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Q & M Dental Group Ltd
Expansion cost starts to bite
SINGAPORE | HEALTHCARE | 3Q22 RESULTS 17 November 2022
3Q22 earnings were below expectations. YTD22 revenue and PATMI were 77%/61% of our FY22e forecast. Employee expenses were higher than expected due to Acumen losses,
software development expenses and higher opex from new clinics.
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Valuetronics (VALUE SP)
1HFY23: In Line With Expectations, Challenging Market Conditions Persist
VALUE’s 1HFY23 net profit of HK$58m (+2% yoy and qoq) was in line with our expectation, making up 50% of our FY23 estimate. 1HFY23 revenue went up 4% yoy due to increased customer demand. However, margins have fallen due to higher component prices and supply chain disruptions. A cautious outlook is maintained amid market uncertainties, including COVID-19 lockdowns in China, the Russia-Ukraine conflict and US Fed rate hikes. Maintain HOLD and target price of S$0.52.
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Grab Holdings (GRAB US)
Better prospects ahead
Exceeds expectations; upgrade to HOLD
3Q22 PATMI loss of USD342m (improved 65% YoY, 37% QoQ) was deeper than our and the street’s estimates. Conversely, 3Q22 AEBITDA as a % of GMV improved for the 4th consecutive quarter to -3.17% (2Q22: -4.6%). GMV growth remains flattish (+4% QoQ) while there is significant reduction in incentive due to stronger revenue and narrower AEBITDA losses. We have increased our EV/S multiple to 2.1x for Delivery and to 1.9x for Mobility (anchored to Uber) to reflect stronger profitability prospects. At our higher target price of USD3.40 (from USD2.83), Grab appears fairly valued.
Transferring coverage to Kelvin Tan.
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Alibaba Group (9988 HK)
2QFY23: Earnings Beat; Upsized Share Repurchase Programme; Net Cash Of US$45b
Alibaba delivered better-than-expected 2QFY23 results. Revenue came in at Rmb207.2b, up 3% yoy compared with flattish yoy growth in 2QFY22, 1% below street estimates. The group adjusted EBITA grew 29% yoy to Rmb36.2b on cost reduction. Non-GAAP net profit was Rmb33.8b, up 19% yoy and beating street estimates by 15%, with net margin improving sequentially to 14.5%. Maintain BUY with a higher target price of HK$133.00 (US$136.00).
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Banpu (BANPU TB)
Strong Coal And Gas Prices To Support Share Price In The Short Term
Management expects coal and gas prices to remain high during 4Q22-1Q23 on the back of strong demand during winter and the energy crisis amid geopolitical risks. We raise our 2022-23 earnings forecasts mainly to reflect higher coal price assumptions. This may support short-term investors to trade the stock on the undemanding valuation. The stock is trading at 4.0x core PE in 2023 vs regional peers’ 6.6x. Maintain HOLD. Target price: Bt13.90.
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Total Access Communication (DTAC TB)
‘Temporary injunction’ could be a key event
Injunction could delay merger; BUY with lower TP
The Central Admin Court is likely to announce in Dec 2022 whether to issue a temporary injunction on the TRUE-DTAC merger process or not. We expect the merger to be completed by 1Q23E, but an injunction could delay the process by at least one year, in our view. We cut our post-merger TP for DTAC to THB51.10 mainly to take into account earnings revisions for TRUE. Reiterate BUY on DTAC as we expect to see some progress on the merger by the end of this year.
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