007
Medtecs Intl	0.147	-0.001
Meta Health	0.025	0.001
Nordic Group	0.475	-
Oxley Holdings	0.145	0.001
REX International	0.235	0.005
Riverstone	0.625	0.025
Sinostar PEC	0.191	-
Southern Alliance Mining	0.405	-
Straco Corp.	0.405	-
Sunpower Group	0.255	-
The Trendlines	0.094	0.001
Totm Technologies	0.110	-0.004
UG Healthcare	0.199	0.001
Uni-Asia Group	0.815	0.015
Wilmar Intl	4.090	0.030
Yangzijiang Shipbldg	1.390	-0.020

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

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