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CGS CIMB |
UOB KAYHIAN |
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Nanofilm Technologies Int'l Ltd
Likely to miss FY24F consensus expectation
■ We think Nanofilm Technologies could report its FY24F results in the week of 24 Feb 2025 (FY23 results were released on 26 Feb 2024).
■ In our view, Nanofilm is likely to miss Bloomberg consensus’ FY24 net profit expectation of S$11.4m due to start-up losses (our new forecast: S$5.7m).
■ We reduce our FY24-26F EPS expectations and roll over our valuation to FY26F, with a lower S$0.63 TP (based on 14.8x FY26F P/E).
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PropNex (PROP SP) Growth At A Sequentially Strong Pace
PropNex’s outlook for 2025 appears solid with higher transaction volumes and higher prices in both private new launch and resale, as well as the HDB market. These factors underpin our 8% yoy earnings growth which we believe could be conservative. PropNex offers a defensive yield of 5.6% for 2025. With 2025 being the company’s 25th anniversary, it could look to reward its shareholders with one or more special dividends. Maintain BUY. Target price raised to S$1.18.
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UOB KAYHIAN |
LIM & TAN |
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Bangkok Bank (BBL TB) 4Q24: Results In Line With Expectations; A Significant Drop In NPL Ratio qoq
BBL reported 4Q24 earnings of Bt10.4b (+17% yoy, -17% qoq). The results were in line with our and consensus expectations. Provision expenses fell 7% qoq, resulting in a reduction in credit cost qoq. BBL reported a significant drop in NPL ratio qoq due to good results from debt restructuring in the past. However, we may see increased credit cost and NPL ratio like in the past regardless of an economic recovery. Maintain HOLD with a target price of Bt170.00.
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Mapletree Logistics Trust / MLT ($1.27, down 1 cent) announced a distributable income of S$101.3 million and Distribution Per Unit (“DPU”) of 2.003 cents for 3Q FY24/25. Gross revenue for the quarter fell 0.9% year-on-year (“y-o-y”) to S$182.4 million mainly due to lower revenue contribution from China, the absence of contribution from divested properties, and depreciation of various regional currencies against the Singapore Dollar. The decline was partially mitigated by stronger performance in Singapore, Australia and Hong Kong SAR, and contribution from recent acquisitions. Accordingly, net property income (“NPI”) declined 1.4% to S$157.2 million. On a constant currency basis, revenue would have increased 0.6% and NPI would be flat. MLT’s market cap stands at S$6.4bln and currently trades at 19.5x forward PE and 0.9x PB, with an annualized dividend yield of 6.3%. Consensus target price stands at S$1.56, representing 22.8% upside from current share price. We have an “Accumulate” rating on MLT given its decent yield and $1.56 consensus 1 year target price, implying potential 1 year return of around 22.8%. Downside risks also seem limited given that it is trading near its Covid-19 lows. |
| LIM & TAN | MAYBANK KIM ENG |
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Sabana Industrial REIT ($0.375, up 0.5 cents) reported financial results for the period from 1 July 2024 to 31 December 2024 (“2H 2024”) and for the full year from 1 January 2024 to 31 December 2024 (“FY 2024”). For FY 2024, the REIT attained all-time high gross revenue of $113.3 million since its initial public offering on 26 November 2010, 1.3% higher year-on-year (“y-o-y”), and achieved a new high in NPI of $57.5 million since 2016, despite a smaller portfolio. At 37.5 cents, Sabana REIT is capitalized at $422mln and trades at price to book of 0.75x and dividend yield of 7.6%. While operating numbers remain stable, there remain uncertainties regarding the internalisation of the manager as well as upcoming costs involved. Bloomberg consensus 1 year target price of 30 cents implies a potential downside of 21%.
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ASEAN Data Centre Keep calm and carry on
ASEAN in infant stage of DC race; unlikely to see meaningful impact from US restrictions Following stringent new US export controls to limit access to advanced AI technologies, we choose not to be overly negative and rather see some pockets of potential optimism. While AI provides long-term growth optionality within ASEAN, we see medium-term growth being driven by ASEAN catching up on traditional data centers for cloud computing and storage. We estimate ASEAN is 55-70% behind evolved markets on data center infrastructure on a per capita or adjusted for GDP basis. Large AIled data center announcements in ASEAN are US hyper scaler-led, which we see as relatively better placed to navigate Tier-2 market sanctions. Additionally, we see potential for greater demand for GPUaaS in ASEAN if access to advanced GPUs in China is curtailed.
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