buysellhold july.23



SIA Engineering

Topline strength dragged by forex losses


■ 3QFY24 net profit of S$27m (+110% yoy) was a slight miss on forex losses of S$3.9m. 3QFY24 revenue (+40% yoy) was c.9% above FY15-19 levels.

■ We expect heightened MRO demand and elevated associate profits to drive FY25F EPS growth of 24%, but staff cost pressures likely to remain a drag.

■ Reiterate Add at an unchanged TP of S$2.70. Current valuation is decent at 17x CY25F P/E (1 s.d. below 2010-19 mean), in our view.



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Thai Beverage

Beer sales disappointed


■ 1QFY9/24 revenue (-6% yoy) disappointed due to a weaker beer segment (-14% yoy). 1Q group EBITDAwas +2% yoy on prudent cost management.

■ Weak beer sales in 1Q suggest volume deterioration in TH while VN also remained weak; spirits sales resilient with ASP hike offsetting lower volumes.

■ Downgrade to Hold. Valuations are undemanding, but we see risks for beer business with slow VN recovery and competitive threat from a new entrant.



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Thai Beverage PLC

No celebrations, yet


▪ Results were within expectations. 1Q24 revenue and EBITDA were at 26%/27% of our FY24e forecasts. 1Q24 EBITDA rose 1.9% YoY to Bt13.8bn.

▪ 1Q24 beer revenue suffered a 14% YoY decline in revenue, consistent with the 15% drop in volumes. Spirits operations were stable with revenue largely flat YoY. Margins for both businesses rebounded on lower production costs and marketing spend.



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Silverlake Axis Ltd

Pursuing a robust deal pipeline


■ 2QFY6/24 net profit was below our estimate due to weaker GPM qoq.

■ Management remains optimistic of exceeding its c.RM800m revenue target in FY24F, fuelled by continued order win momentum and RM1.4bn pipeline.

■ Reiterate Add with a lower TP of S$0.36 as we factor in lower GPM with Mobius gaining traction. Elevated US Fed rates are a re-rating catalyst.



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Keppel Pacific Oak US REIT (KORE SP)

2H23: Best Endeavour To Avoid Divestment, EFR And Potential Default


KORE’s portfolio occupancy eased 1.1ppt qoq but continued to hover above 90% in 4Q23. Adjusted NPI grew 3.5% yoy due to organic growth and built-in rental escalation of 2.6% from its existing properties. The suspension of distribution provides funding for necessary capex and, as far as possible, keeps leverage below 45% to ensure continued support from banks for refinancing. KORE trades at 2026 distribution yield of 28.4% and P/NAV of 0.22x (78% discount to NAV). Maintain BUY. Target price: US$0.35.



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Marco Polo Marine (MPM SP)

1QFY24: Turning Tides With Business Tailwinds; Raise Target Price By 6% To S$0.07


MPM surpassed expectations with its 1QFY24 performance, which saw revenue and gross profit growing 22.8% yoy and 75.8% yoy respectively despite the traditionally quieter monsoon period. Gross margin expanded by 12.1ppt yoy, on the back of higher average charter and utilisation rates. We continue to like MPM for its prime position which is likely to benefit from the growing APAC offshore wind market. Maintain BUY with a 6% higher PE-based target price of S$0.07 (S$0.066 previously). 



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