buysellhold july.23



Grand Venture Technology Ltd

GVT guides 1H24F revenue of S$58m-64m


■ FY23 revenue of S$111.3m (-15.1% yoy) was 3.0%/2.0% above our/Bloomberg consensus’ forecasts.

■ FY23 net profit of S$5.5m (-58.4% yoy) was 2.7%/5.2% below our/Bloomberg consensus’ forecasts.

■ Reiterate Add (unchanged S$0.62 TP) as we expect the semicon industry recovery to drive GVT’s net profit recovery over FY24-26F.



Read More ...


Seatrium Ltd

Scrubbed clean, overhang removed


■ Brazilian litigation overhang on STM has been largely removed. It reached an in-principal agreement with authorities with S$265m provisions made.

■ S$1.795bn of provisions were made in 2H23 for write-down of non-core asset surplus, closure of yards, onerous contracts and Brazilian settlement.

■ We estimate 2H23 core GM at 3-5%, on +53% hoh in turnover to S$4.4bn.

■ Catalysts: order wins, improvement in margins. Risks: project cost overrun. Reiterate Add but reduce TP to S$0.14 (still 1.4x P/BV, reflecting FY23 BV). 



Read More ...



Credit Bureau Asia Ltd

Bulk risk reviews still in demand


■ 2H23 PATMI of S$5.1m was above our expectation. CBA declared a final DPS of 2Scts; full-year DPS of 3.7Scts represents an 87% payout ratio.

■ The PATMI beat was due to strong uptake of risk review reports in its FI data business. Non-FI segment was steady, with more enquiries from SG and MY.

■ Reiterate Add. Improving regional GDP growth should lift its credit enquiry volumes as the elevated interest rate environment sustains bulk risk reviews.



Read More ...


Raffles Medical Group (RFMD SP)

2023: Weaker Margins in Line With Expectations; Headwinds Persist


RFMD reported sharply lower PATMI of S$90.2m (-37.1% yoy) but was in line with expectations. The hospital operations reported a robust performance driven by increased patient intake and cost pass-through, offset by the impact of the strong Singapore dollar. Healthcare services segment suffered from lack of COVID-19-related revenue but is likely to stabilise in 2024. RFMD’s China operations continue to perform better as patient load ramps up. Maintain HOLD with the same target price of S$1.15.



Read More ...


Seatrium (STM SP)

2023: Underying EBITDA And Profit Are Encouraging


Material one-off non-cash write-downs led to the attention-grabbing loss of S$1.9b for 2023; however, we highlight that the company’s underlying EBITDA rose fivefold to S$628m with a positive trend since 1H22. Importantly, STM made a net profit of S$33m in 2H23 indicating that profitability is around the corner. The company has proposed a 20-for-1 share consolidation to be approved at its upcoming AGM. Maintain BUY. Target price lowered to S$0.151.



Read More ...




You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings2.350-0.030
Best World2.480-
Boustead Singapore0.9500.005
Broadway Ind0.129-0.004
China Aviation Oil (S)0.905-0.010
China Sunsine0.4100.010
Delfi Limited0.900-0.010
Food Empire1.320-
Fortress Minerals0.3150.005
Geo Energy Res0.315-0.005
Hong Leong Finance2.480-
Hongkong Land (USD)2.820-0.050
ISDN Holdings0.3050.010
IX Biopharma0.0480.005
KSH Holdings0.250-
Leader Env0.048-
Ley Choon0.0430.001
Marco Polo Marine0.0710.003
Mermaid Maritime0.142-0.001
Nordic Group0.3250.010
Oxley Holdings0.088-
REX International0.137-0.005
Southern Alliance Mining0.450-0.025
Straco Corp.0.485-
Sunpower Group0.210-
The Trendlines0.069-0.005
Totm Technologies0.0230.002
Uni-Asia Group0.8200.010
Wilmar Intl3.370-0.010
Yangzijiang Shipbldg1.780-0.030

We have 572 guests and no members online

rss_2 NextInsight - Latest News