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StarHub Limited
More cost in 2H22
SINGAPORE | TELECOMMUNICATIONS| 2Q22 RESULTS 8 August 2022
1H22 revenue was in line with expectations at 47% of our FY22e estimates. EBITDA beat expectation at 36%. Nevertheless, we expect margins to contract more severely in 2H22 from further investments in IT outsourcing, EPL content, software licensing and 5G wholesale cost.
Roaming revenue is improving but below pre-pandemic levels due to a lack of business travel and border restrictions in China.
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Venture Corporation Limited
Riding on easing of lockdowns and improving supply chain
SINGAPORE | TECHNOLOGY MANUFACTURING| 1H22 RESULTS 8 August 2022
1H22 Revenue/PATMI was within expectations at 53%/48% of our FY22e earnings. 2Q22 PATMI jumped 21% YoY to S$90mn, back to pre-pandemic levels.
Venture is coping with the supply chain constraint by piling up inventories. 2Q22 registered a 63% jump in inventories or S$483mn rise to S$1.25bn.
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Elite Commercial REIT (ELITE SP)
1H22: Counter-cyclical Yield Play That Hedges Against Inflation
NPI grew 17.7% yoy in 1H22, driven by maiden acquisition of 58 commercial buildings completed on 9 Mar 21. DPU declined 2.7% yoy to 2.56 pence as cost of debt edged higher by 0.2ppt qoq to 2.3%. The overhang from lease break options is largely resolved. ELITE’s properties have rent reviews every five years benchmarked against UK CPI and rental escalation of 15.4% is expected starting Apr 23. ELITE is a recessionresistant counter-cyclical yield play. Maintain BUY. Target price: £0.79. |
Manulife US REIT (MUST SP)
1H22: Slight Miss; Facing Challenging Outlook
1H22 DPU was down 3.3% yoy and slightly below our expectations. MUST had lower rental income from existing properties as overall occupancy fell 1.7ppt, supported by
contributions from the new properties. Tenants in existing properties have started downsizing due to a secular shift to hybrid working models. MUST guided for positive rental reversion as expiring rents from vacating tenants are below market rents.
Maintain BUY for its attractive yield of 9.0%. Target price: US$0.74.
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Sembcorp Industries (SCI SP)
1H22: Strong Set Of Results – Outlook Remains Bullish
SCI’s 1H22 results were significantly better than expected, easily beating both our and consensus’ expectations. Both the renewables and conventional energy segments benefited from volume growth and margin expansion. The rest of 2022 will likely remain strong. An interim dividend of S$0.04 was declared. We upgrade our earnings forecasts for 2022-24. Maintain BUY and raise target price to S$4.10.
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Venture Corporation (VMS SP)
1H22: Results Slightly Above Expectations; Demand Remains Resilient
VMS’ 1H22 earnings of S$174m (+24% yoy) exceeded our expectation by 3%. All of its
seven domains recorded growth due to strong customer demand and VMS’ ability to overcome supply-side challenges including supply chain constraints and the tight labour situation. The company anticipates demand to remain resilient in 2H22 across various technology domains and expects to end the year well. We raise our 2022 EPS and target price by 3% to S$23.54. Maintain BUY.
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