buy sell hold 2021


Lim & Tan Securities

Lim & Tan Securities

EC World REIT (S$0.445, down 0.5 cents): The Business Times reported that the manager of EC World Real Estate Investment Trust (Reit) expects that its existing bank loans will be repaid or refinanced before they become due for repayment, it said in a bourse filing on Thursday (Dec 29).

At $0.445, market cap of EC World REIT is S$360.4mln and it was lossmaking in the last 12 months, while current P/B is 0.6x and dividend yield is 12.4%. According to Bloomberg consensus, there is one buy, one sell and one hold recommendation on the stock while the average of the various analysts’ target price on EC World REIT is $0.53, representing a
potential upside of 17.3%.



Manulife US REIT ($0.31, up 1 cent) would like to update that the real estate valuation of the portfolio of Manulife US REIT (based on the
year end 2022 valuations) has declined by 10.9% or US$237.4 million to US$1,947.0 million (versus US$2,184.4 million as at 31 December 2021).


Manulife US REIT’s market cap stands at US$550.7 mln and currently trades at 8.6x forward PE and 0.4x PB, with a dividend yield of 16.4%. Consensus target price stands at US$0.58, representing 16.4% upside
from current share price.


Lim & Tan Securities


Japfa ($0.54, unchanged) has announced a proposed listing of Austasia Group (AAG) on the mainboard of the stock exchange of
Hong Kong, with the relevant details below:

Pursuant to the Global Offering, AAG has made an offering of 30,640,000 AAG shares comprising 27,576,000 AAG Offer Shares
issued under the International Offering and 3,064,000 AAG Offer Shares issued under the Hong Kong Public Offering representing
approximately 10% of the initial AAG Offer Shares under the Global Offering.





4Q22E: Strong recovery YoY

Maintain BUY, TP THB60

We project core 4Q22 profit of THB129m, up 141% YoY but down 37% QoQ, when SAPPE reports results on 1 March 2023. This should be driven by solid sales growth in export markets while the anticipated QoQ drop is seasonal as 4Q is low season. We note that export sales are on track to grow a healthy 34% YoY in 4Q, driven by sales in key markets such as France, the Philippines and Korea. Domestic sales will likely fall 7% YoY, as SAPPE directs resources to more profitable export markets where demand is stronger. We maintain BUY, TP THB60.


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Vietnam Retail
Year ahead 2023: Facing headwinds but likely priced in

Appealing valuation, top picks: MWG, PNJ

Rising domestic and international macroeconomic headwinds have raised concerns about weakening consumption. Moreover, a real estate liquidity crunch triggered a bout of broad-based, forced-selling that pummeled retail stocks. Most retail stocks dropped 35% to 74% from their peaks on Apr’22, erasing 2 years of gains and underperforming the VN-Index (-32%).
The exception is PNJ which suffered a relatively mild loss of 13%. Valuations retreated to attractive levels, at 1-year low T12M P/E and below the 5-year mean. Excluding the Covid sell-down in Mar’20, Vietnam’s retail sector (excluding MSN) is at a 5-year low T12M P/E of 12.6x, which we think presents opportunities for value investing. Our top picks offer the best risk/reward ratios and are leaders in their segments; Mobile World (MWG VN, BUY, CP: VND43k, TP: VND73k) and Phu Nhuan Jewelry (PNJ VN, BUY, CP: VND86k, TP: VND102k). We also think Digiworld (DGW VN, CP: VND38k, NR) is an interesting proxy for small caps.


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Malaysia: Auction Calendar 2023
Higher Supply But Less From Long Duration

The total number of auctions will rise to 37 (2022: 36) to accommodate higher supply in 2023. The increase will come primarily from 5-7y sector (Est +MYR9.5b YoY) while long duration supply in 15-30y sector is expected to fall slightly (Est –MYR4.5b YoY). Total DV01 supply is expected to be little changed YoY. There is no mention of private placements, a key anchor of demand for long duration, but we think PPs schedule could still be added to the auction calendar later or on auction announcement. 15y sustainability GII 3/38 will see one reopening. Both the existing 10y MGS and 10y GII benchmark bonds will stay in 1H23 and only get replaced in July and October respectively. 


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