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Property Devt & Invt
Higher mom sales
■ Private home sales in Feb 2023 rose 10% mom but were still 20% lower yoy.
■ Resale price momentum moderated mom in Jan 2023, and we reiterate our 2023F price projection of 0-3%.
■ We stay sector Overweight due to inexpensive valuations. Our sector top picks: CLI, CIT and UOL. Feb home sales recovered mom
● According to the Urban Redevelopment Authority (URA), Feb 2023 monthly home sales in Singapore came in at 470 units, including 38 units of executive condos (ECs) booked, mainly at Tenet EC project. Excluding executive condos (ECs), private home sales amounted to 432 units (+10% mom, -20% yoy), the highest in terms of volume post the announcement of property cooling measures in Sep 2022. Popular projects include Terra Hill, Pullman Residence and Leedon Green.
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Banks
1Q23F CNP to grow despite lower NIM
■ Despite the potential qoq compression in 1Q23F NIM, we expect continuous CNP growth for banks in 1Q23F, due to the absence of Cukai Makmur (CM).
■ We project CNP growth of 17.8% for banks in 2023F due to the nonrecurrence of CM taxation and strong growth in non-interest income.
■ We reiterate our Overweight call on banks given the stronger non-interest income growth in 2023F and potential write-back in management overlay.
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Q&M DENTAL
Maintain HOLD and lower TP to S$0.36,based on a sum-of-the-parts valuation considering: 1) The core dental business, at 18x blended FY23F/24F earnings (S$0.34) and 2) subsidiary Aoxin Q & M at market value (S$0.02). Valuations seem fair for now at c.19x FY23F PE, which is c.0.75SD below its five-year pre-COVID-19 historical average.
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SEA (SE US)
Enough Muscles For Shopee-ng?
SEA’s share price has appreciated more than 10% since it turned profitable for the first time in 4Q22. While the e-commerce segment’s GMV may slow in the coming quarters, we expect its margin to continue improving from increasing commission fees and expansion of its own logistic services. In addition, the digital financial services could leverage on Shopee’s strong user base to provide more effective underwriting and better offerings. Maintain BUY and target price of US$94.34.
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Telecommunications – Malaysia
4Q22 Results Above Expectation; Special Interim Dividend From TIME
4Q22 results beat our expectations except for Maxis (in line). In essence, the quarter was characterised by: a) muted service revenue growth of 1% yoy, b) strong fixedline take-up, c) better-than-expected cost control, and d) dividend surprises from TIME. After the results announcement, we raised 2023-24 net profit by 2% and 3% respectively. Maintain MARKET WEIGHT. The sector trades at five-year mean 7x EV/EBITDA. Prefer fixed over wireless. Top picks: TIME and Telekom Malaysia.
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Prudential (2378 HK)
2022: Results Below Expectations, Better Recovery Ahead
Pru’s 2022 results missed our expectations, mainly affected by rising interest rates. In 2M23, Pru recorded double-digit APE growth, with the reopening of the Hong KongChina border expected to drive Pru's premium growth, resulting in a strong growth in new business value. The Board also suggested a second interim dividend of 13.04 US cents per share. Maintain BUY with target price reduced to HK$141.90 as we trim our 2023/24 NBP and EV forecasts.
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