buysellhold july.23



CSOP iEdge S-REIT Leaders Index ETF

The deeper discounted Singapore REIT ETF


• We value CSOP iEdge S-REIT Leaders Index ETF (SRT) using a combination of historical dividend yield spread and price-to-book ratios. Using these two valuation methods, the target prices are S$0.93 and S$0.81, respectively. Applying equal weightage to both valuations, we initiate coverage with a BUY recommendation and target price of S$0.87.



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Atlantic Navigation Holdings (ATL SP)

Unique And Well-Positioned In The Middle East’s Offshore Marine Industry


ATL is a Middle East-focused offshore marine company which saw EBITDA margins recover strongly after COVID-19 on the back of higher charter rates and sustained high utilisation rates. Earnings growth in 2024 should be underpinned by full-year contributions from newly-acquired vessels as well as the completion of a newbuild vessel in 2Q24. The demand/supply dynamics in the Middle East’s offshore marine industry appear favourable for the foreseeable future.



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Property – Hong Kong

Landlords Robust Trend Of Northbound Spending And Weakened Tourism Arrivals During Dragon Boat Festival; Rate Cut and Policy Support Are Potential Catalysts


During the Dragon Boat Festival, the number of northbound Hong Kong residents per day averaged 357,000, which is 9% less than that of the Easter holiday. However, daily mainland tourist arrivals averaged 110,000, marking a decrease of 9% and 28% compared with the Qingming and Labour Day holidays respectively. Continue to watch for policy catalysts for retail landlords. A rate cut will lead to a re-rating of leading landlords with resilient rents. Maintain OVERWEIGHT. Top pick: Wharf REIC. 



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Bermaz Auto Berhad (BAUTO MK)

FY24: CNP slightly above expectations


Results slightly above expectations; maintain BUY BAuto’s FY24 results exceeded expectations, with core net profit (CNP) at 107%/106% of our/consensus estimates. We raise FY25E/FY26E CNP by 5%/ 3%, but lower TP to MYR3.04 from MYR3.48, based on 10x FY25E PER (20% below 5Y 12M fwd mean; previously 12x FY25E PER or mean) as we impute for risks of vehicle sales slowdown due to rising competition in the mass premium vehicle segment, and the potential impact from fuel subsidy rationalisation and an impending high-value goods tax. Maintain BUY on compelling valuation (8.3x FY25E PER), >9% DY, and robust fundamentals.



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Malakoff Corporation (MLK MK)

Ran too hard

Unfavourable risk-reward


We believe Malakoff’s YTD share price rally is unjustified. While Malakoff has returned to the black (normalisation of fuel margins), there are near/medium-term challenges with regards to concession expiries. Despite Malakoff’s Johor presence, the existing plants do not tangibly benefit from the data centre-led demand boost. Maintain SELL with an unchanged SOP-based TP of MYR0.55.  


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