buy sell hold 2021

 

CGS CIMB

CGS CIMB

Venture Corporation
Capable of weathering a slowdown


■ We project Venture to report a 4Q22F net profit of S$89.7m (-5% yoy, -8% qoq) likely on 24 Feb 2023.
■ Slowing economic growth remains the key macro risk for Venture but a strong balance sheet will help the company manage a slowdown, in our view.
■ We reiterate our Add call with a higher TP of S$20.10 as we roll over our valuation to FY24F.

 

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Sappe
Prospects still bright in 4Q22F


■ SAPPE’s 4Q22F core net profit should have continued to grow strongly yoy, thanks to a jump in export sales.
■ We turn more positive on its GPM given its price hike and lower costs.
■ Maintain Add with a higher TP of THB53.75.

 

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CGS CIMB

UOB KAYHIAN

Ichitan Group
Hotter weather to boost beverage demand


■ ICHI’s 4Q22F core net profit likely continued growing strongly yoy, thanks to a jump in sales of RTD tea and new products.
■ We expect ICHI to achieve a higher FY23F GPM on lower costs and improved capacity utilisation as sales increase.
■ Maintain Add with an unchangedTP of THB14.5. 

 

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REITs – Singapore
Gradual Easing Of Inflation Positive For S-REITs


We expect the Fed Funds Rate to peak at 5.0% by mid-23 and remain at elevated levels
in 2H23. Singapore government bond yields have receded, indicating that inflation and
interest rates would eventually ease. We focus on SREITs with resilient balance sheets
to weather a protracted period of elevated interest rates. BUY CLAS (Target: S$1.37),
CLAR (Target: S$3.27), FLT (Target: S$1.56), MINT (Target: S$3.30) and MLT (Target:
S$1.99). Maintain OVERWEIGHT. 

 

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UOB KAYHIAN UOB KAYHIAN

China Reopening Beneficiaries
China’s economic and border reopening will enhance earnings for many Malaysian


companies and is uplifting for Malaysia’s macro outlook (eg supportive of the ringgit). The two key clusters of beneficiaries are tourism-related (aviation and gaming) and commodity (particularly the industrial metals segment) stocks. Top picks for this investment theme are GENM, MAHB, OM Holdings, MSC and Press Metal. Other notable beneficiaries include MYEG, Yinson and selected consumer stocks.

 

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Malaysia Airports Holdings (MAHB MK)
China’s Border Reopening The Missing Piece For Earnings Normalcy


MAHB is poised to benefit directly from China’s recent border reopening as relaxation of travel controls and strong pent-up demand will boost Chinese patronage to Malaysia. Meanwhile, the group’s latest operating statistics fortified our view that the group is on track to restore its earnings to pre-pandemic normalcy in 2023. We also like MAHB for its palatable valuations and event catalysts such as formulation of new operating agreements. Maintain BUY. Target price: RM7.52.

 

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