| CGS CIMB |
CGS CIMB |
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Singapore Post Ltd Transformation is underway
■ We believe SPOST has S$2.5bn worth of assets (S$2bn previously) ripe for value unlocking in the next 3 years as it embarks on strategic transformation. ■ We think SPOST has plenty of levers to pull to optimise margins of its SG and AU units, providing a good PATMI recovery runway for FY3/25F-26F. ■ Foundation is in place for SPOST to refocus on topline growth for its crossborder e-commerce business in FY25F. Reiterate Add with TP of S$0.58.
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YTL Power International At the forefront of AI computing in SEA
■ YTLP announced that it will be among the first companies in SEA to adopt NVIDIA’s just launched superchip, GB200, at its DC campus in Johor. ■ The GB200 infrastructure promises a 30x performance increase and reduces cost and energy consumption by up to 25x over its predecessor H100. ■ We reiterate our Add rating with an SOP-based TP of RM4.50.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Singapore Post (SPOST SP) Strategic Plan Crafts Roadmap For Growth And Unlocking Of Value
SPOST concluded its strategic review on 19 Mar 24, which began in May 23 to prioritise sustainable growth and maximise shareholder value. In this note, we outline five strategies management has introduced, to be implemented over the next three years. Through the strategies, SPOST expects to strengthen its position as a pure-play logistics enterprise focused on growth. As we await its execution and upcoming results release, we maintain BUY with an unchanged target price of S$0.54.
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AMMB Holdings (AMM MK) Looking to improving yields
BUY maintained We keep our forecasts following our meeting with management. We forecast a net profit growth of 5.7% in FY25/26E respectively, with prospective ROEs of 8.7%. Valuations are undemanding - BUY maintained with an unchanged TP of MYR5.05, pegged to a CY24E PBV of 0.83x. We forecast a FY24 dividend yield of 4.9% (40% payout assumption).
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| UOB K H | |
| Xiaomi Corporation Solid core business outlook; EV to debut ■ 4Q23 adjusted net profit jumped 236% yoy, slightly better than our expectation, due to strong smartphone GPM. ■ We expect higher smartphone, IoT, and Internet services revenue in FY24F due to market share gains, especially internationally. ■ Reiterate Add with a higher TP of HK$23.47, based on 22x FY25F P/E. Read more.... |
