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Ho Bee Land Ltd ($2.40, up 3 cents) announced that based on a preliminary review of the unaudited management accounts and information of the Group currently available to the Board, the Group is expected to record a significant decrease in its net profit for the six months and full year ending 31 December 2022 as compared to the same period last year.
Given that share price has already dropped 32.8% from its peak of $3.05 since April 2022 and relatively stable recurring steady cash flows and relatively steady dividend yields, we have a HOLD recommendation on Ho Bee Land shares.
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Sembcorp Industries / SCI ($3.41, up 0.03) is pleased to announce that it has successfully commissioned Southeast Asia’s largest Energy Storage System (ESS) of 285MWh within
six months.
At its last close of $3.41, SCI is capitalized at $6.05 billion and trades at 7-8x PE and around 3% dividend yield. Based on consensus target price of $4.14, potential upside is about 22%. We maintain an “Accumulate” rating on SCI.
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Jumbo Group (S$0.305, up 0.5 cents) announced the official opening of a first franchised JUMBO Seafood outlet in Phnom
Penh, the capital of Cambodia, on 22 December 2022. This first JUMBO Seafood outlet in Phnom Penh is located at the newly opened Chip Mong 271 Mega Mall.
At $0.305, market cap of Jumbo Group is S$195.8mln and current P/B is 4.4x while it was loss-making in FY22 and did not pay any dividends. According to Bloomberg consensus,
there is one buy recommendation on the stock while its target price on Jumbo Group is $0.35, representing a potential upside of 13%.
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Mynews Holdings (MNHB MK)
4QFY22 earnings are back to black
Maintain BUY with higher TP of MYR0.80
MNHB’s 4QFY22 results outperformed predominantly on its strong sales. We expect FY23 net profit to return to the black led by recovery in instore sales for both Mynews and CU stores and narrowing losses at its food processing centre (FPC). Hence, we lift our FY23E-24E earnings estimates by 29%-72% and introduce our FY25E estimates. Maintain BUY with a higher TP of MYR0.80 based on 2.5x CY23 PBV (mean, vs. 2.0x PBV previously).
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Siam Cement (SCC TB)
Good ESG score; aims to achieve net zero by 2050
Good ESG score; ample room to improve
Using Maybank’s ESG rating score system, we rate SCC at 64, above the average of 50. The 2019-2021 database reflects SCC’s commitment to focusing on the Environment, Society and Governance. SCC has a clear ESG integration plan, elevating its sustainable development approach to ESG 4 Plus. We expect its ESG score to rise above 80 points in the future. We maintain our HOLD rating with a TP of THB340 as SCC’s 4Q22 and 1H23 performances will likely remain under pressure from low petrochemical spreads as excess ethylene and propylene supply remains high.
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Phu Nhuan Jewelry (PNJ VN)
Ideal risk/reward ratio
Cut TP to factor in higher WACC; BUY retained
11M22 sales and net profit jumped 85% and 96% YoY. All segments exceeded pre-Covid sales levels with retail sales growth most impressive at 92% YoY and 124% vs 11M19. We roll forward our DCF-based valuation to end-FY23 and raise WACC to 10.0% from 9.4% to factor in higher interest and riskfree rates. This results in a 12% lower TP at VND141,000, implying 29% upside potential and a target P/E of 16.5x, close to 16.8x, or +1SD above its 3-year mean forward P/E. Reiterate BUY.
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