buysellhold july.23

CGS CIMB

CGS CIMB

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.

 

 

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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). 

 

 

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CGS CIMB

UOB KAYHIAN

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.

 

 

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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.

 

 

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UOB KAYHIAN  

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.

 

 

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