buy sell hold 2021

 

CGS CIMB

CGS CIMB

Grab Holdings
Investor Day takeaways


■ Grab looks to achieve adj. EBITDA breakeven by 2H24F as it focuses on sustainable growth and accelerating its path to profitability.
■ Key initiatives: 1) grow customer loyalty and maximise users’ lifetime value, 2) lowering platform cost to serve, 3) exit services with weak unit economics.
■ Grab also shared strategies for its two medium-term growth drivers: digital bank and advertising business. Maintain Add; TP based on SOP valuation.

 

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VS Industry Bhd
Expecting stronger quarters ahead


■ VSI’s FY4/22 core EPS (-21.4% yoy) was above expectations, due mainly to lower taxes and higher profits from subsidiaries.
■ We expect stronger qoq 1QFY23F, from a ramp-up of box-built assembly for new product models and margin accretions from an influx of workers.
■ Reiterate Add, with an unchanged TP of RM1.21 (15.7x CY23F P/E).

 

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UOB KAYHIAN

UOB KAYHIAN

Nanofilm Technologies International (NANO SP)
NDR Takeaways: Positioned For Growth And New Opportunities In The EV Space


We held an NDR with Nanofilm’s management. Key takeaways include: a) operations have improved in 3Q22 with the Shanghai plant reverting back to its normal state and is
currently in the peak season production, b) Nanofilm is gaining traction with Customer Z as it wins more wallet share across all product categories, and c) Nanofilm expects positive development in the EV battery space, where further details will be revealed in the near term. Maintain BUY and target price of S$2.72.

 

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MyNews Holdings (MNHB MK)
3QFY22: Almost Breaks Even


MyNews’ in-store sales displayed encouraging recovery on the back of the economy reopening further, which could see further uplift. Gross margins have recovered to prepandemic levels thanks to CU. While MyNews registered minimal losses, key operations saw encouraging signs of bottoming out. We are encouraged over the sequential improvement and excited over further progress going forward. Alongside improved earnings visibility, valuations appear attractive as well. Maintain BUY. Target: RM0.66.

 

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MAYBANK KIM ENG MAYBANK KIM ENG

V.S. Industry (VSI MK)
Results exceed expectations


Positively surprised; upgrade to BUY

VSI’s FY22 results came in above expectations, exceeding by 18%/15% of ours/consensus’ full-year forecasts respectively. We maintain our FY23-24E’s earnings estimates and introduce FY25E, while raising TP by 8% to MYR1.15 (from MYR1.07) on rolling forward valuation base year to FY24E.
Our TP is derived by pegging VSI’s fully-diluted FY24E EPS of 8sen to a PER multiple of 14.4x (at -0.5SD to its 5-year PER average of 16.9x), with the -0.5SD peg to reflect the increasing economic risks globally. 

 

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Astro Malaysia (ASTRO MK)
The going is getting tough


Cut TP to MYR0.82 (-34%) and downgrade to HOLD

Earnings were within our expectations but a lower-than-expected dividend portends a weak outlook. We have great respect for ASTRO and appreciate their efforts (e.g. upgrading set-top-boxes, tying up with over-the-top operators like NetFlix and slashing costs) but we have no visibility as to when its outlook will improve. Cut FY23E/FY24E/FY25E EPS and DPS by 8%/14%/28% and 9%/7%/29% respectively and our DCF based TP to MYR0.82 from MYR1.24. Downgrade to HOLD from BUY.

 

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Share Prices

Counter NameLastChange
AEM Holdings3.7300.030
Avi-Tech Electronics0.280-
Best World1.760-
Broadway Ind0.120-
China Sunsine0.4000.005
DISA0.003-
Food Empire0.630-0.010
Fortress Minerals0.370-0.005
Geo Energy Res0.350-0.005
Golden Energy0.790-0.005
GSS Energy0.048-
InnoTek0.4800.020
ISDN Holdings0.400-
ISOTeam0.090-
IX Biopharma0.124-0.001
Jiutian Chemical0.0810.001
KSH Holdings0.350-
Leader Env0.056-
Medtecs Intl0.134-0.002
Meta Health0.025-
Nordic Group0.4700.005
Oxley Holdings0.1540.003
REX International0.2300.005
Riverstone0.620-0.005
Sinostar PEC0.185-
Southern Alliance Mining0.4200.010
Straco Corp.0.4050.010
Sunpower Group0.275-
The Trendlines0.0940.002
Totm Technologies0.099-0.003
UG Healthcare0.189-0.001
Uni-Asia Group0.8200.010
Wilmar Intl4.020-0.030
Yangzijiang Shipbldg1.350-0.030

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