buy sell hold 2021




United Overseas Bank Limited
Surge in Net Interest Margins


3Q22 earnings of S$1,403mn were in line with our estimates due to higher net interest margin (NIM) and healthy net interest income (NII) growth. 9M22 PATMI is 72% of our FY22e forecast.
 NII was up 39% YoY from a NIM increase of 40bps YoY to 1.95% and loan growth of 6% YoY. Fee income fell 10% YoY while other non-interest income was up 58% YoY. Management is guiding mid-single digit loan growth with higher NIMs, stable cost-toincome ratio and stable credit costs.


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Sheng Siong Group Ltd
Tough comparison but better-than-expected sales


 3Q22 revenue and PATMI beat expectations. YTD22 revenue and PATMI were 78%/82% of our FY22e forecast.
 Same-store sales declined 7% YoY in 3Q22, as it was a tough base year. In 3Q21 Jurong Fishery Port and Pasir Panjang Wholesale Centre closure diverted huge fresh food sales to Sheng Siong stores. The four new stores added 2.6% points of revenue growth.


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CDL Hospitality Trust
A superb 3Q, bolstered by Singapore hotels

■ 9M22 NPI of S$31.6m (+43.7% yoy) was in line, forming 74% of our FY22F.
■ 3Q22 RevPAR for 12 out of 18 hotels exceeded 3Q19 levels. Re-opening of China and Japan bodes well for SG and Japan assets. Reiterate Add.


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Far East Hospitality Trust
A good set of results

■ 3Q/9M22 NPI grew 7.8%/4.9% yoy, in line at 26.5%/76.8% of FY22F.
■ Some hotels trading above minimum rent in 3Q; one generating variable rent.
■ We like FEHT’s SG hospitality portfolio and robust balance sheet. Stay Add.


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Sheng Siong Group
A shelter in times of uncertainty

■ 3Q22 NP of S$33m (-5% yoy) in line with expectations. Topline fell as grocery demand normalises with post-Covid reopening, but net margins held steady.
■ Competitive landscape remains healthy; SSG continues to optimise sales mix from higher margin categories (fresh food, private label) to grow GPM.
■ Reiterate Add as we believe SSG is well-positioned to capture potential shifts in consumer behaviour amid economic slowdown in FY23F.


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Wilmar International
Third consecutive quarter of record net profit

■ Wilmar’s 3Q22 CNP above due to higher associates and lower tax rate.
■ We expect Wilmar to post a lower CNP of US$400m in 4Q22F, pre-briefing.
■ Wilmar is on track to post record earnings for the second consecutive year in 2022F. Reiterate Add, stock offers 30% upside to our SOP-based TP.


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