| UOB KAYHIAN |
UOB KAYHIAN |
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Kimly (KMLY SP) FY23: Results Slightly Above Expectations; Macro Headwinds Persist
Kimly reported FY23 core PATMI of S$34m (-0.2% yoy), forming 104.5% of our full-year estimate and slightly above expectations. Revenue fell 1.2% yoy, mainly driven by the continued demand normalisation in food delivery. We note that Kimly continued to improve its net cash balance to S$71.4m (+31.3% yoy), providing a buffer against inflationary pressures. Maintain HOLD with a target price of S$0.36.
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Yinson (YNS MK) 9MFY24: In Line, FPSO Performance Can Sustainably Fund Transition Projects
9MFY24 core profit is in line, as the upside on FPSO profits (rate escalations) is able to offset some project hiccups in the non-O&G ventures, while keeping in check the spike in non-O&G opex. Fortunately, some of Yinson’s non-O&G businesses have promising potential, even though none are major near-term earnings catalysts yet. Further delivering two more FPSOs (Atlanta and PDB) on time in 2024 will ease its balance sheet position. Retain BUY. Target price: RM3.75.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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PTT Exploration & Production (PTTEP TB) Five-Year Investment Plan (2024-28)
PTTEP announced a five-year investment plan amounting to US$32.6b, aiming for a 5% CAGR in sales volume. Despite an uptick in this investment plan compared with the previous plan, this was partly due to some projects being postponed from 2023, including an increase in new projects. Major projects like the Erawan project are proceeding as scheduled, although the Mozambique LNG project has postponed its gas production plan to 1H28. Maintain BUY. Target price: Bt200.00.
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GoTo Gojek Tokopedia (GOTO IJ) TikTok dancing in Tokopedia
TikTok is returning by acquiring Tokopedia TikTok is returning to Indonesia’s e-commerce market by acquiring Tokopedia. TikTok will be the controlling shareholder, while GOTO will retain 24.99% non-diluted shareholding. We believe the low valuation in the disclosure is for transaction structure purposes and does not reflect the actual market value of Tokopedia and TikTok shop. Our calculation shows implied value of IDR139t in combined entity (New Tokopedia), and GOTO's 24.99% worth IDR34.8t. We reiterate our BUY with TP of IDR110.
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| LIM & TAN | LIM & TAN |
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Sembcorp Industries / SCI ($5.18, up 0.07), through its whollyowned renewables subsidiary Green Infra Wind Energy Limited (GIWEL), has received the Letter of Award (LOA) for a 300MW Inter State Transmission System connected solar power project (the Project) from NHPC Limited (NHPC). NHPC, an enterprise of the Government of India, is a premier organisation in India for the development of hydropower. The build-ownoperate Project is part of a 3GW bid issued by NHPC earlier this year. In its LOA, NHPC has confirmed the acceptance of GIWEL’s final offer and committed to purchasing power from the Project. Upon completion of the Project, power output from the Project will be sold to NHPC under a 25-year long-term power purchase agreement. Under the agreement, GIWEL will acquire from Leap Green Energy, 100% of the share capital in two special purpose vehicles (SPVs) for an equity consideration of approximately S$70 million. The SPVs own 228MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan, India. Sembcorp has signed agreements to secure 673MW of renewables capacity, since it announced its 2028 target to achieve 25GW of gross installed renewables capacity. This includes the proposed acquisition of 245MW of renewables assets in Vietnam announced on November 10, 2023. Upon completion of these acquisitions, Sembcorp’s gross renewables capacity will reach 12.6GW globally. After the de-merger of Sembcorp Marine, SCI’s pivot towards the green energy segment is gaining traction and we believe that as its profit and sales exposure increases, the re-rating of SCI will continue. At 10x PE and with Bloomberg 1-year consensus target price of $6.64 implying upside potential of 29%, we maintain an “Accumulate” rating on SCI.
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Keppel DC REIT ($2.08, up 8 cents), in its capacity as manager of Keppel DC REIT , wishes to announce that its indirect wholly-owned subsidiary in the PRC, KDCR Guangdong Co., Ltd. , has today issued a letter of demand to its tenant, Guangdong Bluesea Data Development Co., Ltd, under the lease agreements in relation to Guangdong Data Centres 1, 2 & 3 (including all of its premises, facilities and equipment as well as auxiliary and supporting facilities) and the framework agreement in relation to Guangdong Data Centre 3, The Manager will make the relevant announcements on SGXNET in accordance with the Listing Manual of the SGX‐ST as and when there are material developments in this matter. In the meantime, unitholders of Keppel DC REIT are advised to exercise caution when dealing in the units of Keppel DC REIT. Keppel DC REIT’s market cap stands at S$3.58 BLN and currently trades at 20.4 forward PE and 1.5X PB, with a dividend yield of 4.8%. Consensus target price stands at S$2.15, representing 3.4% upside from current share price. “HOLD”. |
