buy sell hold 2021



LHN Limited

Growth from new capacity

 1H23 earnings was within expectations. Revenue and adjusted PATMI were 45%/48% of our FY23e forecasts. 1H23 adjusted PATMI declined 11% YoY to S$14.1mn due to the completion of a worker dormitory contract in May22.

 Co-living and car park revenues jumped 50% and 28% YoY respectively in 1H23. The interim dividend was raised 67% to 1 cent, implying an annualised yield of 6%.


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Hope for better days ahead


■ 2HFY3/23 core net profit (+11% yoy) was below our expectations on softerthan-expected Bharti contribution, while EBITDA (-2% yoy) was in line.

■ We see FY24-25F group EPS growth led by roaming recovery, ongoing Optus cost rationalisation, and stronger Bharti contribution.

■ SingTel is targeting c.S$6bn in mid-term capital recycling proceeds to fund growth. Reiterate Add with an unchanged TP of S$3.00. 


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Sembcorp Industries

Reducing merchant risk


■ SCI reduces merchant risk by signing a 10-year PPA with Singtel worth S$180m. We believe c.650-700++MW of capacity has been contracted.

■ SCI signs long-term PPAs to address concerns over ‘peak earnings’ for conventional energy (CE), yet leaving some room for spot prices.

■ YTD Singapore USEP has averaged S$339/MWh, +30% over 2H22 average of S$259/MWh, suggesting continued strength in CE. Add, TP of S$5.12.


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Mapletree Industrial Trust

Moving into the Japan DC market


■ Strategic entry into the Japan market with the acquisition of a DC in the fastgrowing Osaka market.

■ The newly completed property will rejuvenate portfolio and extend MINT’s income visibility, in addition to being DPU and NAV accretive, in our view.

■ Reiterate Add rating with a TP of S$2.61. 


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Singapore Telecommunications (ST SP)

FY23: Improving Core Business Dragged By Weaker Overseas Contributions


Singtel reported higher FY23 underlying revenue (+2% yoy) and PATMI (+7% yoy), driven by NCS, higher data roaming revenue and regional associates. Singapore consumer continues to experience ARPU uplift from the ongoing recovery in international travel and ongoing 5G migration. Optus customer growth took a hit in 2HFY23 as postpaid subscribers fell while NCS continues to face compressed margins but is facing an improving outlook in FY24. Maintain BUY. Target price: S$3.15.


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Public Bank (PBK MK)

1Q23: Provision Writebacks Buffer NIM Compression


Public Bank’s 1Q23 earnings are in line as weaker-than-expected NIM was offset by provision writebacks. On a yoy comparison, the group was still able to register a commendable 5% growth in pre-provision operating profit on the back of stable loans growth and cost control. Maintain BUY and target price of RM5.10 (1.80x 2023F P/B, 12.8% ROE). Valuations have declined to a highly attractive 1.5SD below its historical mean while hefty provision buffers provide potential credit cost tailwinds.


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