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Propnex (PROP SP)
1H22: Weaker Results As Expected But 2H22 Should Be Stronger
Propnex reported a 13% yoy decline in PATMI, which was largely in line with our estimates. Its results were negatively impacted by a lack of new property launches in 1H22 as well as higher staff costs and impairments. However, 2H22 should see sequentially higher launches which will benefit the company. Its interim dividend of S$0.055 was better than expected, and implies an annualised yield of 6.6%. Maintain
BUY. Target price: S$2.07.
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ComfortDelGro Corporation (CD SP)
1H22 Results Preview: Growth In Earnings As Measures Ease
Relaxation of most of Singapore’s COVID-19 measures has improved rail ridership while passenger demand for taxis has surged. However, Singapore’s taxi industry is still facing worsening demand-supply imbalance and stiff competition from ride-hailing competitors. For 1H22, we expect stable growth in revenue and PATMI, backed by improving fundamentals. We opine that there is some upside at the current attractive price levels. Maintain BUY with the same target price of S$1.73.
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Singapore Banking Monthly
NIM improvement across the board
SINGAPORE | BANKING & FINANCE | UPDATE
July 3M-SIBOR was up by 51bps MoM to 2.02%, the highest in 7 years.
2Q22 results, banks’ NII rose 17% YoY as NIM improved by 8% with loans growth of 8%. Fee income was a drag, declining 10%. Banks raised their FY22e NIM guidance. |
APAC Realty Ltd
Supported by high dividend yield
■ 1H22 EPS of 4.7 Scts was deemed broadly in line at 65.6% of our FY22F forecast.
■ Higher new home sales income helped moderate a fall in resale and rental commissions.
■ Reiterate an Add rating with an unchanged TP of S$0.84.
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Frasers Property Limited
Resilient operations
■ Balance sheet metrics held steady qoq in 3Q/9MFY22.
■ Recovery in all segments, except for its Australian commercial portfolio.
■ Reiterate Add rating with an unchanged TP of S$1.41.
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SBS Transit Ltd
Steadily improving
■ SBUS’s 2Q22 net profit of S$19m (+45% yoy) was in line, driven by strong rail ridership recovery as Singapore significantly eased Covid-19 restrictions.
■ We expect further earnings recovery in 3Q22F, with further rail ridership improvement and higher revenue from other commercial services.
■ Reiterate Add. We think SBUS is in a good position to raise its DPR by endFY22F, given its strong balance sheet and cash generation capabilities.
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