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CGS CIMB |
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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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UOB KAYHIAN |
UOB KAYHIAN |
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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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| CGS-CIMB | CGS-CIMB |
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Mynews Holdings Berhad
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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. Read more.... |
