buy sell hold 2021



Grab Holdings

Strong execution


■ Grab beat expectations across revenue, adj. EBITDA and net profit lines in 1Q23. However, GMV missed Bloomberg consensus expectations.

■ Given its strong performance in 1Q23, we deem Grab’s updated FY23F adj. LBITDA guidance (US$195m-US$235m) as conservative (again).

■ Deliveries GMV could reaccelerate in 2QF while its margins further expand. Mobility segment GMV growth momentum remains healthy. Reiterate Add. 


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Singapore Airlines

Positive tweaks to earnings estimates


■ SIA’s share price has re-rated nicely since its full year results announcement on 16 May, due to the strong profits and the bumper 28 Scts final DPS.

■ Following SIA’s analyst and media briefing on 17 May, we made forecast tweaks that have a net positive impact on our FY24-26 forecasts.

■ Reiterate Hold with unchanged TP of S$6.15 (1x CY23F P/BV); we think the share price is toppish, but may hold its value until the DPS ex-date on 1 Aug. 


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Hyphens Pharma International Ltd

Disruption in specialty pharma supply


 1Q23 results were below expectations. Revenue and PATMI were 19%/10% of our forecasts. Revenue suffered from the cessation of Biosensors and delay shipments in Vietnam.

 Specialty pharma revenue declined by 27%. The loss of Biosensor distribution in Dec 22 was well flagged. The surprise was supply disruption from three specialty pharma manufacturers.


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1Q23: Resiliency From Diversified Tenant Mix; Bombed-out Valuations


We factor in potential valuation losses and the cost to reduce gearing to correctly appraise the valuation for PRIME. We estimate fair value of investment properties to drop 10% and aggregate leverage to hit 48% at end-23. PRIME could raise US$145m through a 1,000:873 rights issue with issue price at US$0.14 (33% discount) to lower aggregate leverage to 38%. Valuation is attractive with 2024 distribution yield at 17.4% and P/NAV at 0.44x. Maintain BUY. Target price: US$0.61. 


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Centurion Corp (CENT SP)

Continuing On Its Recovery Across All Asset Classes


Centurion’s 1Q23 business update was a solid one with revenue up 5% yoy to S$47m making up 25% of our full-year forecast and thus in line with expectation. The key PBWA segment, which makes up three-quarters of its revenue, saw 5% yoy growth in its top-line while its PBSA segment was similarly robust, up 7% yoy. In the near to medium term, it appears that Centurion will continue to see incremental volume and rental growth. Maintain BUY. Target price: S$0.43. 


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Alibaba Group (9988 HK)

4QFY23: Solid Earnings Growth; Full Spin-off Of Alibaba Cloud


Alibaba delivered better-than-expected 4QFY23 results. Revenue came in at Rmb208.2b, growing by 2% yoy, in line with street estimates. Non-GAAP net profit was Rmb27.4b, up 38% yoy and beating street estimates by 11%, with net margin improving sequentially to 13%. The company announced a comprehensive capital management plan, including a full spin-off of the Cloud Group via stock dividend distribution. Maintain BUY with a lower target price of HK$142.00 (US$146.00).


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