buy sell hold 2021




Sembcorp Industries
Conventional and Renewable Energy lift 1H22 profits


 1H22 profit ahead of our expectations, at 99% of FY22e as Conventional Energy and Renewable Energy beat. One-off hedging gain of $92mn also lifted overall profits.

 Renewables profit continues to grow, +217% YoY lifted by performance in key markets and new acquisitions. Its gross renewables capacity stands at 7.1GW as at 1H22.


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Asian Pay Television Trust
Stable with early signs of 5G


 Results met our expectations. 1H revenue and EBITDA were at 49%/48% of our FY22e estimates. 2Q22 distribution was maintained at 0.25 cents per unit.

 Broadband remains the growth segment, rising 16% YoY but pulled down by 7% contraction in cable TV revenue. 5G backhaul revenue was S$2.2mn annualised (FY21:S$1.6mn).

 We upgrade to BUY due to the recent share price weakness. No change to our FY22e EBITDA forecast and target price of S$0.15, based on 9x FY21e EV/EBITDA, a 20% discount to Taiwanese peers. The current dividend yield of 8.5% or S$18mn payout, is well supported by an estimated free cash flows of around S$80mn p.a.


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ComfortDelGro Corp Ltd
Recovery is underway, except China


 1H22 revenue and PATMI were 49%/35% respectively of our FY22e forecast. Results were below expectations due to taxi rebates of S$10mn in China due to the lockdown.

 Huge operating leverage was underway in the results. Excluding government relief and non-recurring items, operating profit in 2Q22 jumped 2.5-fold to S$62mn.

 The recovery is at a nascent stage. Return to office and other activities started only in the later part of 2Q22. We expect 2H22 to be stronger. Taxi revenue will benefit from the rising number of trips and an increase in booking fees. Rail ridership is recovering strongly from a surge in ridership. No change in our forecast or DCF target price (WACC 8%) of S$1.80.

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Netlink NBN Trust (NETLINK SP)
Run its course for now

1Q23 broadly in line but limited growth; D/G to HOLD

PATMI for 1QFY23 rose to SGD27.6m (+11.3% YoY), ahead of MIBG/consensus expectations, accounting for 29%/28% of the respective FY23 forecasts. The increase was mainly due to a surge in ancillary project revenue (+137% YoY).

We conservatively trim our FY23-25F PATMI estimates by 2-4% on concern over rising interest cost. As such, we downgrade our
call from Buy to HOLD with a 5% lower DDM-based TP of SGD1.00 as we raise our cost of equity (COE) to 6.6% on a higher risk-free rate assumption. 


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Centurion Corp (CENT SP)
1H22: On Recovery Trajectory; 2H Likely To Be Similarly Strong

CENT continues on its post-COVID-19-peak recovery with strong revenue and profit growth. Its bottom line was helped by a fair value gain on its investment properties.

Going forward, we expect yoy growth in 2H22 as we forecast occupancy rates to continue expanding while rental reversions remain positive. Maintain BUY. Target price raised slightly to S$0.45 (S$0.43 previously).


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Riverstone Holdings (RSTON SP)
1H22: Results In Line, Although Headwinds Persist

For 1H22, PATMI was in line with expectations, dragged down by falling ASPs and moderating demand for healthcare gloves. The healthcare gloves segment faces ongoing headwinds as additional supply starts to come on stream.

Cleanroom gloves remained resilient in 2Q22 with ASPs holding steady, although demand is expected to soften slightly in 3Q22 due to ongoing sporadic China lockdowns. With no immediate catalysts, maintain HOLD on Riverstone with a lower target price of S$0.67. 


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Share Prices

Counter NameLastChange
AEM Holdings4.030-0.100
Avi-Tech Electronics0.280-
Broadway Ind0.1390.001
China Sunsine0.460-0.005
Food Empire0.510-
Fortress Minerals0.340-
Geo Energy Res0.370-
Golden Energy0.790-0.020
GSS Energy0.050-
ISDN Holdings0.425-0.030
IX Biopharma0.136-0.003
Jiutian Chemical0.076-0.003
KSH Holdings0.340-0.005
Leader Env0.0500.001
Medtecs Intl0.110-0.004
Meta Health0.029-
Moya Asia0.089-
Nordic Group0.490-0.015
Oxley Holdings0.160-
REX International0.230-
Sinostar PEC0.180-0.010
Southern Alliance Mining0.630-
Straco Corp.0.410-
Sunpower Group0.280-0.010
The Trendlines0.086-0.003
Totm Technologies0.124-0.002
UG Healthcare0.179-0.001
Uni-Asia Group0.890-0.030
Wilmar Intl3.850-0.030
Yangzijiang Shipbldg1.040-0.040

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