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Thai Beverage (THBEV SP)
3QFY22: Solid Results, As Beer Outperforms
THBEV released its 3QFY22 business update where 9MFY22 revenue was in line while EBITDA was slightly above our expectations. This was driven by a stronger-than-expected recovery in the beer segment. Despite lower molasses costs, the spirits segment underperformed, dragged down by rising packaging costs.
We reckon THBEV is an attractive and undervalued stock with high potential upside. Maintain BUY with a slightly lower SOTP-based target price of S$0.89 (S$0.94).
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Genting Malaysia (GENM MK)
2Q22: Best Quarterly Results Since Onset of Pandemic
GENM charted its best quarterly EBITDA since the onset of the pandemic, mainly driven by RWG’s strong recovery (achieving 75% of pre-pandemic revenue). We anticipate further recovery in 2H22, premised on RWG’s stronger international patronage and room for capacity expansion.
Key catalysts for GENM include sharp GGR growth, restoration of its dividend practice by end-22 (implying about 5% yield), and RWNYC bidding for a full-fledged casino licence. Maintain BUY. Target price: RM4.00.
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IHH Healthcare (IHH MK)
2Q22: Blip As Admissions See An Unequal Recovery
IHH saw an uneven recovery in patient volume admission as COVID-19-related contributions moderated as expected. Acibadem’s solid domestic performance was dented by its hyper-inflationary environment as earnings were curtailed. This confluence of factors dragged on earnings, below our expectations. However, eventual admission recovery should support its earnings going forward. Maintain BUY with a target price of RM7.10. |
7-Eleven Malaysia Holdings (SEM MK)
2Q22: Above expectations
Maintain BUY with unchanged TP of MYR2.05
Stronger-than-expect sales led to the outperformance in 2Q22 results. Both CVS and pharmacy retail sales have experienced strong recovery post-pandemic but we expect the momentum to slowdown in 2H22 on the back of inflationary cost pressures on consumers.
Our earnings estimates are unchanged. Maintain BUY with an unchanged TP of MYR2.05 based on 28x FY22E PER, about -1SD to mean.
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Bumrungrad Hospital (BH TB)
Fully valued
Downgrade to SELL, maintain TP at THB185
We downgrade to SELL from Hold, while maintaining our TP at THB185 as the share price has outperformed the SET by 12% in the past month, owing to the strong 2Q22 earnings growth of 60% QoQ and 448% YoY to THB1.2b.
This was driven by the recovery in both international and domestic patients which saw 2Q22 revenue exceed pre-Covid 2Q19 revenue by 15%. We also note that Mr. Satit Viddayakorn, the previous major shareholder, divested his remaining stake of 8.4% at THB178 a share.
Currently, he no longer has any shares in BH and we think this could also be another indication that the stock is fully valued. BH is trading at 41.9x FY23E P/E, a premium to industry peers at 29.1x. We think long-term growth could be limited due to its single-hospital operation. We prefer CHG (CP THB3.62, BUY, TP THB4.60) as it is the main beneficiary of the strong economic growth in Eastern Economic Corridor (EEC), Thailand’s industrial hub, where most of its hospitals are located.
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Grab Holdings
Accelerating the path to profitability
■ Grab’s 2Q22 revenue of US$321m (+41% qoq, +79% yoy) was a strong beat
led by strong mobility recovery. Adj. LBITDA further narrowed qoq in 2Q22.
■ Accelerating path to profitability the key focus; Grab expects its core food and deliveries segment to break even 1-2 quarters ahead of previous guidance.
■ We believe Grab can reach adj. EBITDA breakeven by FY24F, ahead of
street (FY25F). Reiterate Add with higher SOP-based TP of US$4.10.
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