buysellhold july.23




1QFY24: Strong Results As Construction Demand Recovers


BRC reported higher 1QFY24 revenue (+17.0% yoy) of S$399.2m and net profit of S$17.1m (+46.5% yoy), slightly above our expectations. The outperformance was largely driven by the ongoing recovery in domestic construction demand coupled with the absence of Singapore’s Heightened Safety period. Backed by favourable tailwinds, we like BRC for its steady earnings growth coupled with its 9% dividend yield. Maintain BUY with a higher PE-based target price of S$2.42 (S$2.07 previously).



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Banking – Malaysia

Digital Banks Ramping Up Deposit Competition?


As the five digital banks prepare to commence operations in the coming months, we anticipate a focus on deposit acquisition, potentially impacting sector NIM slightly. Sector valuations have risen to a historical mean P/B of 1.10x, which appears fair against forecasted ROE of 10% and earnings growth of only 6% vs our KLCI earnings growth assumption of 11%. We maintain our MARKET WEIGHT recommendation on the sector. CIMB remains our preferred choice.



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Singapore REITs Monthly: March24

Waiting for interest rate cuts


▪ The S-REITs Index performance was lukewarm in March after the FOMC held rates steady at 5.25-5.5%. It gained 0.6%, following the 5.1% decline in February. The top performer for the month was Manulife US REIT (MUST SP, non-rated) – it gained 40% but is still down 3.8% YTD. The worst performer was Daiwa House Logistics Trust (DHLT SP, non-rated), a drop of 7.8% after the Bank of Japan raised interest rates to 0-0.1%, ending its eight-year period of negative interest rates. The overseas commercial sub-sector was the top performer in March, gaining 10.8%, lifted by the Singapore-listed US office REITs. It is, however, still down 22.7% YTD. The worst performing sub-sector was overseas diversified, down 2.2% in March.


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Agricultural Bank of China (1288 HK / 601288 CH) - Outperforming its peers on earnings growth and coverage 


When investing in Chinese banks, we recommend focusing on quality core holdings. We prefer the Big-4 state-owned enterprise (SOE) banks. Among them, Agricultural Bank of China (ABC) maintains one of the lowest exposures to risk assets and has the strongest liquidity and deposit franchise in the sector. BUY.









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AEM Holdings1.8600.020
Best World2.4900.010
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Broadway Ind0.1530.008
China Aviation Oil (S)0.865-
China Sunsine0.4050.015
Delfi Limited0.8800.005
Food Empire1.110-0.010
Fortress Minerals0.295-0.015
Geo Energy Res0.3050.005
Hong Leong Finance2.4400.020
Hongkong Land (USD)3.5100.090
ISDN Holdings0.3100.010
IX Biopharma0.0400.001
KSH Holdings0.245-
Leader Env0.049-
Ley Choon0.0560.001
Marco Polo Marine0.068-
Mermaid Maritime0.1400.005
Nordic Group0.305-
Oxley Holdings0.087-0.003
REX International0.1270.003
Southern Alliance Mining0.4850.005
Straco Corp.0.480-0.010
Sunpower Group0.220-0.010
The Trendlines0.063-
Totm Technologies0.0200.001
Uni-Asia Group0.810-
Wilmar Intl3.120-0.040
Yangzijiang Shipbldg1.740-0.010

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