buy sell hold 2021




Asian Pay Television Trust
Huge drag from currency

3Q22 earnings was below expectations due to the 5% weakness in the Taiwan dollar. YTD22 revenue and EBITDA were at 73%/71% of our FY22e estimates. 3Q22 distribution was maintained at 0.25 cents per unit.

FY23e distribution is raised 5% to 1.05 cents, paid half yearly. Broadband enjoyed healthy 11% revenue growth, but weakness in basic cable dragged group revenue to fall 6% YoY.

We lowered our EBITDA by 6% as we cut our Taiwan dollar forecast. Our BUY recommendation is unchanged, but we lower our target price to S$0.13 (prev. S$0.15). based on 8.5x FY23e EV/EBITDA, a 20% discount to Taiwanese peers. The current dividend yield of 9.6%, or S$19mn payout, is supported by free cash flows of around S$73mn p.a.  


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Samudera Shipping Line Ltd (SAMU SP):
Shipping peak season comes

Holiday sales. With the holiday season coming up, there will be a surge in demand for shipping as retailers and consumers order goods to stock up their shelves and to order gifts for the holidays. Indonesia-based Samudera Shipping is riding on a big pickup in shipping services in the wake of disruption to global supply chains triggered by the pandemic.

3Q22 profit guidance. Based on a preliminary assessment of the Financial Results, the Group has recorded a significant improvement in revenue and earnings for 9M2022 as compared to 9M2021. This was primarily due to an increase in container volume handled and higher freight rates in 2022. The Group’s performance for the full year ended 31 December 2022 is expected to be significantly better than its performance for the full year ended 31 December 2021.

Updated market consensus of the EPS growth in FY22/23 is 101.31%/-38.12% YoY respectively, which translates to 3.29x/5.31x forward PE. Current PER is 1.45x. Bloomberg consensus average 12-month target price is S$0.83.


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3Q22: Solid Earnings Beat; 4Q22 Revenue Growth Under Pressure’s 3Q22 results were a strong beat with revenue growing 11% yoy to Rmb243.5b,
in line with our and the street’s estimates. Non-GAAP OPM came in at 4.1%, better than
our estimate, supported by solid JD Retail EBIT margin of 5.2% (+1.2ppt yoy). NonGAAP net profit came in at Rmb10b, beating the street’s estimate, as a result of
improving operating efficiency. We maintain BUY on with a higher target price
of HK$297.00 (US$71.00)



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CSE Global (CSE SP)
3Q22: Results In Line; Mixed Outlook

3Q22 results were largely in line, with 9M22 revenue of S$403m (+15% yoy) forming 78% of our 2022 estimate. This was due to project, time and material revenues growth across all geographical segments. Order intake grew 37% yoy due to new major contracts in the infrastructure sector and should remain healthy in the future. But chip shortages continue to delay project delivery and inflationary pressures are expected to impact gross margins. Maintain HOLD. Target price: S$0.37.


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Nano Film Technologies:
Downgrade to HOLD as outlook worsens

• Worsening outlook for 4Q22; disruption to 
smartphone supply hit hard

• Industrial equipment segment affected by cuts in customers’ capital expenditure

• Exploring new initiatives to drive growth; medium to long-term strategies still in place

• Cut earnings by 16% to 17% on worsening outlook;downgrade to HOLD

Emerging stronger from the trough

• Expect strong sales to lift profitability; improving
asset efficiency critical to turning around the
• Strong smart EV model pipeline embedded with
advanced AD technologies to enhance market values
• Estimate FY24 core net losses to reduce sharply by
about 90% from FY22F
• Initiate with BUY rating; US$16/HK$130 TP pegged to
FY23F P/S ratio of 2x

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