buy sell hold 2021



Civmec (CVL SP)
Secured Contracts In The Green Energy Space And More Maintenance Works

Civmec has won around A$100m worth of contracts for three blue chip customers, including an expansion project for Albermale Lithium, the world’s biggest lithium producer which has supply agreements with major EV makers. It has also won a huge maintenance order from Queensland Aluminium, one of the largest alumina refineries in Australia. Civmec’s orderbook has increased around 2% to A$1.2b since the last update in Feb 23, indicating good earnings prospects. Maintain BUY. Target price: S$1.10.


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“Tanker Party” Is Here To Stay

Major surprises in OPEC+ voluntary production cuts would have been negative to tankers in normal circumstances, but mid-sized tanker rates may be resilient this time, as the dominating factor is high tonne-mile demand that continues to be driven by more trade re-shuffling since the Russian crude events. Even factoring in some LNG expiries, we still expect MISC to record strong earnings, while selectively securing new projects including zero-emission vessels. Retain BUY and RM8.60 target price. 


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AIA Group
Money, money, money… from MCV

■ We see 1Q23F results highlighting HK/China strength, with VONB growth getting progressively stronger yoy throughout 1Q23F.
■ More importantly, VONB growth looks well placed to continue to accelerate further in 2Q23F and 2H23F for these regions.
■ We believe AIA may have also used the broker channel to tap the rapid recovery of MCV insurance purchases, which are relatively large case-size.
■ Reiterate Add rating with a TP of HK$109. AIA remains our sector top pick.


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Net profit likely rebounded qoq in 1Q23F

■ We estimate aggregate net profit for Thai banks was THB45.5bn in 1Q23F, up 3% yoy and up 38% qoq.
■ We believe net profit rebounded qoq from benign credit cost and opex. Meanwhile, NIM expansion likely encountered hiccups in 1Q23F.
■ Stay Overweight. BBL and SCB are our top picks for the Thai banking sector. 


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PropNex (S$1.96, up 5 cents) has just released its FY22 Annual Report and we highlight some of the key points that were being presented,
where management wrote that “2022 was another remarkable year as the Group achieved an unprecedented performance, delivering stellar results.” 


At $1.96, market cap of PropNex is S$706.7mln, FY22 P/E is 11.3x, current P/B is 5.6x, dividend yield is 6.5% and its net cash position of S$138.9mln equates to market cap of 19.6%. Consensus target price stands at S$2.13,
representing 9% upside. As we continue to like PropNex’s robust balance sheet and attractive dividend yield while management themselves are expecting overall local private home prices to rise by 5% to 6% this year, we thus have an ACCUMULATE recommendation on the stock.

We highlight the key points from Jardine Matheson’s (US$48.89, down 1 cent) FY22 annual report:

The Group’s underlying net profit of US$1,584 million for the year was US$71 million (5%) higher than the prior year. The increase was primarily driven by strong performances by Astra and other Southeast Asian businesses held by Jardine Cycle & Carriage (‘JC&C’). There was a return to underlying profit by Mandarin Oriental and an improved contribution from the Group’s unlisted Jardine Pacific businesses. Hongkong Land, however, delivered significantly reduced underlying
profits in 2022 and the results of DFI Retail Group (‘DFI Retail’) were also materially lower. There was a slight decline in the performance of
the Group’s Motor interests. 

Jardine Matheson’s market cap stands at S$14.1 bln and currently trades at 7.6x forward PE and 0.5x PB, with a dividend yield of 4.4%. Consensus target price stands at S$65.46, representing 33.9% upside from current share price.

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