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CGS CIMB |
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DFI Retail Group Eyes on new CEO’s implementation
■ 2H23 PATMI recovery was slower than expected. Structural changes to HK retail landscape could lead to a prolonged recovery to pre-Covid earnings. ■ We like new CEO’s strategic framework to fix DFI’s core business and improve shareholder returns, but successful execution is key. ■ Maintain Hold with a lower TP of US$2.30 (13.2x FY25F P/E), on uncertain pace of earnings recovery amid changing consumer spending habits.
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YTL Power International Encouraging operational developments
■ Earnings outlook for Wessex looks set to improve on the back of upcoming tariff adjustments; we expect it to return to the black as early as 3QFY6/24F. ■ YTL Power International’s (YTLP) DCs are progressing well, and we are hopeful of positive newsflow on potential off-takers by mid-2024F. ■ We see the recent pullback in share price as good accumulating opportunity.
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CGS CIMB |
PHILLIP SECURITIES |
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Hongkong Land Holdings Ltd Sluggish profit recovery
■ HKL’s underlying net profit yoy decline in FY23 was due to impairment on development property projects in China. ■ Although HK offices saw sustained weak rental performance, its entire retail portfolio reported a post-Covid-19 recovery. ■ It was selective in land banking in China in FY23 amid a weak recovery in the residential sales market. Reiterate Hold; TP unchanged at US$3.6.
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Singapore Banking Monthly NIM stagnates, fee income recovers
February’s 3M-SORA was down 5bps MoM to 3.64% and was 10bps lower than the 4Q23 average. The MoM decline is similar to that in January. 3M-HIBOR was down 14bps MoM to 4.68%, smaller than the decline of 55bps in January.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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LHN Limited Another growth driver emerges
In the 1Q24 update, no financials were provided, but LHN reiterated that the occupancy of their portfolio of assets (industrial, commercial, co-living) is over 90%. The two major projects, 55 Tuas South and GSM Building, are proceeding as scheduled.
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Sea Ltd. More E-Commerce Growth Ahead
Both 4Q23 revenue and PATMI were in line with expectations. FY23 revenue was at 98% of our FY23e forecasts, while PATMI was ~US$0.7bn below. Sea has hit its first profitable year since its IPO in 2017.
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