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PHILLIP SECURITIES |
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United Overseas Bank Limited NII hurt by NIM decline and flat loan growth
▪ 4Q23 adjusted earnings of S$1,498mn were slightly above our estimates due to higher fee income and other non-interest income, but offset by lower-than-expected NII and higher allowances.
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Venture Corporation Limited Recovery back-loaded
▪ 2023 results were within expectations. Both revenue and PATMI were 99% of our FY23 forecast. Earnings weakness persisted into the 4Q23, with PAT declining 25% YoY to S$67.4mn. The final dividend was unchanged at 50 cents and full-year at 75 cents.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Singapore Telecommunications Ltd Bruised by currency
▪ 3Q24 earnings were within expectation. 9M24 revenue and EBITDA were 73%/75% of our FY24e forecast. Currency was almost a 2% point drag to earnings.
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HRnetGroup Limited Expecting growth to creep up
▪ Results were marginally below expectations. FY23 revenue and adjusted PATMI were 97%/95% of our forecast. 2H23 grew 5% YoY to S$27mn. Professional recruitment revenue was weaker than expected with a decline of 30% YoY. Placements were the lowest since listing.
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| PHILLIP SECURITIES | CGS CIMB |
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Prime US REIT No breach, but refinancing risks persist
▪ FY23 DPU of 2.71 US cts (-58.6% YoY) was below our estimates due to Prime paying only 0.25 US cts in 2H23 (c.10% of 2H23 distribution) to preserve capital for capex needs.
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Aztech Global Ltd Final dividend a surprise
■ FY23 revenue was 4.6%/1.9% below our/consensus expectations but net profit was in line with our expectation as margin was better-than expected. ■ Aztech’s new 300,000 sq ft facility is fully operational. Order book for FY24F was S$33.9m as at 17 Feb 2023. ■ Reiterate Add with unchanged TP of S$1.23, based on 8.7x (3-year average) FY25F EPS. Final dividend of 5.0Scts was a surprise.
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