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UOB KAYHIAN |
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Civmec (CVL SP) FY23: Dividend Beats Expectation By 25%; Tendering Activities Remain Strong
FY23 earnings of A$57.7m (+13.7% yoy) are slightly above expectations, forming 103% of our full-year estimate. This was driven by higher gross profits across all sectors, leading to a 0.6ppt yoy expansion in net margin. Dividend beat our expectation by 25%, with a full-year DPS of 5.0 A cents (+66.7% yoy), representing a dividend yield of 6%. Civmec continues to see strong tendering activities across all sectors and we expect its robust orderbook to drive further growth. Maintain BUY with a target price of S$1.23.
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BYD Company (1211 HK) 2Q23: Earnings Up 145% yoy And 65% qoq, In Line
BYD posted in-line 2Q23 net profit of Rmb6,824m (+142% yoy/+72% qoq), vs its guidance of Rmb6,370m-7,570m, driven by sales growth and margin recovery. This brings 1H23 net profit to Rmb10.95b (+205% yoy), vs our 2023 estimate of Rmb23.81b (+43% yoy). Looking ahead, we expect earnings to continue growing qoq in 2H23, driven by new model launches. We keep 2023-25 net profit forecasts at Rmb23.81b/ Rmb37.57b/Rmb53.36b. Maintain BUY. Target price: HK$590.00.
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UOB KAYHIAN |
LIM & TAN |
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Xiaomi Corp(1810 HK) 2Q23: Solid Beat On Robust Margin Expansion
Xiaomi reported a strong beat in its 2Q23 results with adjusted net profit 28% above our and consensus estimates on the back of better-than-expected margin expansion across all businesses. Going forward, we expect a gradual recovery in its smartphone business, while margins may remain elevated thanks to the premiumisation strategy, and a more stable forex impact. Upgrade to BUY. Raise target price to HK$15.30.
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Tiong Woon Corporation ($0.50, up 0.5 cent) recorded revenue of $135.8mln for the twelve months ended 30 June 2023 (“FY2023”), an improvement of 11% from a year ago. This was mainly attributable to the increase in contributions from Heavy Lift and Haulage segment. Gross profit was $54.2mln in FY2023, an increase of $4.8mln or 10% from $49.3mln in FY2022 while gross profit margin remained consistent at approximately 40% for both years. The Group’s net profit attributable to shareholders increased by $4.3mln or 38% from $11.4mln in FY2022 to $15.7mln in FY2023. Tiong Woon’s market cap stands at S$115.9mln and currently trades at 7.4x PE and 0.4x PB, with a dividend yield of 2%. While construction industry continues to do well and TWC having raised dividends, we continue to remain cautiously optimistic of the medium term prospects of Tiong Woon. |
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CGS CIMB |
CGS CIMB |
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Keppel DC REIT KL NDR highlights
■ Limited impact from volatile electricity prices due to lease structure and fixed electricity contracts. Johor DCs complementary, not cannibalistic to SG DCs. ■ Third-party assets in Japan and Korea are potential near-term acquisitions. ■ Reiterate Add with an unchanged DDM-based TP of S$2.53.
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RHB Bank Bhd Unlocking management overlay
■ RHB Bank’s 1HFY23 net profit was below our expectation, at 44% of our fullyear forecast, due to lower-than-expected net interest income. ■ It wrote back a total of RM284m in management overlay in 2Q23, leading it to register a net write-back in LLP and strong net profit growth of 28.3% yoy. ■ RHB Bank is our top pick for banks, given its highest dividend yield in the sector (6.5% in CY23F) and enticing valuation (CY24F P/E of 7.1x).
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