buy sell hold 2021

 

CGS CIMB

CGS CIMB

ST Engineering
Significant order wins, improving debt profile


■ Record-high order wins of S$4.8bn (+163% yoy), driven by TransCore and Middle East defence contracts. 4 Scts interim DPS proposed.
■ We expect a c.S$900m reduction in FY23F commercial paper (CPs) from the conversion of floating rate CPs, as well as better operating cashflow.
■ Reiterate Add with a higher TP of S$4.03 (blended valuation) as we roll over to CY24F. Downside risks: project deferrals, further margin erosion.

 

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Frencken Group Ltd
3Q22 results below expectations


■ 3Q22 revenue of S$195.3m (-0.6% yoy) was 16.6% below our S$234.3m expectation.
■ 3Q22 net profit of S$11.0m (-25.7% yoy) was 24.7% below our S$14.6m expectation. Frencken made a S$2.4m inventory write-down in 3Q22.
■ We downgrade Frencken to Reduce (TP cut to S$0.95) as we think its business environment may only recover from 2H23F.

 

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UOB KAYHIAN

UOB KAYHIAN

Singapore Technologies Engineering (STE SP)
3Q22: Revenue A Slight Miss; Ongoing Review To Uplift Quality Of Group Portfolio


9M22 revenue of S$6.5b was a slight miss, at about 69% of our full-year projection. Orderbook stood at a record high of S$23.1b (excluding the disposed US marine businesses) as of end-3Q22, 71% higher than pre-pandemic levels at end-19. Despite the expected higher interest cost pressure, the recent exit of the loss-making US marine businesses and the new contract wins by TransCore should provide meaningful support to STE’s bottom line. Maintain BUY and target price of S$4.07.

 

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Gaming – Malaysia
Casino Subsector Emerging From Uncertainties


The casino gaming segment is back in vogue, with the formation of a unity government after GE15 jitters (after enduring a hung parliament situation for five days), and GENM’s failed bid for a Macau concession (seen as costly). We remain bullish on the casino segment for its earnings resilience, but are neutral on the NFO segment for its lack of mid- to long-term growth momentum. OVERWEIGHT. Top picks: Genting Malaysia and Genting Berhad. 

 

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UOB KAYHIAN UOB KAYHIAN

Axiata (AXIATA MK)
3Q22: Above Expectations Due To Easing Geopolitical Risk


Axiata’s 3Q22 core net profit came in at RM375m (-5% yoy, +13% qoq). Celcom’s net profit rose 13% yoy and 12% qoq on higher prepaid contribution, new acquisitions in Celcom’s B2B business unit and absence of accelerated depreciation yoy. 9M22 core net profit of RM1,077m is deemed above expectations and we raise our 2022 net profit forecast by 16% to reflect the absence of further accelerated depreciation in Celcom. Maintain HOLD. Target price: RM3.50.

 

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IOI Corporation (IOI MK)
1QFY23: Results Within Expectations; Strong Downstream Contributions


IOI’s 1QFY23 results came in within our expectations. Downstream performed well, contributing 52% of 1QFY23 PBT, while plantation came in weaker due to lower ASP and lower profit from its associate Bumitama Agri. For 2QFY23, performance is likely to be slightly weaker qoq as downstream margin may be lower while plantation performance could be flattish yoy but better qoq on higher ASP and production may see only a marginal decline qoq. Maintain BUY with a target price of RM4.80.

 

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Share Prices

Counter NameLastChange
AEM Holdings3.450-
Avi-Tech Electronics0.280-
Best World2.4500.020
Broadway Ind0.114-
China Sunsine0.470-
DISA0.0030.001
Food Empire0.710-
Fortress Minerals0.360-
Geo Energy Res0.3350.005
Golden Energy0.780-0.010
GSS Energy0.043-0.005
InnoTek0.500-0.005
ISDN Holdings0.5750.005
ISOTeam0.099-
IX Biopharma0.122-
Jiutian Chemical0.0820.001
KSH Holdings0.340-
Leader Env0.062-
Medtecs Intl0.154-0.004
Meta Health0.024-
Nordic Group0.475-
Oxley Holdings0.145-0.003
REX International0.220-0.005
Riverstone0.655-0.020
Sinostar PEC0.180-0.005
Southern Alliance Mining0.600-
Straco Corp.0.5150.005
Sunpower Group0.3750.005
The Trendlines0.095-
Totm Technologies0.110-0.003
UG Healthcare0.1840.002
Uni-Asia Group0.875-0.015
Wilmar Intl4.060-0.040
Yangzijiang Shipbldg1.250-

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