buysellhold july.23



Sime Darby Bhd

Malaysian market to play a bigger role


■ Upgrade to Add with a TP of RM3.06 (from RM2.18), based on 12.8x CY25F P/E (its historical mean), which provides a 17.8% upside.

■ We see UMW acquisition as positive, allowing SIME to solidify its leading position in Malaysia’s auto market and reduce reliance on foreign markets.

■ Declining export demand for Australian mining commodities would impact SIME’s industrial segment in FY24-25F, in our view.


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Bank of China

Delivering stable profit and dividends again


■ FY23 net profit growth of 1.7% was roughly in line; this is the sixth time in seven years it has delivered low-single-digit net profit growth.

■ FY23 dividend payout ratio was 32%. Its payout ratio had stayed within the 30-31% range since 2015, and we see this as sustainable over FY24F-26F.

■ We, thus, believe its relatively high dividend yield can continue to support its share price performance, especially amid a falling rate environment.

■ Reiterate Add; TP raised to HK$4.30 due to lower policy risk discounts. 



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Cromwell European REIT

Asset rejuvenation strategy to drive organic growth


 Resilient portfolio in terms of portfolio occupancy (FY23: 94.3%) and rent reversions (FY23: +5.7%). Occupancy is expected to remain stable this year, with only 13.5% of portfolio leases due for renewal.

 CERT’s long-term 60:40 target asset class split between light industrial / logistics and welllocated Grade A offices stands to benefit from the growth in e-commerce and the nearshoring trend, as well as flight to quality



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Phillip 2Q24 Singapore Strategy

Drifting sideways


Review: Singapore's equity market rose a modest 0.5% in 1Q24. Most sectors were down during the quarter except banks (Figure 1) and telecommunications. With their attractive yields and expectations of rate cuts extended, banks recovered strongly, especially in March. The consumer sector was a drag with high cost of living and weak economic growth (Figure 3). REITs suffered as expectations in the number of interest rate cuts by the Federal Reserve were lowered and delayed (Figure 4). 



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ComfortDelGro ($1.4, unchanged) today announced that its whollyowned subsidiary, Metroline Limited, has been awarded contracts to operate four public bus franchises by the Greater Manchester Combined Authority

CDG’s market cap stands at S$3.0bln and currently trades at 15x forward PE and 1.2x P/B, with a dividend yield of 4.8%. The consensus target price stands at S$1.60, representing 14% upside from the current share price. We continue to like that CDG continues to grow its footprint in the UK market and diversify its public transportation earnings while locally in SG, the transport segment continues to have bright spots with renewed packages and higher fares kicking in 3Q24. For the taxi business, we like that CDG maintains the capacity to increase commissions even further in the future and thus see the capacity for CDG to continue increasing dividends going forward, given their better prospects ahead. As such, we continue to maintain an “Accumulate” rating on CDG.



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Counter NameLastChange
AEM Holdings2.350-0.030
Best World2.480-
Boustead Singapore0.9500.005
Broadway Ind0.129-0.004
China Aviation Oil (S)0.905-0.010
China Sunsine0.4100.010
Delfi Limited0.900-0.010
Food Empire1.320-
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
KSH Holdings0.250-
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
Totm Technologies0.0230.002
Uni-Asia Group0.8200.010
Wilmar Intl3.370-0.010
Yangzijiang Shipbldg1.780-0.030

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