buy sell hold 2021



Silverlake Axis Ltd
A new growth driver with MOBIUS


 With Siam Commercial Bank, MOBIUS has secured a major win for its cloud banking SAAS. Further opportunities arise from several banks' legacy core banking systems reaching their end-of-life. We expect a jump in banks looking to upgrade to a MOBIUS core.
 As an AWS partner, Silverlake could reach more players in Malaysia with the AWS
investment of US$6bn into cloud infrastructure in Malaysia. With the option of a multitenanting platform utilising MOBIUS, smaller banks now can adopt MOBIUS.
 We maintain BUY with an unchanged target price of S$0.49. Our FY23e estimates remain
unchanged. Our target price is pegged to 20x P/E FY23e. We expect MOBIUS and the
recovery in bank IT spending after two cautious pandemic years to be the key growth drivers for the company.


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Nanofilm Technologies International (NANO SP)
1Q23: Revenue Misses Expectations; Cautious Outlook With A Brighter 2H23

Nanofilm’s 1Q23 revenue of S$33m (-40% yoy) missed our estimate due to China’s soft recovery. Nanofilm believes that the macro environment is looking brighter in 2H23.
Nanofilm’s green plating business is progressing as planned and is expected to contribute significantly from 2024. We trimmed our 2022/23 EPS by 20%/18% due to weak consumer demand. Our target price increased by 26% to S$1.61 (18x 2024F PE) after rolling over the valuation base year. Maintain HOLD.


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Keppel Corp (KEP SP)
Starting A New Chapter With A Solid Quarterly Performance

KEP gave a solid 1Q23 business update with a 9% yoy growth in revenue generated across its energy & environment, urban development and connectivity segments. We expect its share price to continue performing well, underpinned by a robust recovery in Keppel Land as well as a potential share price catalyst from the announcement of a new interim asset monetisation target. Maintain BUY. Target price: S$9.09.


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Sheng Siong Group
Near-term drag from GST discounts

■ SSG likely saw a weak start to the year with 1Q23F net profit down 10% yoy
due to margin pressure from GST discounts offered and higher utilities costs.
■ Nevertheless, we project better quarters ahead on normalised comps, new
store openings and inflation offset measures supporting consumer spending.
■ Reiterate Add. We like its defensive qualities and think it is well-positioned to
capture potential shifts in consumer behaviour amid an economic slowdown.


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Keppel Corporation ($6.23, up 0.04) has released its voluntary business update for 1Q 2023, reporting a significantly higher year-on-year (yoy) net profit, bolstered by a significant disposal gain from the combination of KOM with SCM.

Keppel Corporation’s market cap stands at S$10.98 bln and currently trades at 12x forward PE and 1x PB, with a dividend yield of 5.3%.
Consensus target price stands at S$6.62, representing 6% upside from current share price. While we continue to like Keppel’s asset
monetization efforts to unlock value for shareholders, and it’s pivot to a more recurring income model, featuring clean/renewable energy solutions, its strong YTD performance (up 30+%) since the demerger of its oil and gas business coupled with small 6% upside to 1 year
consensus target price of S$6.62 justifies a downgrade to “HOLD” from “BUY” previously.




The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment Limited / CLI ($3.80, unchanged), has achieved its target to secure 160,000 units by 2023, with the signing of over 4,000 units in 1Q this year. Sharpening its focus on quality growth, Ascott is renewing its target to double fee revenue to more than S$500 million in the next five years. The fee revenue target is set off the FY 2022 base of S$258 million – the highest earnings on record for Ascott. Fee revenue from the lodging business increased by 36% year-onyear (y-o-y) in FY 2022 on the back of record signings and property openings. This demonstrates Ascott’s strength as a key contributor of fee-related earnings to CLI’s overall business.


We see the global re-opening (last area being North Asia) benefitting the hospitality arm of CLI significantly in 2023. As a result, Bloomberg consensus is expecting CLI’s FY 2023 net profit to almost double to $960 million translating to a forward PE of 19x. Given the strong rebound in FY 2023, dividend will likely be re-instated to 15 cents (up from 12cents), translating to a forward yield of 3.95%. With Bloomberg 1 year consensus target price of $4.23, potential upside is 12%, maintain an “Accumulate” rating.

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