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CapitaLand Investment Limited
Fee-related business support revenue
SINGAPORE | REAL ESTATE | 1H22 RESULTS
1H22 revenue of S$1,354mn (+29% YoY) was in line, forming 50% of our forecast.
RE investment revenue grew 44% YoY, driven by a broad-based recovery. Fee-related
revenue was up 9% YoY, lifted by PE fund management (+15%) and lodging management
(+37%).
Maintain ACCUMULATE with an unchanged SOTP TP of S$4.12. Our FY22e estimates
remain unchanged. The pick-up in travel and lifting of lockdowns in China are immediate
catalysts for CLI.
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Thai Beverage PLC
Recovery except for spirits
SINGAPORE | CONSUMER | 3Q22 UPDATE
Results are in line, with 9M22 revenue and EBITDA at 77%/76% of our FY22e forecasts.
Spirits volumes contracted 14% YoY and margins were weaker. Beer recovered on both volume and price increases.
We upgrade to a BUY with an unchanged target price of S$0.80 due to recent share price weakness. Our target is pegged at 18x FY22e earnings, its 5-year average. No change to our FY22e forecast. The re-opening of entertainment venues in Thailand on 1 Jun22 and softer commodity prices should support earnings in 4Q22. Separately, the company
announced the deferment of the BeerCo spin-off due to challenging market conditions.
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PropNex Ltd
Strength from revenue diversity
SINGAPORE | REAL ESTATE (AGENCIES) | 2Q22 RESULTS
1H22 revenue and PATMI were within expectations at 62%/62% of our FY22e forecast. We expect further weakness in earnings, especially from new project revenue.
Rental was the fastest growing segment in 2Q22, rising 23% YoY, followed by HDB. Project marketing revenue fell 29% YoY due to a decline in new launches.
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HRnetGroup Limited
Faster growth outside Singapore
SINGAPORE | SERVICES | 1H22 RESULTS
Results were within expectations. 1H22 revenue and PATMI was 51%/48% of our FY22e forecast. 1H22 PATMI grew 12% YoY to S$32.6mn, excluding fair value losses and one-off reversal of trade accruals.
Revenue growth of 14% was from both permanent recruitment (+19% YoY) and flexible staffing (+13% YoY). Maiden interim DPS of 3 cents was announced.
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ComfortDelGro Corporation (CD SP)
1H22: In Line As Ridership Improves
CD reported 1H22 PATMI of S$118.7m in (+30.4% yoy), in line with our expectations. Public transport services saw an improvement in bus charter services in the UK and Australia, coupled with higher fuel indexation revenue and rail ridership. With the relaxation of most COVID-19 measures in Singapore, pent-up demand has supported taxi revenue and earnings. We opine that there is some upside at the current attractive price levels. Maintain BUY with an unchanged target price of S$1.73.
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Genting Singapore (GENS SP)
2Q22: Best Quarterly Revenue; Catalysts Abound In 2H22
GENS’ 2Q22 results were within expectation, recording the best quarterly revenue (55%
of pre-pandemic levels) since the pandemic, but the earnings recovery predictably lags rival MBS’ due to weaker luck factor, labour shortage issues and closure of Festive hotel. We remain upbeat on 2H22’s recovery following Singapore’s border reopening and further loosening of social prohibitions. Cash-rich GENS plans to enhance its capital management efforts. Target price: S$1.08.
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