buysellhold july.23



Ping An Insurance

Does FY23 mark a ‘kitchen sink’?


■ FY23 weakness across multiple segments may lead some investors to see it as ‘kitchen-sinking’ in our view, with FY24F thus easier to record yoy growth.

■ Actuarial assumptions changes saw their FY23 risk discount rate (RDR) cut 1.5%-pts to 9.5%, and the investment return assumption cut 50bp to 4.5%.

■ As the RDR is analogous to a cost of equity, we think the large cut in RDR may continue reducing investors’ faith in the credibility of embedded value.

■ Reiterate Add rating, with a lower TP of HK$55 due to lower FY24-25F EPS.


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Eco World Development Group Bhd

Johor key driver of sales in 1QFY24


■ We raise EWDG’s TP to RM1.55 (from RM1.35) but we downgrade the stock to Hold as we believe the positives are already reflected in its share price.

■ 1QFY24 core net profit rose 25% yoy to RM71m on higher revenue and interest income. This is within our and Bloomberg consensus estimates.

■ Achieved new sales of RM1.26bn over Nov 23-Feb 24, driven by the southern region, with demand for Duduk series strong at 15% of new sales.



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Riding On Transformation And Growth Of Healthcare In Indonesia


The healthcare industry in Indonesia is booming due to increasing awareness towards preventive care, rising affluence and successful healthcare reform. FIRT is able to capture the growth in Indonesia through its performance-based rent, which is calculated based on 8.0% of preceding financial year gross operating revenue. Three of its hospitals currently contribute performance-based rent. The stock trades at 2024 distribution yield of 10.2% and P/NAV of 0.82x.


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RH Petrogas (RHP SP)

An In-Line Outcome For Its Drilling Programme – More To Come In 2H24


Although RHP’s 2023/24 drilling programme yielded only one successful well out of four, this was in line with historical global exploration success rates. Excluding exploration write-offs, the company’s 2023 net profit would have beaten our forecast. RHP remains an exploration play with two wells targeting nearly 10mmboe of reserves to be drilled in 2H24. Maintain BUY. Target price: S$0.242. 



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Thomson Medical Group Ltd

Building a regional healthcare footprint


 The 70%-owned listed TMC Life Sciences Bhd is recording record earnings and growth from an increase in beds, higher patient load and larger bill size. It has grown its pool of domestic and foreign patients, drawn by improved service standards, relatively lower costs, and weak Ringgit. 

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First REIT

Virtuous cycle in Indonesia healthcare


 We visited First REIT’s four hospitals in Jakarta operated by Indonesia-listed Siloam International Hospitals[Rp2,270, Not Rated]. The hospitals were bustling with activity, well equipped, nicely furbished and offered advanced specialist care including neurology, oncology, gastropathy, urology and fertility. 



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