buysellhold july.23



ST Engineering

Earnings growth among Singapore’s best


■ We rank STE no.8 in core net profit growth among FSSTI stocks, with its 12% growth in FY24F driven by margin expansion and order book execution.

■ Key focus of KL investors in NDR: margin outlook, earnings translation from order book, international defence jobs and TransCore synergy.

■ Re-rating catalysts: defence/sizeable contract wins, evidence of synergy from TransCore, Fed rate cut resulting in lower interest expenses. Reiterate Add.


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Yinson Holdings Bhd

Surprise revelation of higher capex costs


■ FY1/24 core net profit of RM835m was 3% higher than our estimate due to a stronger-than-forecast US$ exchange rate against the ringgit.

■ Reiterate Add with a slightly higher end-CY24F SOP-based TP of RM3.23 on various offsetting adjustments.

■ We forecast Yinson to deliver PATAMI of more than RM1bn in FY27F once all of its three ongoing projects are delivered. 



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Sheng Siong Group (SSG SP)

2023: Gross Margin Expansion Continues; Brighter Store Opening Outlook Ahead


SSG’s 2023 earnings of S$134m (+0.3% yoy) is largely in line with expectations, forming 98% of our full-year estimates. However, revenue missed our expectations by 8% due to lower comparable same-stores sales in 4Q23. Gross margin was higher than expected, continuing to expand yoy to 30% on a more favourable sales mix. We expect consumers to continue shifting toward SSG’s value-for-money products as inflation persists. Maintain BUY with a 5% lower target price of S$1.88. 



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Zijin Mining (2899 HK)

2023: In Line; Cost Pressure To Moderate In 2024


Zijin reported 2023 earnings of Rmb21,119.4m (+5.4% yoy), representing 96%/91 of consensus’/our earnings estimates, in line with expectations. Mining entities’ gross margin declined to 49.1% (-5.2ppt), and the increase in product ASP was offset by a steeper spike in mining costs. Management strives to maintain production costs at 2023’s level while the expected Fed rate cut in 2H24 continues to support metal prices. Maintain BUY. Target price: HK$18.10. 



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Mynews Holdings Berhad
Inflection point – are we there yet?

■ We reiterate Add on Mynews, with a higher GGM-derived TP of RM0.89. We think Mynews could return to pre-Covid-19 core net profit levels by FY26F.

■ Store expansion leading to increased utilisation in its FPC should complement improved economic activity and tourist boost in footfall.

■ At 12.6x CY26F P/E, valuations are undemanding, in our view. 


Cowell e Holdings Inc
Expanding capacity for iPhone rear cameras

■ FY23 net profit fell 45% yoy to US$46.6m and formed 66% of our forecast due to lower-than-expected revenue (-17% yoy vs. our estimate of -9%).

■ We expect Cowell to produce rear-facing flip-chip camera modules (FCCM) for iPhone 16 series due to its increased production capacity and capability.

■ Reiterate Add; TP lowered to HK$25.60 on 8-17% EPS cuts in FY24-25F.

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China Aviation Oil (S)0.905-0.010
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Delfi Limited0.900-0.010
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Fortress Minerals0.3150.005
Geo Energy Res0.315-0.005
Hong Leong Finance2.480-
Hongkong Land (USD)2.820-0.050
ISDN Holdings0.3050.010
IX Biopharma0.0480.005
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Leader Env0.048-
Ley Choon0.0430.001
Marco Polo Marine0.0710.003
Mermaid Maritime0.142-0.001
Nordic Group0.3250.010
Oxley Holdings0.088-
REX International0.137-0.005
Southern Alliance Mining0.450-0.025
Straco Corp.0.485-
Sunpower Group0.210-
The Trendlines0.069-0.005
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