buysellhold july.23

CGS CIMB

CGS CIMB

Haw Par Corp Ltd

Trading below historical book value

 

■ Haw Par is an established branded (Tiger Balm brand) healthcare business listed on the Singapore Exchange since 1969.

■ Net profit is derived from its healthcare division (production and sales of Tiger Balm brand products) and dividend income from its equity portfolio.

■ Haw Par (CP:S$10.04) trades at 0.64x historical FY23 P/BV and dividend yield of 4.0%. The company pays interim and final dividends. 

 

 

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Consumer - Overall

The subsidy removal drag could be a boost

 

■ We believe the government’s cash handouts to lower income households will boost consumption and more than compensate for the higher fuel prices.

■ Our top picks in the consumer discretionary sector are MrDiY and MYNews, which are key beneficiaries of the higher disposable incomes, in our view.

■ Rich valuations on Nestle and QL Resources warrant a rotation into cheaper peers, including F&N. Brewers could provide big positive surprises, too.

 

 

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UOB KAYHIAN

UOB KAYHIAN 

REITs – Singapore

Data Centre REITs: Stellar Growth In The US; Changing Landscape In ASEAN

 

Core data centre hubs in the US, such as Northern Virginia and Silicon Valley, are benefitting from rising AI demand from public cloud providers and AI companies. Vacancy is tight in Singapore but new demand is being diverted to the neighbouring state of Johor in Malaysia. Our preferred BUYs are DCREIT (Target: US$0.80) and MINT (Target: S$2.78) due to their focus on the US market. CLAR’s (Target: S$3.44) exposure to data centres is smaller, but it is looking to expand. 

 

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Plantation – Malaysia

MPOB Jun 24: Data Remains Supportive To CPO Prices

 

The MPOB June 2024 data is supportive to CPO prices: the increase in palm oil inventory is slow and is likely to remain at the current level for the next few months in view of slower production growth. We maintain our view that CPO prices will trend higher in 2H24 due to tighter supplies and steady palm oil demand from India and China. Maintain OVERWEIGHT and focus on companies with good growth prospects and dividend yields like IOI Corporation (IOI MK) and Hap Seng Plantations (HAPL MK).

 

 

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CGS CIMB UOB KAYHIAN

Sunway Construction Group Bhd

Potent combination of earnings upgrades and P/E re-rating

 

■ Reiterate Add, as we raise FY24F-FY26F EPS and lift TP to RM5.46.

■ We think our FY24F new order wins of RM5.2bn, at the top end of RM4bn5bn guidance, is achievable with upsizing of existing data centre projects

■ Re-rating thus far driven by EPS upgrades, with valuation re-rating to follow

 

 

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Baidu Inc (9888 HK)

Encouraging Visibility In The Deployment And Monetisation Of Apollo Go

 

We opine that Baidu’s autonomous driving business is poised for profitability upon viable commercialisation. Wuhan has become the focal point of Baidu Apollo’s driverless car operations. 1,000 Apollo Go driverless taxis have been deployed here, with peak daily orders per vehicle exceeding 20. We believe Baidu’s outlook will be boosted by the integration of LLM which will foster monetisation of online ads and autonomous driving. Maintain BUY with a target price of HK$126.00 (US$140.00). 

 

 

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