buysellhold july.23



DBS Group Holdings (DBS SP)

4Q23: Accelerating Pace Of Returning Surplus Capital To Shareholders


DBS’ 4Q23 net profit of S$2,269m (-3% yoy) met our expectation. NIM narrowed 6bp qoq and net interest income grew at a single-digit rate of 4.7% yoy. Asset quality was stable and credit cost low at 11bp. 4Q23 DPS increased by 6 S cents to 54 S cents. Quarterly DPS is expected to remain at 54 S cents in 2024 after the 1-for-10 bonus issue. Management will continue to review DBS’ capital structure in view of returning more surplus capital to investors. Maintain BUY. Target price: S$39.20.



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NetLink NBN Trust (NETLINK SP)

9MFY24: Stable Results As Connections Grow


Netlink posted higher 9MFY24 overall revenue (+3.2% yoy) and PATMI (+4.0% yoy) which were in line with our expectations, driven by higher connections and installationrelated revenue. Armed with stable revenue streams and operating cashflows, Netlink is a high-yielding, safe haven stock. Maintain BUY with the same target price of S$1.01.



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DBS Group (DBS SP)

Yielding results


Earnings growth peaked. Not so for yields DBS 2023 earnings were marginally ahead of MIBG/Street. Earnings growth has peaked. However, levers such as loan growth, fee income and large general provision overlays should allow the Group to keep earnings supported at current levels. Its shift to deliver higher base dividends, bonus share issues and potential special dividend increases capital returns visibility and dividend yield certainty, amidst an environment where risk free rates are set to fall. Lower TP to SGD37.66. Maintain BUY.



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DBS Group Holdings Ltd (DBS SP) - Strong dividend yield angle


On the back of the strong jump in net interest margin (NIM) to >2% in 2023, DBS delivered a record set of FY23 results. It delivered record profits and the highest return on equity (ROE) of 18%. Aside from strong net interest income, the group also benefited from the consolidation of Citi Taiwan. This also led to higher credit card income from higher card spendings and a wider customers base. Its assets under management (AUM) jumped from SGD297b in FY22 to SGD365b in FY23, up 23%. This also led to the strong expansion in wealth management income from SGD3.3b in FY22 to SGD4.4b in FY23, up 33%. Excluding special dividends, FY23 total dividend of SGD1.92 is up 42 cents or 28% year-on-year (YoY). Cost-to-income ratio is projected to stay near the low 40%. Management is guiding for ROE to be in the range of 15-17%, net interest income to be around the 2023 level, and fee income growth to be double-digit. BUY.




Alibaba Group (9988 HK)
3QFY24: Increased Shareholder Return Plan; Pivoting Focus To Reignite Ecommerce Growth
Alibaba delivered in-line 3QFY24 results. Revenue grew 5% yoy to Rmb260.3b, in line with street estimates. Non-GAAP net profit was Rmb48b, down 4% yoy and in line with street estimates, with net margin of 18.4%.

Alibaba has approved an increase of US$25b to its share repurchase programme through to the end of Mar 27. The company remains focused on achieving double-digit growth in ROIC and targets a 3% share reduction in the next three years. Maintain BUY. Target price: HK$100.00 (US$100.00).



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