| PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
BRC Asia Disappointing 1H23, strong uptick expected in 2H23
1H23 net profit was below our expectations, at 31% of our FY23e forecasts. Net profit fell 34.1% YoY, due to 1) 15% decline in ASP; and 2) slow construction progress with safety measures implemented at worksites, which caused deliveries to be deferred. Lower order delivery was mitigated by trading volume, which reduced gross margin by 1.3% pt to 7.4%.
|
Silverlake Axis Ltd Higher OPEX hurt earnings
3QFY23 earnings of RM34.2mn were below our estimates. 9MFY23 earnings were at 64% of our FY23e. The 15% YoY dip in earnings came from higher-than-expected OPEX due to the current inflationary environment and a need to increase staff costs.
|
|
PHILLIP SECURITIES |
CGS CIMB |
|
ComfortDelGro Corp Inflationary pressures gradually abating
1Q23 revenue was within expectations but PATMI disappointed. 1Q23 revenue/PATMI was 22% and 18% of our FY23e forecast. The cost recovery from higher indexation of bus fees is underway in UK but the full benefit will be more evident in 2H23. Taxi earnings were hampered by incentives in China to attract taxi drivers, especially in Beijing. Balance sheet continues to strengthen with net cash of S$718mn
|
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.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
Singapore Airlines (SIA SP) FY23: Results In Line; Strong Final Dividend A Key Surprise
SIA’s FY23 core net profit was in line with our expectations at 99% of our forecast. The final dividend of 28 S cents was a positive surprise, leading to a 6.3% full-year yield for FY23. SIA’s core profitability has peaked and is likely to moderate in FY24-25, driven by normalising pax and cargo yields, but SIA may still sustain a decent yield of 5.8% in FY24 (before moderating to 3.7% in FY25) if it lifts the payout ratio to 70%, backed by its strong balance sheet. Upgrade SIA to HOLD with a higher target price of S$5.75.
|
Tencent Holdings (700 HK) 1Q23: Strong Online Game And Ad Recovery; Accelerating Earnings Growth
Tencent’s 1Q23 results were largely in line with our expectations. Revenue grew 10.7% yoy to Rmb150b, 2.5% above consensus estimates. Gross margin expanded 3.3ppt yoy to 45.5%, beating the street’s expectations. Non-GAAP operating profit was Rmb48.4b, surging 32.4% yoy, and non-GAAP OPM came in at 32.3%, better than our estimates. Non-IFRS net profit increased 27.4% yoy to Rmb32.5b, 2% below consensus estimates, given a positive revenue mix shift. Maintain BUY. Target price: HK$435.00.
|
