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TDCX Inc.
Muted by macro uncertainty
UNITED STATES | SERVICES | 3Q22 RESULTS
9M22 revenue was in line at 73% of our FY22e forecasts. PATMI was above expectations, at 84% of our FY22e forecasts due to higher interest and other operating income.
The travel and hospitality vertical continues to provide growth tailwinds, returning to pre-pandemic levels with 29% YoY growth for 3Q22.
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PropertyGuru Group Ltd.
Cooling measures to affect growth
UNITED STATES | INTERNET | 3Q22 RESULTS
Revenue in line with expectation while earnings missed. 9M22 revenue at 66% of FY22e forecast. 9M22 Adj. EBITDA/net loss came in at 30%/125% of forecasts due to higher than expected employee compensation and other expenses.
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Thai Beverage (THBEV SP)
FY22 Results Preview: Expect Strong Performance With Revival Of Economic Activity
THBEV will announce its FY22 results soon − we expect robust yoy growth from all of its business segments. The spirits segment is poised to benefit from the reopening of nightlife venues as well as higher international arrivals. Despite rising operating costs, SABECO’s robust 9M22 performance bodes well for THBEV’s beer segment. The nonalcoholic beverages and food segments are expected to outperform on the removal of social distancing measures. Maintain BUY with an unchanged target price of S$0.87.
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Genting Malaysia (GENM MK)
3Q22: Within Expectations; Slow-paced Recovery
Results were largely in line. While GENM delivered a modest qoq revenue growth (78% of pre-pandemic level), core EBITDA was flattish, presumably due to the upward calibration of operating costs. We foresee a better 4Q22, driven by progressive room capacity expansion and the holiday season. Other key catalysts include RWNYC’s bid for a full-fledged casino licence, restoration of its lush dividends and potentially China’s border reopening. Maintain BUY. Target price: RM3.50.
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Genting Bhd (GENT MK)
Earnings recovery QoQ picking up steam
Maintain BUY call with a higher TP of MYR5.59 (+4%)
3Q22/9M22 results were largely in-line. Going forward, we expect 4Q22 to be sequentially better. Nonetheless, we lower our FY22E earnings by 13% while leaving our FY23E/FY24E earnings little changed. Utilising our revised TPs for GENM and GENS, rolling forward our valuation base year to end-FY23E and employing an unchanged 55% discount to SOP/shr valuation (-1.5 SD to 25-year mean), we raise our SOP-based TP a tad to MYR5.59 from MYR5.35.
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Bumi Armada (BAB MK)
9M22 results ahead
Maintain BUY and MYR0.58 TP
9M22 core results made up 85% of our FY estimate, on a stronger 3Q22 performance. This led to an 11%-12% lift in our FY22-24 forecasts. BArmada’s turnaround story continues to gain traction. It is de-gearing sustainably. Improving cashflows and monetizing non-core assets (OSVs & FPSO Claire) are its key KPIs, as well as delivering FPSO Kakinada by YE and prospecting for new FPSO opportunities. Our TP is SOP-based.
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