buy sell hold 2021



Delfi (DELFI SP)

1Q23: Results On The Sweet Side


Delfi’s 1Q23 record-high revenue of US$160.8m (+20.8% yoy) was within expectations, forming 31% of our full-year estimate. Both its business lines achieved strong sales growth, while gross margin improved 1.3ppt to 30.4%, driven by good performance in the premium product category and timely cost management. Delfi expects the strong growth momentum to continue for most of 2023. We continue to forecast steady earnings growth moving forward. Maintain BUY with a target price of S$1.71. 


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1Q23: Another Good Set Of Results; Focus Remains On Profitability


SEA reported its second consecutive quarter of positive earnings in 1Q23. This is well within our expectations with a lower digital entertainment contribution. We expect 2Q23 earnings to remain healthy with: a) management guiding that the active users for of Free Fire had reached its peak in Apr 23 over the last eight months, b) the e-commerce segment remaining resilient with stable margins, and c) increasing loan base for DFS segment. Maintain BUY with a target price of US$94.34.


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CapitaLand Ascendas REIT

(CLAR SP) Growing Through Three Initiatives While Preserving Resiliency Of Balance Sheet


The Shugart at one-north district provides attractive NPI yield of 8.3% (7.8% post transaction costs). The development of a six storey high-specification ramp-up logistics facility in Singapore provides attractive stabilised yield of 7.5-8.5%. Including the potential acquisition in Europe, the basket of three initiatives provides DPU accretion of 1.2-1.3%. CLAR provides resilient 2023 distribution yield of 5.3% (AAREIT: 7.5% and MINT: 5.8%). Maintain BUY with a target price of S$3.30.


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Seatrium (STM SP)

Sailing Into A Sea Of Opportunity


Seatrium’s 1Q23 business update displayed strong cashflow generation, as evidenced by its materially lower gearing levels. However, it is the company’s potential to continue to grow its orderbook in the oil & gas and renewables space that is exciting in our view. We estimate another S$10b upside to its current orderbook of S$20b with the company targeting an EBITDA margin of 15%. Maintain BUY with an upgraded target price of S$0.17. 


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Jumbo Group Limited

Appetites are returning


■ 1HFY9/23 net profit was a beat on strong Singapore revenue (+134% yoy), driven by robust restaurant spend, price hikes, and new outlet contribution.

■ China operations saw sequential hoh recovery in 1HFY23 upon reopening. We are positive on more recovery ahead as domestic spending ramps up.

■ We believe Jumbo is on track for earnings recovery to pre-Covid levels by end-FY23F. Retain Add at a higher TP of S$0.40, based on 20x CY24F P/E. 


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Singapore Airlines

Strong 28 Scts DPS to support share price


■ FY3/23 core net profit of S$1.9bn was 2%/5% below our/Bloomberg consensus forecasts, due to higher-than-expected operating costs at Scoot.

■ SIA declared a 28 Scts final DPS (ex-date 1 Aug) which exceeded our 27 Scts estimate; full-year DPS of 38 Scts represents 52.3% payout.

■ Reiterate Hold with a slightly higher TP of S$6.15 based on 1x CY23F P/BV multiple, raised from 0.9x earlier on the back of strong cashflow generation. 


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