buy sell hold 2021



Sheng Siong Group Ltd

Lagged impact from inflation



 1Q23 results were within expectations. Revenue and PATMI were 26%/25% of our FY23e forecast. PATMI declined 5.3% due to higher operating expenses namely electricity and staff cost.

 Sales were generally stable, despite a 3.6% fall in same-store sales growth. New stores contributed to 3.6% points of revenue growth.


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Venture Corporation Limited

Weakness to persist

|1Q23UPDATE 8 May 2023

 1Q23 results were below expectations. Revenue and PAT were 20%/20% of our FY23e forecast. PAT was the lowest in almost three years.

 Guidance by the company is that demand weakness is expected in the near term. Customers have turned more cautious in their orders. 


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Venture Corporation (VMS SP)

1Q23: Results Below Expectations, Expect Near-term Weakness; Downgrade To HOLD


1Q23 earnings of S$74m (-12% yoy) came in below expectations, accounting for 19% of our full-year estimate. 1Q23 revenue fell 8% yoy due to weaker demand from customers as a result of more challenging market conditions. Based on VMS’ customers’ outlook, near-term demand weakness is expected. However, VMS remains focused on becoming a leading provider of technology services in the long term. We trim our 2023 earnings by 16%. Downgrade to HOLD with a 16% lower target price of S$16.99.


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Seatrium Ltd

Building up order book to c.S$24bn


■ Seatrium has clinched more than S$500m of offshore substation platform contracts for Empire Offshore Wind LLC (JV between Equinor and bp).

■ We estimate that this brings its order book to c.S$24bn, after its recent win of offshore HVDC electrical transmission systems from TenneT TSO B.V.

■ YTD order wins come up to c.S$5.5bn, in line with our S$7bn target. We estimate that renewable projects make up about 30% of its order book. Add. 


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OUE Commercial REIT

Boost from Singapore portfolio


■ OUECT’s 1Q23 revenue/NPI of S$68.4m/S$56.6m were in line, at 24.8%/25.4% of our FY23F forecasts.

■ Positive office rental reversions and strong RevPAR growth boosted performance.

■ Reiterate Hold with an unchanged TP of S$0.36. 


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Bangkok Bank

On track for a strong FY23F


■ We came away from BBL’s 1Q23F analyst briefing with a positive view on the bank given its NIM expansion and sound asset quality.

■ Thai economic outlook positive, with exports and MPI recovering. Against this backdrop, BBL’s asset quality should further strengthen, in our view.

■ Reiterate Add, with an unchanged THB193 TP. BBL is our top Thai bank pick 


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