ANALYSTS SAY: Buy, Sell, Hold (17 Nov)

UOB KAYHIAN

Singapore Exchange (SGX SP)
Monthly Performance Largely In Line, Forex And Commodities Outperformed

For Oct 22, SDAV softened slightly while DDAV rose sharply, driven by the equity, forex and commodities segments. SGX’s equity index futures surged from higher FTSE China A50 index futures volumes. The forex and commodities derivatives continued their outperformance as volumes reached record highs. In view of a lack of near-term catalysts, we maintain HOLD with the same target price of S$10.04.

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Plantation – Malaysia
Malaysia B20 Mandate Likely To Be Delayed To 2023

According to USDA’s latest report on Malaysia’s biofuel industry, it was concluded that the implementation of Malaysia’s B20 mandate is likely to be delayed to 2023 from end22. 2022 forecast data by USDA: a) production -4% yoy, b) consumption +11% yoy, and c) exports +8% yoy. Palm-based biodiesel is also facing rising challenges in its main external market, ie the EU where market share is shrinking. Maintain MARKET WEIGHT

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UOB KAYHIAN

My EG Services (MYEG MK)
Value Emerging From China Investments

MYEG’s China-centric investments (Zetrix blockchain and incubated investments) are paying off. Meanwhile, expect MYEG to sustain 1H22’s strong earnings momentum (two
consecutive quarters of record profits), anchored on Zetrix’s monetisation and strong recoveries of its concession-related businesses. MYEG’s plan to distribute its sizeable mature start-up investments to shareholders starting in 2023 also serves as a significant catalyst. Maintain BUY. Target price: RM1.30.

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ComfortDelGro Corp Ltd
Major drag overseas

SINGAPORE | TRANSPORT SERVICES | 3Q22UPDATE
 3Q22 earnings were below expectations. YTD22 revenue and PATMI were 74%/50% respectively of our FY22e forecast. UK and Australia earnings disappointed due to lags in repricing higher bus fuel and wages. A performance worse than the pandemic.

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PHILLIP SECURITIES

Sea Ltd.
Cost-cutting measures boost path to profitability

UNITED STATES | INTERNET | 3Q22 RESULTS
 3Q22 revenue beat expectations by 7%; net loss was a beat by 35% on employee expense cuts and more prudent spending on sales & marketing. 9M22 revenue was at 69% our FY22e forecasts. Net loss was at 73% of our FY22e forecasts.

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Srisawad Corporation (SAWAD TB)
3Q22: Results Slightly Above Expectation

SAWAD posted a 3Q22 net profit of Bt1,186m (+7% yoy, +14 qoq). The results were slightly above market expectation by 6%. The company reversed its provision expenses amounting to Bt121m. However, its LLC ratio declined to an all-time low at 44%. We believe SAWAD’s provisioning is inadequate. Maintain HOLD. Target price: Bt49.00.

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