buysellhold july.23

PHILLIP SECURITES

PHILLIP SECURITIES

LHN Limited

Co-living profits tripled, more growth expected

 

▪ 1H24 revenue was within expectations, but earnings exceeded. Revenue and adjusted PATMI were 51%/65% of our FY24e forecast, respectively. Margins for co-living were higher than expected due to the high occupancy and room rates.

 

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NetLink NBN Trust

Higher rates start to bite

 

▪ 2H24 results were within expectations. FY24 revenue and EBITDA were 98%/97% of our FY24e forecast, respectively. Final DPU increased 1.1% YoY to 2.65 cents (FY24: 5.3 cents).

 

 

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UOB KAYHIAN

UOB KAYHIAN

Sheng Siong Group (SSG SP)

1Q24: Results In Line; Solid Start To The Year

 

SSG’s 1Q24 earnings of S$36m (+9% yoy) were largely in line with expectations, forming 27% of our full-year estimate. Revenue rose 6% yoy on comparable same-store sales growth, while gross margin expanded 0.6ppt to 29.4% on a better sales mix. As the cost of living rises, consumers may shift toward SSG’s value-for-money products. SSG also continues to actively seek store opening opportunities in areas where it lacks a presence. Maintain BUY with an unchanged target price of S$1.88.

 

 

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Hartalega Holdings (HART MK)

4QFY24: Defining Moments

 

Harta’s 4QFY24 results reflect sales volume expansion and marginally higher ASP, but margins were compressed due to delayed cost pass-through. Removing exceptional items, core net profit fell 25% qoq to RM1.8m. Nevertheless, FY25 prospects remain bright on a demand uptick from a customer’s restocking cycle, consistent ASP hikes, and efficiency refinement. The recent deterioration of US-China trade tensions also adds to the positive equation. Downgrade to HOLD with unchanged target price of RM3.61. 

 

 

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 LIM & TAN  

City Developments / CDL ($5.85, up 5 cents) reported that in 1Q24, it achieved a resilient performance across all its business segments, focusing on sales growth, asset enhancements, operational refinements, as well as acquisition and divestment initiatives.

Singapore Property: In Q1 2024, the Group and its joint venture (JV) associates sold 429 units with sales revenue of $736.8 million (Q1 2023: 88 units with a total sales value of $213.2 million). The strong sales performance was driven by the launch of Lumina Grand, a 512-unit Executive Condominium (EC) project at Bukit Batok West Avenue 5. 269 units (53%) were sold during the launch weekend in January 2024 and to date, 381 units (74%) have been sold. The Group’s other launched projects continued to sell well. The Myst, located at Upper Bukit Timah Road, has sold 240 (59%) of its 408 units, while Tembusu Grand, the 638- unit JV project in the heart of Katong, has sold 397 units (62%).

CDL’s market cap stands at S$5.3 bln and currently trades at 16.3x forward PE and 0.6x PB (NAV = S$10.12), with a dividend yield of 2.1%. Consensus target price stands at S$7.39, representing a 26.3% upside from current share price. We continue to like CDL for it’s recovering hospitality business, their cheap valuations (RNAV is at between $17.21-$19.46) and continued share buy backs which signals that the company is undervalued. We continue to maintain an Accumulate rating recommendation on CDL.

 

 

 

 

 

 

 

 

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