buy sell hold 2021



Boustead Singapore Ltd

Brighter outlook in FY3/24F


■ Earnings recovery started to take shape in 2HFY23, with core PATMI growing to S$18m (+32% hoh, +35% yoy); but results was a slight miss.

■ We forecast a 52% core PATMI growth in FY24F, driven by strong order win momentum for energy engineering and a higher stake in Boustead Projects.

■ Geospatial segment steady despite FX headwinds. Reiterate Add; TP raised to S$1.40 as we account for the earnings-accretive stake increase in BP.


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To Indonesia Via Singapore


Indonesia’s economic performance has been strong on a ytd basis with the rupiah outperforming its regional peers, thus resulting in the JCI outperforming its peers in US dollar terms. We highlight various sectors and stocks listed on the SGX that could benefit from this strength with our top picks being Delfi, Marco Polo Marine and Raffles Medical. 


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Malayan Cement Bhd

Maiden dividend expected in FY24F


■ Reiterate Add with a higher TP of RM5.08 based on DCF as we raise our FY23-25F EPS by 36-107% on higher blended ASP assumptions.

■ Earnings recovery has thus far been ASP and cost driven. We expect stronger volume growth in 2HCY23F.

■ We think strong FCF generation will result in maiden dividends in FY24F.


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Oil & Gas – Malaysia

Petronas Shows Signs Of Cost Increases And Structural Capex Shifts In 1Q23


Petronas’ 1Q23 results show two key takeaways that reiterate our sector theme. It is increasingly focusing on scrutinising cost inflation (despite lower product costs). Secondly, its five-year forward local O&G capex reflects its decreasing local capex mix over time vs East Malaysian oil majors, and necessitates overseas expansion. Overall, we see higher activity levels, along with higher earnings volatility amid the structural changes. Retain OVERWEIGHT with selective investments.


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YTL Corporation

Earnings momentum to continue


■ Reiterate Add with a higher SOP-based TP of RM1.28 as we lift our FY23- 25F EPS by 12-64% on better earnings for YTL Power and MCement.

■ YTL is an underappreciated cash-generating conglomerate with utilities, cement and construction as its medium-term growth engines.

■ Construction opportunities include MRT, industrial warehouses and HSR.


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Energy Absolute (EA TB)

EV & Battery Ecosystem Driving Growth


We remain positive on EA’s earnings outlook with expectations of the company achieving a new record high in 2023, driven by its focus on its EV & battery business. EA is actively enhancing its value chain by expanding into the auto part business. In addition, we believe that EA will emerge as a key beneficiary of governmental policy changes that support the EV industry. Maintain BUY. Target price: Bt100.00. 


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