ANALYSTS SAY: Buy, Sell, Hold (8 Feb)

buy sell hold 2021

OCBC SECURITIES	OCBC SECURITIES
UOL Group Ltd (UOL SP) - Expecting solid upcoming FY22 results • Forecasting FY22 core profit after tax and minority interest (PATMI) to grow 43% • Singapore’s private residential property price growth has moderated but hospitality sector to see solid rebound in 2023, though still below pre-pandemic levels • Healthy balance sheet but impact of higher interest rates will be felt	DBS Group Holdings Ltd (DBS SP) - NIM outlook & dividends in focus • First to report 4Q22 results which will set expectations for the sector • Further net interest margin (NIM) expansion expected ahead given more fed funds rate hikes in 1H23, although margin expansion pace could moderate with increased deposit competition. • In the next earnings release, investor attention will likely focus on management’s updated FY23 guidance, NIM outlook and the bank’s scope for capital management.
CGS CIMB	UOB KAYHIAN
Lendlease Global Commercial REIT ■ 1HFY6/23 DPU of 2.45 Scts (+2.1% yoy) was in line at 50.3% of our FY23F. ■ 1HFY6/23 reversions of c.2% improved from 1Q23’s c.1%. 2Q23 tenant sales at 313@Somerset and JEM were at c.140% and c.120% of pre-Covid levels. ■ Maintain Add. Quality assets continue to deliver rental growth Read More ...	StarHub (STH SP) 2022: Setting The Stage For A Transformation 2022 revenue and service revenue grew 13.9% yoy and 17.2% yoy respectively, driven by the consolidation of StarHub’s recent acquisitions and broad-based growth across all segments. However, 2022 PATMI fell 58.3% yoy as upfront investments continue to compress margins. StarHub is expected to incur most of its transformative investments in 2023 and will begin reaping the rewards from 2024 onwards. We maintain BUY with a higher target price of S$1.35 (S$1.30 previously). Read More ...
UOB KAY HIAN	DBS VICKERS
Xiaomi Corp (1810 HK) 4Q22 Results Preview: Another Slow Quarter But The Worst Is Over Xiaomi will report its 4Q22 earnings in Mar 23. We expect the company to register a 70% yoy and 38% qoq decline in adjusted net profit as the quarter was still impacted by destocking and one-off expenses. However, we also note that China’s smartphone sales have improved in Jan 23 after the country’s reopening, while ASPs have remained resilient thanks to Xiaomi’s premiumisation strategy. Maintain HOLD, and raise target price to HK$12.70 as the worst is likely over. Read more...	Hutchison Port Holdings Trust Dividend upside to drive re-rating FY22 results largely in line; potential for higher dividends in FY23F/24F HPHT reported FY22 net profit of HK$1,099m, which is 8% below our forecast, representing a 37% decline y-o-y. Revenue fell by 8% y-o-y to HK$12.2bn in FY22 from HK$13.2m in FY21, due to: 1) Lower throughput volumes at both Yantian (-4.2% y-o-y) and HK ports (-11.4% y-o-y); 2) lower storage income at Yantian, although partially offset by higher storage income at HK ports; 3) a change in cargo mix; and 4) RMB depreciation. Other operating income declined by 65% y-o-y to HK$146.2m as a result of lower government subsidies. HPH Trust declared a final dividend of 8 HKcts, bringing full-year dividends to 14.5 HKcts, which is in line with our estimate.Management guided for DPU of 14-15 HKcts in FY23F, but we expect DPU to come in at the top end of the guidance, at 15 HKcts in FY23F. Further, we believe that that there is room for DPU to be raised to 20 HKcts in FY24F as the Trust deleverages to an all-time low and the Fed rate hike cycle ends. Read more...

Counter Name	Last	Change
AEM Holdings	2.360	0.010
Best World	2.470	0.010
Boustead Singapore	0.965	0.005
Broadway Ind	0.129	0.001
China Aviation Oil (S)	0.920	0.015
China Sunsine	0.415	0.005
ComfortDelGro	1.500	0.010
Delfi Limited	0.905	0.005
Food Empire	1.270	0.020
Fortress Minerals	0.310	-
Geo Energy Res	0.310	-
Hong Leong Finance	2.490	-0.010
Hongkong Land (USD)	3.070	0.040
InnoTek	0.525	-
ISDN Holdings	0.310	0.005
ISOTeam	0.041	-0.002
IX Biopharma	0.043	-
KSH Holdings	0.250	-
Leader Env	0.051	0.001
Ley Choon	0.046	0.003
Marco Polo Marine	0.066	0.001
Mermaid Maritime	0.141	0.003
Nordic Group	0.340	-
Oxley Holdings	0.089	-
REX International	0.137	0.001
Riverstone	0.820	0.020
Southern Alliance Mining	0.445	0.015
Straco Corp.	0.500	0.010
Sunpower Group	0.210	0.010
The Trendlines	0.069	-
Totm Technologies	0.022	-
Uni-Asia Group	0.825	-0.010
Wilmar Intl	3.480	0.030
Yangzijiang Shipbldg	1.780	0.060

ANALYSTS SAY: Buy, Sell, Hold (8 Feb)

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