buysellhold july.23

PHILLIP SECURITIES

MAYBANK KIM ENG

Zixin Group Holdings

Plugged into China’s food security priority

 

 Zixin Group China Factory Visit: A Chinese sweet potato-focused operator with an integrated value chain that covers seedling cultivation, fresh supply, production of snack food, functional food, and animal feed. The production base is located in Liancheng County, Fujian Province.

 

 

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Venture (VMS SP)

Brighter FY24E

 

Maintain BUY with a 10% higher TP of SGD15.40

Management revealed recently production of some NPIs (new product introductions) is likely to start in 4Q23E and more are slated for FY24E. In addition, customers’ inventory is depleted and more orders are likely in 2024. Through our channel checks, we are also more bullish FY24E will be stronger for Venture as higher utilisation rate and operating leverage lead to better margins. As a result, we raise our FY24/25 PATMI forecasts by 7.1% and 9.8%, and increase our PE target from 14.5 to 15.0x due to a brighter outlook. This raises our TP by 10% to SGD15.40. Accompanied by an attractive prospective yield of 5.8%, we maintain BUY.

 

 

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UOB KAYHIAN

LIM & TAN

Emperador Inc (EMI SP)

3Q23: Stable Results Despite Falling Margins

 

EMI reported stable 3Q23 results with higher yoy revenue (+9.5% yoy) and PATMI (+5.4% yoy), driven by both the brandy and Scotch whisky segments. However, increased promotional activities and higher interest costs continue to pressure overall margins. Given no near-term catalysts, we think that EMI is fairly valued at current rich valuation levels due to its premium market positioning and strong growth potential. Maintain HOLD with a higher PE-based target price of S$0.48 (S$0.45 previously). 

 

 

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Marco Polo Marine Ltd / MPM (S$0.051, down 0.2 cents), a reputable regional integrated marine logistics company, is pleased to announce that it has signed the Vestas Framework Agreement, which finalises the previous landmark Memorandum of Understanding (“MOU”) inked in December 2022 between its Taiwan-based subsidiary, PKR Offshore Co., Ltd and Vestas Taiwan Co., Ltd for the maiden deployment of its new Commissioning Service Operations Vessel (CSOV). 

The Global Wind Energy Council (GWEC) has forecast 680 GW of new wind power capacity to be installed over the next five years (2023-27). This represents 136 GW per year to 2027. Total installed capacity grew to 907 GW globally in 2022, up 78 GW from 2021. This year, new wind capacity could surpass a milestone of 1 terawatt (TW). In Asia, the GWEC expects new offshore wind installations to exceed 10 GW in 2026 and nearly 15 GW by 2030. By 2050, the region is projected to achieve a total of 613 GW offshore wind installations. Against this backdrop of expected growth in Asia, the industry will continue to grapple with a shortage of suitable specialised wind installation vessels. Coupled with the global pivot towards clean energy, Marco Polo Marine foresees expected strong demand for its marine vessels over the long term.

At 5.1 cents, MPM is capitalized at $192mln and trades at 9-10x consensus earnings estimates, 1.2x price to book, and with 1 year consensus target price of 6 cts. Successful execution would be key for further re-rating and upward adjustments in consensus target prices.

LIM & TAN MAYBANK KIM ENG

iFast Corpooration ($7.97 up 8 cents) announced the official launch of iFAST Global Hub.ai in Malaysia, a pivotal initiative in the Group’s 3-Year Growth Plan to become a prominent global player in digital banking, wealth management, and pension administration solutions.

In line with iFAST Group’s growth plan, iFAST Global Hub.ai is excited to announce its intention to recruit at least 400 digital talents to join the team over the next five years. This strategic investment in human capital will further enhance the Group’s fintech ecosystem, bringing valuable expertise and opportunities to IT talents across the region.

Furthermore, as part of its strategic expansion, iFAST Global Hub. ai is set to invest more than RM 150 million and will occupy more than 63,000 sq. ft. of office space over the next five years. This investment reaffirms iFAST’s ambitions in becoming a global fintech powerhouse that delivers innovative solutions that cater to a diverse and dynamic clientele. At $7.97, market cap of iFast is S$2.3bln, trailing 12-mth P/E is high at over 140x, current P/B is 9.8x and dividend yield is 0.6%.

 

 

Sports Toto (SPTOTO MK)

Very close to putting the ghost of COVID-19 to rest

 

Upgrade to BUY with higher TP of MYR1.55 (+11%)

Earnings/dividends came in above/within our expectations. NFO sales/draw/outlet pleasantly surprised by coming in a hair’s width within pre-COVID levels. We raise FY24E-FY26E EPS by 8% p.a. as we raise NFO sales/draw/outlet assumption to 90% of pre-COVID levels from 85% of preCOVID levels from FY24E onwards. Consequently, we also raise our DCF-TP to MYR1.55 from MYR1.40. With >10% upside potential, we upgrade SPTOTO to BUY from HOLD. 

 

 

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