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PHILLIP SECURITIES |
UOB KAYHIAN |
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Thomson Medical Group Ltd A year in transition
▪ FY24 revenue met expectations. However, earnings swung to an adjusted net loss of S$10mn against our forecast profit of S$13mn. Operating margins disappointed due to several investment initiatives and lower project revenue. The acquisition of Vietnam healthcare operations was completed in December 2023.
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Singapore Exchange (SGX SP) Strong Performance From Cash Equities, Forex And Commodities
For Aug 24, SGX reported that SDAV reached a two-year high, driven by increased market turnover value from both institutional and retail investors. Total derivative traded volumes were also higher, driven by the forex and commodities segments. With a lack of near-term catalysts, we opine that SGX is fairly valued at current price levels. Maintain HOLD but with a higher target price of S$11.62 (S$10.65 previously).
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LIM & TAN |
UOB KAYHIAN |
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Civmec Limited’s (S$0.94, unchanged) FY24 results came in-line with expectations with overall revenue and net profi t coming in at 109%/105% of our forecast. Revenue rose 24.4% to A$1.0bln from increased activity levels across the Group, in particular the Resources (+29% yoy) and Infrastructure, Marine & Defence (+15% yoy) segments. Gross profiit margin narrowed slightly by 1.6pp to 11.5% from a change in business mix and Ɵ ming of revenue recogniƟ on. Capitalized at S$477mln, Civmec trades at defensively low valuations of 7.9x forward P/E and 1.1x P/B. We maintain Accumulate with an unchanged target price of S$1.20, pegged to 10.1x forward P/E (15% discount to its larger-cap peers).
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Banking – China 1H24 Result Wrap-up: Walking A Tightrope
China banks reported a smaller earnings decline in 2Q24 on lower impairment charges and strong trading income. We estimate that the 80bp mortgage repricing could hit banks’ earnings by 6.5bp and 9.2% in 2025. The fundamental weakness due to macro headwinds and mortgage repricing news could weigh on share prices. Nonetheless, the depressed valuations and resurging dividend yields after the recent correction could be a silver lining again for defensive plays. Maintain OVERWEIGHT. Top pick: CMB.
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| CGS CIMB | UOB KAYHIAN |
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Telekom Malaysia Upgrade cycle to continue
■ We raise our FY24F/25F/26F core net profits by 3.3%/1.1%/1.7% post 2Q24 results, leaving us at 104%/115%/122% of Bloomberg consensus estimates. ■ Despite increased competition in retail broadband, we see TM’s overall data revenues expanding at a 4% CAGR between FY23 and FY26F. ■ At 13.3x FY25F core P/E, 18.3% FY25F ROE, and 3.9% FY24F dividend yield, TM’s valuations are attractive vs. its regional and domestic peers.
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Kuaishou Technology (1024 HK) Key Takeaways From Kuaishou Investor Day 2024
On 14 September, Kuaishou held its 2024 Investor Day where management outlined strategies and outlooks for key business segments including e-commerce, international expansion, local consumer services and AIGC. We believe the company’s proactive upgrade in technology and operations will help to cushion the impact of a challenging macro backdrop and intense competition. Maintain BUY with a target price of HK$70.00.
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