buy sell hold 2021



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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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

  • FY23 revenue and EBITDA were within expectations, at 101%/103% of our FY23e forecasts. A diversion revenue spike of 130% YoY in 4Q23 surpassed our expectations.
  • Core residential revenue was stable at S$61.4mn, up 1.4% YoY. Interest expense almost doubled to S$5.4mn due to higher interest rates and capital expenditure.
  • The new fibre rates NetLink can charge its customer is expected to be announced soon. Our base case is that fibre rates will be nudged marginally lower. Any impact on dividends is muted due to the ability to raise borrowings. Our FY24e EBITDA is raised by 2% and DCF target price nudged up to S$0.87 (prev. S$0.85). Our NEUTRAL recommendation is maintained. The distribution yield is sustainable from stable operating cash-flows and access to financing.

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Sea Ltd. - Shopee picking up the slack

  • 1Q23 revenue missed expectations marginally due to decline in gaming revenue. Earnings were above our expectations, but negatively impacted by a 121% YoY increase in loan provisions. 1Q23 revenue was at 21% our FY22e forecasts, with PATMI ~US$670mn better than our FY23e forecasts due to better monetization and lower marketing spend.
  • Shopee growth is re-accelerating on better monetization and resilient GMV trends in Southeast Asia. Expenses continued to decline, increasing operating profitability across all business segments.
  • We cut our FY23e/FY24e revenue by 9%/12% respectively to reflect slower growth as Garena continues to drag, while increasing FY23e PATMI/EBITDA by US$940mn/US$838mn on profitability across all segments. We maintain BUY with a reduced DCF target price of US$100.00 (prev. US$120.00), using a WACC of 7.6%, and a terminal growth rate of 3.0%.

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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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