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CGS CIMB |
CGS CIMB |
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Haidilao Focusing on store openings in 2H24F
■ 1H24 revenue was up 13.8% yoy to Rmb21.5bn, below our expectation, since Haidilao closed 43 underperforming stores. Table turnover rate was up 27% yoy. ■ 1H24 adjusted OP grew 13.0% yoy to Rmb2.8bn, driven by strong GPM expansion. ■ Net profit dropped by 9.7% yoy to Rmb2.0bn in 1H24, below our expectation, due to slower revenue growth, lower government subsidy and higher forex loss. ■ Management guided for more new store openings in 2H24F; we expect the company to open 63 new stores in FY24F (11 for 1H24). ■ Reiterate Add, with a lower DCF-based TP of HK$21.7.
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Malayan Banking Bhd An upturn in NIM in 2Q24
■ Maybank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’. ■ We project a 14.2% yoy increase in its 2H24F net profit, driven by higher non-interest income and potential recovery in net interest income growth. ■ Reiterate Add, premised on potential write-backs in its management overlay and our expectation of an expansion in ROE in FY23-26F.
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CGS CIMB |
PHILLIP SECURITIES |
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Trip.com Strong outbound travel to drive up growth
■ Total revenue grew by 13.5% yoy to Rmb12.8bn in 2Q24, in line with our expectation, mainly driven by 20%/42% revenue growth from hotel/package tour businesses. ■ Non-GAAP net profit rose by 45.2% to Rmb5bn in 2Q24, above our expectation, on better expense control and higher equity income for affiliates (1H: 52.8% of FY24F). ■ Management guided for strong outbound travel momentum to continue in 3Q24F, and we expect revenue to grow by 13.5% and non-GAAP net profit by 8% yoy in 3Q24F. ■ Reiterate Add, with a higher DCF-based TP of HK$530.
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Q & M Dental Group Ltd Organic growth returning
▪ 1H24 results were within expectations. Revenue and adj. PATMI were 48% and 47% respectively of our FY24e results. Adj. PATMI jumped 48% YoY to S$8mn. Interim dividend jumped 150% YoY to 0.4 cents.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Silverlake Axis Ltd Accept cash offer of S$0.36
▪ 4QFY24 and full-year FY24 earnings were below our estimates. Full-year FY24 revenue and earnings were at 97% and 70% of our FY24e, respectively. The 39% YoY dip in earnings came from lower-than-expected gross margins and higher-than-expected cost of sales and OPEX. ▪ Our recommendation isto accept the cash offer of S$0.36. The offer of S$0.36 per share represents ~2.7 times Silverlake’s net asset value per share of S$13.5 cents as of 30 Jun 2024 and is 20% higher than the last closing price of S$0.30 on 23 Aug 2024.
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Marco Polo Marine (MPM SP) 3QFY24: Temporary Setback From CSOV Delay; Await Recovery In FY25
MPM’s 3QFY24 performance was below our expectations, posting lower revenue and marginal growth in gross profit. The impact of lower ship repair volumes was partially offset by higher yoy ship chartering revenue. We expect a soft 4QFY24 as ship repair volumes have yet to recover. Its CSOV delivery has also been delayed by four months and is expected to contribute from 2QFY25 together with its new dry dock. Maintain BUY with target price lowered to S$0.061 on lower earnings and valuation peg
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