buy sell hold 2021



Frencken Group Ltd

FY23F net profit could drop 59% yoy

■ Frencken Group’s 1Q23 revenue was in line, at c.23.3%/22.5% of our/Bloomberg consensus’ FY23F forecasts.

■ 1Q23 net profit, however, missed expectations, coming in at c.11.2%/10.8% of our/Bloomberg consensus’ FY23F forecasts.

■ Reiterate Hold as Frencken invests for the upturn in the semicon industry. TP reduced to S$0.87.

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SIA Engineering

In recovery mode

■ We hosted a virtual non-deal roadshow (NDR) for SIA Engineering, where management provided updates of its operations and outlook for FY24F.

■ SIE is working towards revenue recovery to pre-Covid levels of S$1.1bn in the medium-term, driven by a broad-based travel recovery in Southeast Asia.

■ Reiterate Hold with an unchanged TP of S$2.42, based on 1.6x CY23F P/BV.

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Commodities – China

Weekly: Gold Dips Below US$2,000; Wavering Recovery Dragging Down Commodity Prices

Gold fell below US$2,000 last week following the hawkish comments from Fed officials and optimism over a debt-ceiling deal. HRC steel-raw materials spreads compressed 2.2% wow with a rebound in iron ore prices. Steel mills activities are recovering upon completion of maintenance, and are likely to see stronger inventory pressure ahead. Cement prices continue to search for a bottom, with demand being swayed by weather conditions and a lack of incremental demand from new construction projects.

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Frencken Group (FRKN SP)

1Q23: Earnings Below Expectation Due To Weaker Margin, Outlook Remains Cautious

Frencken’s 1Q23 earnings of S$5.2m (-60% yoy) was below expectation, meeting only 11% of our full-year estimate mainly due to gross margin compression caused by continuing inflationary cost pressure and higher depreciation. Revenue for three segments declined, while that for medical and analytical & life sciences rose. Frencken expects the business environment to remain challenging in 2023. We cut our 2023 earnings by 44%. Maintain HOLD with a 28% lower target price of S$0.78. 

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Sembcorp Industries

Supported by a confluence of factors

• Significant share price outperformance YTD against broader market
• Continues to expand production capacity; tight electricity markets also exacerbated by record-high temperatures
• Capital recycling strategy in focus

Investment thesis
Sembcorp Industries (SCI) is a leading energy, water and urban development group operating across five 
continents worldwide. With a turnaround due to the de-merger with Sembcorp Marine, SCI’s key financial metrics such as ROE have turned for the better, a trend
supported by higher electricity prices as well. Successful execution of its renewables strategy provides further scope for re-rating, though good assets may not come cheap currently. Looking ahead, we would look out for a possible inclusion in the MSCI Singapore index.



2Q23 Core Profit Expected To Be Stable qoq


Based on yesterday’s analyst meeting, we have a neutral view on PTT. In the long term, PTT maintains its focus on growing new businesses aligned with the New S-Curve. For the short term, we expect profit to remain stable qoq in 2Q23, primarily due to the growing gas business. The demand for gas in the power generation and petrochemical industries continues to increase. Maintain BUY. Target price: Bt39.00. 


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