buy sell hold 2021




Peek into pro-forma WFS numbers ahead

■ Consolidation of WFS could double SATS’s revenue to S$5.5bn by FY3/24F (proforma) as it becomes the top air cargo handler globally, in our view.
■ We also estimate c.S$4m/S$26m of net profit contribution to SATS in FY3/24F-25F, with refinancing cost savings and gradual synergy benefits.
■ Our TP is raised to S$3.21, based on higher SATS core operations on fasterthan-expected Chinese reopening and revised proforma WFS contribution.


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ISDN Holdings Ltd
Assuming Anggoci COD

■ ISDN provided an update on its mini hydropower business to investors via a virtual investor meeting on Friday, 13 Jan 2023.
■ Proforma net profit impact from its LB1 plant was shared and the company is optimistic that its other two plants could achieve COD soon.
■ We assume Anggoci will obtain COD by end-1Q23F and factor in its net profit contributions for FY23-24F, leading to a higher S$0.61 TP. Maintain Add. 


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Singapore Airlines
Time to pocket share price gains

■ Downgrade from Add to Hold as the share price has re-rated 16.5% over the past three months on optimism over China’s reopening on 8 Jan 2023.
■ Maintain our TP at S$5.97, still based on mean CY23F P/BV of 0.9x. 


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Raffles Medical Group (RFMD SP)
China’s Reopening A Strong Start To The New Year

RFMD’s Chinese hospitals are facing a surge in COVID-19 patients due to the relaxation of China’s nationwide restrictions. For its Singapore hospitals, foreign patient levels have recovered close to pre-COVID-19 levels, driven mostly by patients from Indonesia and Southeast Asia. RFMD has also selectively increased prices across some hospital and healthcare services by 3-5%, in a bid to tackle inflationary pressures. Maintain BUY with the same PE-based target price of S$1.58.


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Building Materials – Malaysia
China To Boost The Outlook Ahead

Prices of hard commodities such as aluminium, ferroalloy and tin have gradually rebounded on the back of China’s economic reopening, which has helped to stimulate demand. Favourable fiscal policies from China’s government will also boost its economic growth and support commodity prices accordingly. Continued global supply disruption and the energy crisis also put further pressure on the ongoing shortage. Maintain OVERWEIGHT. Top pick: Press Metal.


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Kim Loong Resources (KIML MK)
Strong Dividend Yield For FY24

For FY24, we reckon that the dividend yield of KIML would remain strong as KIML’s earnings remain relatively stable compared with its peers’. We expect KIML’s milling operating margin to increase in FY24 with higher utilisation and oil extraction rates. On top of that, CPO production is also expected to increase in FY24, which may result in higher mill utilisation rates. Maintain HOLD with a target price of RM1.80.


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Share Prices

Counter NameLastChange
AEM Holdings3.440-0.010
Avi-Tech Electronics0.280-
Best World2.4500.020
Broadway Ind0.114-
China Sunsine0.470-
Food Empire0.700-0.010
Fortress Minerals0.360-
Geo Energy Res0.3350.005
Golden Energy0.785-0.005
GSS Energy0.043-0.005
ISDN Holdings0.570-
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
Sinostar PEC0.180-0.005
Southern Alliance Mining0.600-
Straco Corp.0.5150.005
Sunpower Group0.3750.005
The Trendlines0.095-
Totm Technologies0.111-0.002
UG Healthcare0.1840.002
Uni-Asia Group0.875-0.015
Wilmar Intl4.070-0.030
Yangzijiang Shipbldg1.2600.010

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