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CGS CIMB |
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Yangzijiang Shipbuilding Record-high FY23F net profit likely
■ We lift our FY23-25F EPS by 7-9% to incorporate one-off gains from jack-up rig sale and higher shipbuilding margins. Higher DPS is a rerating catalyst. ■ Subdued steel prices YTD at c.Rmb4,000/tonne reaffirm our thesis for YZJSB’s margin expansion; we lift our FY24F/25F GM to 25%/26%. ■ We raise our 2024F order win forecast to US$4.5bn (from US$4bn) in view of the latest six 13k dual fuel containership orders worth c.US$1bn. ■ Reiterate Add and TP of S$1.96, based on a 2x CY24F P/BV.
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Eco World Development Group Bhd Klang Valley and Johor to drive growth
■ Reiterate Add for its diversified and premium products and decent yields. TP rises to RM1.35, as we roll over valuation to 0.8x FY25F P/BV. ■ EWDG is poised to ride on the rising property demand in Johor given its balanced landbank presence in Johor and Klang Valley, in our view. ■ We believe FY08/24F sales target of RM3.5bn is achievable given its diversified product range, and rising demand for industrial & affordable homes.
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MAYBANK KIM ENG |
DBS VICKERS |
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V.S. Industry (VSI MK) 1QFY24: Post-results briefing Slashed forecasts; downgrade to SELL
We slash FY24E/25E/26E earnings by -31%/-18%/-16% due to lowered sales projections from key customers, namely Customer X, Y, and for its ID operations. VSI highlighted soft orders from these customers in FY24E due to subdued consumer demand and inventory rationalization for Customer X. Our new target price (TP) of MYR0.71 (15x CY24E PER; -0.5SD 5Y mean), down from MYR0.83 (15x FY24E PER), reflects a discounted recovery path. We D/G the stock to SELL from HOLD following the earnings cut.
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GRAB HOLDINGS
Window of Accumulation
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