| UOB KAYHIAN |
MAYBANK KIM ENG |
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LHN (LHN SP) Embarking On New Plans To Drive Growth Trajectory
LHN has marked its foray into operating accommodations for healthcare professionals, which will further expand its co-living portfolio. While Coliwoo’s growth has been anchored by a slew of new openings in Singapore, it is now preparing to venture into Indonesia as well. We continue to like LHN for its growth momentum across all its business segments and strength in capital recycling initiatives. Maintain BUY with an unchanged target price of S$0.40.
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Marco Polo Marine (MPM SP) Sailing with the wind Initiate with BUY and TP of SGD0.088
We initiate coverage of MPM with BUY and a TP of SGD0.088, based on 11x FY24E P/E. MPM, a long-time operator in the chartering and shipyard business is benefiting from the surge in demand and charter rates due to competition for vessels from the O&G and renewable energy sectors. MPM’s new CSOV is expected to be commissioned by Oct’24 and we expect it to contribute about 20% of FY25E earnings growth. In addition, as charter rates are still rising by 5-15% pa while utilisation likely to remain high at >80% for FY24 and FY25 and we forecast strong earnings growth of 30% YoY in FY24E and 29% YoY in FY25E. Key catalysts ahead include 1) potential new vessels with long-term contracts with Vestas, and other new clients. 2) Strong 1H24E earnings 3) CSOV building completion.
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UOB KAYHIAN |
CGS CIMB |
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Geely Auto (175 HK) 2023: Results Beat On Margins; Upgrade To BUY
Geely’s 2023 core net profit came in above estimates at Rmb5,693m (+74% yoy). The earnings beat lies in ASP and margins. Looking ahead, we expect Geely’s margin to be underpinned by the turnaround of Zeekr and ramp-up of sales of Galaxy and Lynk & Co. We lift 2024-25 net profit forecasts from Rmb4.0b/Rmb4.4b to Rmb7.4b/Rmb8.2b respectively and introduce 2026 net profit forecast of Rmb9.5b. Upgrade from SELL to BUY. Raise target price from HK$6.50 to HK$11.00.
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S Hotels and Resorts Operations are starting to look better
■ We believe SHR’s share price derating is over given its progress in improving its hotel operations across key properties in the Maldives and Thailand. ■ We expect the share price to start moving upwards in 2H24F on accelerating yoy EPS growth, driven by higher RevPAR. Reiterate Add.
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| MAYBANK KIM ENG | CGS CIMB |
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Top Glove (TOPG MK) Remained in the red
Looking to breakeven by 4QFY24 TOPG’s 2QFY24 core net loss of MYR58m (vs. MYR162m/56m net loss in 2QFY23/1QFY24) came in higher than expected. 2QFY24 plant utilisation rate improved to 40% (from 34% in 1QFY24, on 60b pcs total capacity), while blended ASP declined by 5% QoQ. We raise FY24 core net loss forecast by 24% but keep FY25/26 estimates. Our TP is unchanged at MYR0.80 on 1.4x FY25E PBV peg (-0.75SD to mean). SELL. Our preferred pick for the glove sector is HART MK (BUY; MYR2.67, TP: MYR3.02).
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PLDT Inc FY24F telco core profit guidance signals dividend stability
■ FY23 telco core net profit grew 3% to Php34.3bn, within company guidance, as well as our and Bloomberg consensus estimates. ■ The company guided for mid-single-digit growth for revenue and EBITDA in FY24F while telco core profit grow 2% to Php35bn. ■ We raise our TP to Php1,500 due to risk-free rate and interest expense adjustments. We reiterate Add on the attractiveness of TEL's dividend yield.
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