buysellhold july.23

CGS CIMB

CGS CIMB

Semiconductor

Sector to recover further in 2025F

 

■ Global semicon sales are expected to improve in 2024F, with growth projections of 13.1%-20.2% yoy, according to WSTS and IDC.

■ In our view, AEM, Frencken and UMS are beneficiaries of the trade diversion into Malaysia and the expected semicon recovery in 2024-25F.

■ Our top small-cap picks to play into the semicon recovery theme are Frencken and UMS.

 

 

Read More ...

 

 

 

Banks

Don’t lose sleep over asset quality

 

■ We estimate that every 10% rise in the GILs of construction and WC loans would shave banks’ FY24F NP by 0.2% and 1.3%, respectively.

■ Banks’ management overlay of RM6bn at end-Jun is more than sufficient to offset any additional provisions from construction and WC loans, in our view.

■ We reaffirm our Overweight stance on banks, premised on potential writebacks in management overlay and increases in dividend payout ratios.

 

 

Read More ...

 

OCBC INVESTMENT RESEARCH



 

 

 

 

SEMBCORP INDUSTRIES (SCI SP) 

Recommendation :  BUY 

Fair Value        :  SGD 6.83

  

IN THE MIDST OF TRANSFORMATION.

  • Acquiring assets to grow renewables capacity
  • Targeting renewable capacity of 26GW by 2028
  • Capital recycling strategy in focus

Sembcorp Industries (SCI) is a leading energy, water and urban development group operating across five continents worldwide. Over the years, SCI’s key financial metrics such as return on equity (ROE) have turned for the better, a trend supported by higher electricity prices as well. The group has also been divesting non-core assets to unlock value and grow its renewables portfolio. Successful execution of its renewables strategy provides further scope for re-rating, though good assets may not come cheap currently. We would look out for a possible inclusion in the MSCI Singapore Index as a catalyst.   

   

 

 

 

You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.2400.100
Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0950.008
China Sunsine0.4000.010
ComfortDelGro1.3600.010
Delfi Limited0.965-
Food Empire1.440-
Fortress Minerals0.280-
Geo Energy Res0.3400.010
GSS Energy0.026-0.001
Hong Leong Finance2.480-
Hongkong Land (USD)3.240-0.140
InnoTek0.445-0.005
ISDN Holdings0.315-0.005
ISOTeam0.035-
IX Biopharma0.045-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.130-0.002
Nordic Group0.3400.005
Oxley Holdings0.091-
REX International0.1340.001
Riverstone0.6850.010
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.220-0.010
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.815-0.025
Wilmar Intl3.3300.010
Yangzijiang Shipbldg1.7900.040
 

We have 1415 guests and no members online

rss_2 NextInsight - Latest News