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CGS CIMB |
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Netlink NBN Trust Defensive play
■ NLT’s FY3/23 net profit rose 6% yoy, in line. FY23 DPU grew 2% to 5.24Scts. ■ Healthy growth in fibre connections continued. NLT expects ICO regulatory review to be concluded by mid-CY23F without major surprises. ■ We think NLT can sustain stable DPU growth (2% p.a.). Reiterate Add.
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City Developments Business as usual
■ Slower yoy 1Q23 residential sales but development revenue likely supported by completion of Piermont Grand EC, in our view. ■ Building commercial portfolio with UK acquisition; hotel segment’s strong showing continued in 1Q23. ■ Reiterate Add rating with a TP of S$8.97.
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CGS CIMB |
PHILLIP SECURITIES |
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Hiap Tong Corporation Ltd 1HFY3/23: Heavy lifting by lifting & haulage
■ Hiap Tong is an integrated one-stop service provider of lifting services and transportation services, according to its FY22 annual report. ■ Secured a 5-year contract renewal from ExxonMobil commencing Dec 2022; ongoing 5-year contract with LTA contributed 4.3% to 1HFY23 revenue. ■ It saw FY22 revenue jump 25.3% yoy, and returned to the black in FY22 with a net profit of S$1.61m after two years of losses due to Covid-19.
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NetLink NBN Trust - Stable but higher rates start to nibble
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| PHILLIP SECURITIES | UOB KAYHIAN |
Sea Ltd. - Shopee picking up the slack
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DFI Retail Group Holdings (DFI SP) The Tea Leaves Indicate Mostly Positive Momentum
Reading the lines and between the lines of DFI’s 1Q23 business update, it would appear that the overall business is building on the positive momentum that was heard during its FY22 analyst briefing. Grocery retail across the region remains challenging due to both the high base effect of 1Q22 and inflationary pressures. On the bright side, convenience, health & beauty and its associates have seen strong sales and profitability. Maintain BUY. Target price: US$3.72.
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