reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Friday, February 09, 2024
GREATER CHINA Economics Inflation: Jan 24 CPI inflation lower on base effect. Sector Automobile: Weekly: EV market share falls to 38-week low. Top SELLs: BYD, XPeng and Li Auto. MALAYSIA Update Press Metal Aluminium Holdings (PMAH MK/BUY/RM4.62/Target: RM5.50): Anticipate growth to resume in 2024 following peaking interest rate cycle and more robust contribution from VAPs. SINGAPORE Results Singapore Post (SPOST SP/HOLD/S$0.405/Target: S$0.54): 3QFY24 update: Soft quarter, as forex and Famou...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily - Friday, February 09, 2024
KEY HIGHLIGHTS Results Singapore Post (SPOST SP/HOLD/S$0.405/Target: S$0.54): 3QFY24 update: Soft quarter, as forex and Famous Holdings impact profits. StarHub (STH SP/BUY/S$1.07/Target: S$1.41): 2023: Results slightly above expectations, DARE+ costs to taper off in 2024. TRADERS’ CORNER Delfi (DELFI SP): Trading BUY Wilmar International (WIL SP): Trading SELL
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 2023: Results Slightly Above Expectations, DARE+ C...
For 2023, StarHub reported higher revenue (+2% yoy) and underlying PATMI (+77% yoy), driven by broad-based growth across all service segments. Overall margins are expected to improve in 2024 on the back of ongoing cost optimisation efforts as well as an expected tapering off in DARE+ investments in 2H24. Armed with a lush 2024 dividend yield of 6.8%, we maintain BUY with a higher target price of S$1.41.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, November 09, 2023
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. LINK REIT (823 HK/BUY/HK$38.40/Target: HK$50.70): 1HFY24: Results in line; ready for unit buyback. INDONESIA Sector Banking: Acceleration in government spending to support earnings in 4Q23. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.49/Target: RM0.65): 3Q23: Another lumpy provision recognised, but inevitably means MMHE...
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
C6L SINGAPORE AIRLINES LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
HLBANK HONG LEONG BANK BHD
BEKE KE HOLDINGS INC
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Nanofilm Technologies International (NANO SP/SELL/S$0.93/Target:S$0.66): 9M23: Revenue in line but expect weakness to continue in 4Q23; downgrade to SELL. Prime US REIT (PRIME SP/BUY/US$0.162/Target: US$0.53): 3Q23: Closing in on several leasing discussions. Singapore Airlines (SIA SP/HOLD/S$6.28/Target: S$6.80): 2QFY24: Results beat expectations; full-year profit likely to hit a new record. Upgrade to HOLD. StarHub (STH SP/BUY/S$1.05/Target: S$1.37): 3Q23: Strong resu...
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 3Q23: Strong Results, Driven By Broad-based Growth
For 9M23, StarHub reported higher service revenue (+8.2% yoy) and core PATMI (+29.1% yoy) from broad-based growth across all business segments. This was also supported by a robust 3Q23 with service revenue and PATMI growing 8.9% yoy and 36.1% yoy respectively. However, margins are expected to soften going into 4Q23 from increased DARE+ investments. Maintain BUY with an unchanged target price of S$1.37.
- Chong Lee Len
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, August 04, 2023
KEY HIGHLIGHTS Results DBS Group Holdings (DBS SP/BUY/S$33.76/Target: S$44.35): 2Q23: Net profit of S$10b is within reach. StarHub (STH SP/BUY/S$1.05/Target: S$1.37): 2Q23: Above expectations, driven by mobile and the English Premier League. TRADERS’ CORNER Civmec (CVL SP): Trading BUY First Resources (FR SP): Trading BUY
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 2Q23: Above expectations, Driven By Mobile And The ...
For 1H23, StarHub experienced broad-based growth across all segments. 2Q23 overall revenue and PATMI grew 0.5% yoy and 25.6% yoy respectively, driven by higher mobile and entertainment contributions. The mobile segment saw higher data roaming revenue and take-up of its 5G plans while the EPL drove ARPU for the entertainment segment higher. 2Q23 revenue from the broadband and enterprise segments softened yoy but grew sequentially. Maintain BUY. Target price: S$1.37.
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, August 4, 2023
GREATER CHINA Sector Automobile: Weekly: EV sales up 33% yoy but down 3% mom in July, missing estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Results Budweiser APAC (1876 HK/BUY/HK$17.50/Target: HK$22.50): 1H23: Results miss expectations; good recovery in China but headwinds in South Korea. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp228/Target: Rp265): 2Q23: Profitability could be around the corner. MALAYSIA Results Fraser & Neave Holdings (FNH MK/BUY/RM24.92/Target: RM30...
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - Paying For Performance
Our analysis of compensation in Singapore suggests that for 2022, companies were generally fair in remunerating their CEOs and board of directors. Compared with their net profit, YZJ, SingTel and SIA generated the most “value” out of their CEOs, while based on ROE, SGX, Starhub, ST Engineering, SIA and YZJ performed well. Based on their respective 2022 share price performance, pay for the CEOs of Seatrium, SCI and KEP appear to be well-justified.
G13 GENTING SINGAPORE
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
RFMD RAFFLES MEDICAL GROUP LTD
SE US SEA LIMITED
CLI CAPITALAND INVESTMENT LTD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, May 12, 2023
KEY HIGHLIGHTS Sector REITs: 3QFY23: LREIT (in line) and 1Q23: SASSR (slightly above). Results Singapore Post (SPOST SP/HOLD/S$0.515/Target: S$0.46): FY23: Results in line with expectations; group strategic review initiated. StarHub (STH SP/BUY/S$1.01/Target: S$1.37): 1Q23: Exceeds expectations; strong start to 2023. UMS Holdings (UMSH SP/HOLD/S$0.97/Target:S$0.97): 1Q23: Results in line with expectation, remain cautious on near-term outlook. Update CapitaLand Investments (CLI SP/BUY/S$3.74/Tar...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Philip Wong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, May 12, 2023
GREATER CHINA Economics Inflation: Headline inflation lower; core holds steady. Money Supply: Liquidity remains ample, but households delevered. Sector Automobile: Weekly: April car sales beat; further recovery in the first week of May. Maintain UNDERWEIGHT. Top BUYs: BYD, Li Auto and CATL. Internet: Cloud industry development facilitated by recent AIGC breakthrough. Results JD.com (9618 HK/BUY/HK$135.00/Target: HK$216.00): 1Q23: Earnings beat; soft 2Q23 top-line growth. INDONESIA Sector Proper...
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
BCH BANGKOK CHAIN HOSPITAL PCL
PENT PENTAMASTER CORP BHD
SPOST SINGAPORE POST LTD
HEIM HEINEKEN MALAYSIA BHD
1706769D MR DIY
GREATEC GREATECH TECHNOLOGY BHD
9618 JD.COM INC
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 1Q23: Exceeds Expectations; Strong Start To 2023
1Q23 headline revenue and service revenue grew 8.7% yoy and 11.0% yoy respectively, driven by higher ARPU uplift across all segments and the consolidation of MyRepublic Broadband. The group also exceeded its 2023 guidance checklist in 1Q23. StarHub is expected to incur most of its DARE+ transformative investments in 2023 and will begin reaping the rewards from 2024 onwards, in our view. Maintain BUY with a higher target price of S$1.37 (S$1.35 previously).
- Chong Lee Len
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Wednesday, February 8, 2023
KEY HIGHLIGHTS Results Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.735/Target: S$0.87): 1HFY23: Steady growth and resilient NPI margin. StarHub (STH SP/BUY/S$1.11/Target: S$1.35): 2022: Setting the stage for a transformation. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Upward strength is likely to be continued
- Ariel Poh Yun Li
- Arsit Pamaranont
- Chong Lee Len
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Limartha Adhiputra
- Llelleythan Tan Tan
- Philip Wong
Regional Morning Notes - Wednesday, February 08, 2023
GREATER CHINA Update Xiaomi Corp (1810 HK/HOLD/HK$12.84/Target: HK$12.70): 4Q22 results preview: Another slow quarter, but the worst is over. INDONESIA Update Indo Tambangraya Megah (ITMG IJ/SELL/Rp36,500/Target: Rp30,000): 2023 net profit could decline 29.8% on lower coal ASP. MALAYSIA Results Hartalega Holdings (HART MK/HOLD/RM1.62/Target: RM1.46): 3QFY23: Falling into losses alongside industry, but bottoming in earnings is fast approaching. Upgrade to HOLD. SINGAPORE Results Lendlease Glob...
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 2022: Setting The Stage For A Transformation
2022 revenue and service revenue grew 13.9% yoy and 17.2% yoy respectively, driven by the consolidation of StarHub’s recent acquisitions and broad-based growth across all segments. However, 2022 PATMI fell 58.3% yoy as upfront investments continue to compress margins. StarHub is expected to incur most of its transformative investments in 2023 and will begin reaping the rewards from 2024 onwards. We maintain BUY with a higher target price of S$1.35 (S$1.30 previously).
- Chaiwat Arsirawichai
- Chong Lee Len
- Jessie Guo Yuting
- Ken Lee
- Kong Ho Meng
- Malaysia Research Team
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, December 09, 2022
GREATER CHINA Sector Automobile: Weekly: China EV sales rebounded in Nov 22, but ICE-car sales declined. Maintain UNDERWEIGHT. Top picks: CATL, FYG and Xusheng. INDONESIA Initiate Coverage Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/BUY/Rp2,950/Target: Rp3,700): Solid earnings in 2023 with attractive valuation. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.99/Target: RM2.06): Results above expectations. Strong sales momentum expected to continue in 2HFY23, fuelled by strong orderbook b...
- Chong Lee Len
StarHub (STH SP) - On Firm Footing; Frontloading Capex To Drive Future...
Starhub is expected to deliver S$500m in cost savings over 2022-26 under its DARE+ initiative. This entails spending S$310m to drive incremental net profit stack of S$80m from 2026 onwards – suggesting a robust three-year earnings CAGR of 15% over 2023-26. Given the hefty share price correction ytd, we upgrade the stock from HOLD to BUY with a target price of S$1.30. The stock currently trades at -2SD below its mean EV/EBITDA of 7x. Market consolidation is a key re-rating catalyst.
- Chong Lee Len
Singapore Daily - Friday, December 09, 2022
KEY HIGHLIGHTS Update StarHub (STH SP/Upgrade to BUY/S$1.05/Target: S$1.30): Compelling risk-reward given attractive valuation. Earnings step-up will come from cost synergies and enterprise business expansion. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading Buy Singapore Exchange (SGX SP): Trading Buy
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