buysellhold july.23



Food Empire Holdings Ltd

Working towards a re-rating


■ We visited Food Empire Holdings Ltd (FEH) for an update on 26 Mar 2024.

■ In our view, YTD operations have been business as usual, and we expect FEH to provide a 1Q24F business update in May 2024F.

■ We reiterate our Add call on FEH. In this note, we assume FEH will pay out 45% of net profit as dividends. Special dividends remain possible, in our view.


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On track to achieve doubling of revenue


■ 2QFY7/24 results met expectations. We expect a strong 2HFY7/24 and believe it is on track to achieve its target of doubling revenue for FY7/24F.

■ Gamuda remains confident of its RM25bn new order guidance by FY7/25F even without MRT 3. Near-term wins could be Penang LRT and data centres.

■ Reiterate Add and TP of RM6.50, based on SOP.



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ComfortDelGro Corporation (CD SP)

Expect A Strong Start To 2024


In our view, CD is set to post a strong 1Q24 driven by favourable tailwinds for both the public transport services and taxi segments. Higher fares and rail ridership, coupled with increased taxi commission rates, are set to boost margins. CD’s acquisition of A2B is on track to be completed by 2Q24 and would be earnings accretive. In view of improving fundamentals and a lush 6.0% dividend yield, we maintain BUY and a higher target price of S$1.66. CD remains one of our conviction picks for 1H24.



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BYD Company (1211 HK)

4Q23: Earnings Down 17% Qoq, In Line; Flat Earnings Targeted For 2024


BYD posted in-line 2023 net profit of Rmb30b (+81% yoy), at the mid-point of its guided range of Rmb29b-31b. This implies 4Q23 net profit of Rmb8.67b (-19% yoy/-17% qoq). The qoq earnings decline in 4Q23 was due to a margin squeeze as a result of price cuts. Looking ahead, management intends to sustain the price war over the next three years, and targets flat 2024 earnings, with margin erosion offsetting sales volume growth. Cut 2024-25 EPS by 1%/9% respectively. Maintain SELL. Target price: HK$140.00. 



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We highlight the key points from the just released Capland Ascott Trust / CLAS ($0.94, down 0.005) FY23 annual report: CLAS delivered a strong performance in FY 2023, increasing Distribution per Stapled Security (DPS) by 16% year-on-year (YoY) to 6.57 Singapore cents. This is the third consecutive year we have increased DPS since FY 2020 despite the pandemic. Excluding one-off items, our adjusted DPS was 14% higher YoY. The rise was due to our strong operating performance and acquisitions of quality assets that have contributed to our income. 

At 94 cents, CLAS is capitalized at $3.5 billion and trades at 18x PE, 6.7% dividend yield and 0.8x price to book. Consensus is having an upbeat view on CLAS with a 25% potential upside to a 1 year target price of $1.18 given that FY2024 would see most of their markets back to or going above pre-Covid 19 levels that were achieved in 2019. While awaiting for full recovery, investors are rewarded with an attractive yield of 6.7%. We maintain an “Accumulate” rating on CLAS.

GoTo Gojek Tokopedia (GOTO IJ)

Flying solo can be more exciting


We view the FY23 results as positive We view GOTO’s FY23 results as positive. Revenue was in line with our forecast, and adjusted EBITDA beat. GOTO achieved its 4Q23 adjusted EBITDA target (4Q23: IDR72b, FY23 -IDR3.7t). Maintain BUY and target price of IDR110. Downside risk: 1) slower revenue growth; and 2) poorer - than-expected performance in on demand services (ODS) and fintech businesses amid TikTok’s rapid expansion in Indonesia.



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