buysellhold july.23



Venture Corporation Limited

As weak as during the pandemic


 3Q23 PAT was down 35% YoY to S$63mn. The results were below expectations. 9M23 revenue and PAT were 70%/69% of our FY23e forecast. Soft demand and inventory adjustment continue to weigh down on revenue and earnings.

 The pace of decline should narrow in 4Q23e as contributionsfrom new product introductions and supply chains transition from China to SE Asia.


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Manulife US REIT (MUST SP)

3Q23: Inching Closer To Resolution On Loan Restructuring


MUST achieved rent reversion of +24.2% in 3Q23 driven by lease renewal by its fourthlargest tenant, Kilpatrick Townsend, at 1100 Peachtree in Midtown Atlanta. Management is negotiating with lenders on a waiver for the breach of financial covenant and working with its sponsor on formulating a sponsor support scheme. It targets to announce the loan restructuring by end-23 and hold its EGM in 1Q24. Valuation is attractive with 2024 distribution yield at 18.8% and P/NAV at 0.39x. Maintain BUY. Target price: US$0.18. 



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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)

Sailing Towards A Strong Year On Multiple Fronts


YZJ’s 3Q23 business update indicated that the company remains on track to have another strong year for profits and new order wins, backed by an excellent track record in vessel deliveries. In 9M23, new orders for tankers have overtaken containerships. However, new global emissions standards could provide continued impetus for new orders in 2024. Maintain BUY. Raise target price to S$1.92. 



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Wilmar International (WIL SP)

Gradual Recovery


Management's recent updates are in line with our expectation. We believe the worst is behind us, but earnings recovery is expected to be gradual due to the ongoing geopolitical uncertainty and a slower economic growth environment. During YKA's recent briefing, management emphasised the recovery of sales volumes, particularly in consumer products, and expressed optimism that this positive momentum will be sustained. Maintain HOLD. Target price: S$3.80. 



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Li Ning Company
Feedback from Li Ning’s investor conference call

■ Li Ning held an investor conference call on 2 Nov, further explaining its 3Q23 operating data and providing its five-year targets.

■ 3Q23 operational data weaker than we expected; management revises down its fullyear topline growth guidance to below 10% and now expects NPM to decline yoy.

■ Management emphasised that Li Ning’s inventory-to-sales ratio is maintained at 4-5x, thanks to active adjustment and close monitoring on a weekly basis.

■ Management aims to resolve the issue of distributors selling products at unauthorised price points before the end of FY24F.

■ Reiterate Add, as we believe Li Ning has ample room to improve its store productivity and margins. We maintain our DCF-based TP of HK$62.

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