buysellhold july.23

CGS CIMB

CGS CIMB

Mapletree Pan Asia Commercial Trust

Slower Festival Walk recovery priced in

 

■ 5M24 HK retail sales fell 6% yoy on HK residents’ cross-border consumption.

■ We lower our reversion forecast due to weaker retail sales/tenant sentiment.

■ Reiterate Add; recovery continues, albeit at a slower pace, in our view.

 

 

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ComfortDelGro

UK – a multi-year tailwind for CD

 

■ We think Labour’s UK election win signals more bus tender opportunities and see contracts worth c.£1.2bn-1.4bn p.a. released over the next 5 years.

■ We expect CD’s UK EBIT to rise at least S$15m per year over FY24/25F; any further contract win of £100m p.a. could lift our EPS forecasts by 3-5%.

■ We forecast S$52m PATMI in 2Q24F (+29% qoq, +14% yoy), and expect even stronger showing in 3Q24F. Reiterate Add and TP of S$1.70.

 

 

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CGS CIMB

UOB KAYHIAN

Malayan Banking Bhd

Aspires to be a leading regional insurer

 

■ Etiqa exceeded its SP6 target for GWP upliftment of RM206m in FY23 and is ahead of its target of RM650m in FY24F (based on 5M24 progress).

■ Going forward, Etiqa sees bancassurance and motor insurance as the key areas of premium growth.

■ Reiterate Add, as we expect potential write-backs of management overlay and capital management initiatives to enhance its dividend yields and ROE. 

 

 

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CSE Global (CSE SP)

Outlook Remains Positive, Backed By Healthy Orderbook And Pipeline Of New Projects

 

CSE maintains its positive outlook. Backed by an orderbook of more than S$700m and healthy order wins which grew 17% yoy in 1Q24, earnings could grow at a healthy rate of 11% for 2024. CSE is looking at a robust project pipeline in electrification and communication solutions in the infrastructure and energy industries. The electrification business is CSE’s largest contributor, at 46% of its 2024 revenue. Also, CSE is exploring potential acquisition targets. Maintain BUY. Target price: S$0.56.  

 

 

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UOB KAYHIAN UOB KAYHIAN

Shipping And Ports – China

Strong Freight Rates Further Raise Container Shipping Earnings Outlook

 

The latest economic indicators for global trade remain mixed with some negative tilt. With the unabated Red Sea attacks, ocean freight futures prices rose further in the past weeks, reflecting the market’s expectations that upbeat freight rates may extend into 1H25. In line with the updated futures price curve, we raise earnings forecasts for our container shipping coverage by over 40% in FY24 and over 100% in FY25 (from a low base). We upgrade OOIL to BUY on its better dividend prospect (FY24 yield: 18%). Maintain MARKET WEIGHT. 

 

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PTT Exploration & Production (PTTEP TB)

Increases In ASP And Sales Bolster Net Profit For 2Q24

 

We expect PTTEP to report a net profit of Bt21.4b for 2Q24, up qoq and yoy, driven by higher sales volume and increased ASP. However, the core profit in 3Q24 is expected to decline qoq due to low sales volume and increased unit costs. We also foresee PTTEP lowering its sales volume forecast for 2024. Additionally, close monitoring of the Mozambique project remains necessary. Maintain BUY. Target price: Bt200.00.

 

 

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