buy sell hold 2021




4Q22: Results Beat With Strong Focus On Cost Efficiency; Upgrade To BUY

SEA’s 4Q22 core earnings of US$271m beat our and the street’s estimates that are still expecting a loss, due to strong cost efficiency in significantly reducing sales and marketing expenses. Although there could be near-term fluctuations in the performance of SEA, management remains confident on its long-term growth potential. We have raised our 2023 earnings to US$935m, from a US$1.6b loss after this earnings surprise.
Upgrade to BUY with a higher target price of US$94.34.


Read More ...


Farm Fresh (FFB MK)
Moo-ving Capacity Along At Its Taiping Farm

We come away buoyant from visiting Farm Fresh’s slated processing facility at its Taiping Farm. It will relieve capacity constraint that has largely muted Farm Fresh’s FY23 sales performance. Combined with additional capacity at Muadzam Shah Farm and the launch of its Philippines’ operations, it underpins exciting near-term growth. Plans are also afoot to target the untapped RM2.2b powder milk segment as well.
Maintain HOLD as prospects appear to be fairly priced-in. Target price: RM1.57. 


Read More ...



The bond market is doubling down on the prospect of a US recession after Federal Reserve Chair Jerome Powell warned of a return to bigger interest-rate hikes to cool inflation and the economy.
As derivative contracts referencing the next four Fed policy meetings repriced to levels consistent with the central bank benchmark rate rising by another full percentage point, the yield on the two-year Treasury note climbed as much as 13 basis points on Tuesday to 5.02%, its highest level since 2007.

With faster than expected rate hikes and rising geo-political tensions, we advise caution and defensive positioning in markets and thus continue to “Overweight” Singapore with its “defensive appeal”. The STI’s valuations remain attractive with PE at 11-12x, price to book at 1.1x and dividend yield an attractive 4.4%. In comparison, the S&P 500 index trades at 20-21x PE, price to book of 4x and dividend yield of only 1.7%.



Lian Beng ($0.53, unchanged) update:  wholly-owned subsidiary Lian Beng Construction (1988) Pte Ltd has secured a new construction project (the “Project”). With the inclusion of this Project, the Group’s construction order book in Singapore stands at approximately S$2.1 billion, which will provide a sustainable flow of activity through FY2027.

Lian Beng’s market cap stands at S$264.8mln and currently trades at 5.2x PE and 0.4x PB, with a dividend yield of 5.7%. There is currently no analysts covering Lian Beng Group.

PTT Oil & Retail Business (OR TB)
Positive On OR’s Capex Plans And Expected Earnings Recovery In 1Q23
The key takeaway from OR’s analyst meeting yesterday is its business strategy with capex of Bt101.5b for 2023-27. In 2023, OR will focus on branch expansion in the mobility, lifestyle and global businesses with an investment of Bt31.2b. We have a positive outlook on its sales volume for 2023, and expect sales volume to grow 4% yoy from the expansion of the domestic automobile market and increased economic activities. Maintain BUY with a target price of Bt33.00.





You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings2.3200.030
Best World2.450-0.010
Boustead Singapore0.9500.005
Broadway Ind0.1270.002
China Aviation Oil (S)0.9100.005
China Sunsine0.4100.010
Delfi Limited0.895-
Food Empire1.2900.010
Fortress Minerals0.305-
Geo Energy Res0.3100.010
Hong Leong Finance2.4900.010
Hongkong Land (USD)2.9200.090
ISDN Holdings0.295-0.005
IX Biopharma0.0430.003
KSH Holdings0.250-0.005
Leader Env0.050-
Ley Choon0.043-0.001
Marco Polo Marine0.0680.001
Mermaid Maritime0.1390.003
Nordic Group0.3300.020
Oxley Holdings0.089-
REX International0.137-0.001
Southern Alliance Mining0.4500.005
Straco Corp.0.485-0.010
Sunpower Group0.205-
The Trendlines0.0700.001
Totm Technologies0.022-
Uni-Asia Group0.8350.010
Wilmar Intl3.4100.010
Yangzijiang Shipbldg1.7500.010

We have 1334 guests and no members online

rss_2 NextInsight - Latest News