reports
- Adrian Loh Tzum Yung
Singapore Property - The Issue Of More Supply, High Taxes And Interest...
While the higher number of new launches and completed units hitting the Singapore residential market in 2024 and 2025 enables buyers to shop around more, the spectre of persistently higher interest rates, as well as high property taxes, could have a dampening effect on sentiment in the near term. We see limited impact on CDL given its diversified income stream while PropNex could be protected by its high 6.5% dividend yield. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Adrian Loh Tzum Yung
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jun Sian Tan
- Kong Ho Meng
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Wednesday, March 06, 2024
GREATER CHINA Economics 2024 Government Work Report: China aims for 5% growth. Sector Property: Divergence of policies and property sales between Tier 1 cities and Hong Kong. INDONESIA Results Pertamina Geothermal Energy (PGEO IJ/HOLD/Rp1,195/Target: Rp1,260): 2023: Solid performance; EBITDA growth expected to be flat in 2024. Downgrade to HOLD. MALAYSIA Sector Construction: Mixed 4Q23 results but 2024 outlook remains resilient anchored by imminent rollout of mega projects. Maintain OVERWEIG...
- Adrian Loh Tzum Yung
Singapore Daily - Wednesday, March 06, 2024
KEY HIGHLIGHTS Results Centurion Corp (CENT SP/BUY/S$0.43/Target: S$0.57): 2023: Strong results across its geographies and asset classes with a bright outlook ahead in 2024. Maintain BUY with a higher target price of S$0.57. TRADERS’ CORNER Olam Group (OLG SP): Trading BUY AEM Holdings (AEM SP): Trading SELL
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 2023: Strong Results Across The Board With ...
CENT reported strong 2023 results with higher occupancy rates and positive rental reversions across all its geographies and asset classes. Free cash flow generation remains strong, and with gearing at 0.38x and some capital recycling of its assets, the company has a decent war chest for its organic and inorganic ambitions. Stock liquidity remains an issue. Maintain BUY. Target price raised to S$0.57.
- Adrian Loh Tzum Yung
Singapore Daily - Friday, November 17, 2023
KEY HIGHLIGHTS Update Centurion Corp (CENT SP/BUY/S$0.40/Target: S$0.50): Outlook undimmed – Strong performance in 3Q23 to extend into 2024 and possibly beyond. With valuation remaining inexpensive, we maintain our BUY rating. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading BUY Keppel Corp (KEP SP): Trading SELL
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - Outlook Undimmed – Strong Performance In 3Q...
Centurion’s 3Q23 performance was better than expected, driven by strong rental reversions across workers’ and students’ accommodations. The macro backdrop of migrant workers returning to Singapore and Malaysia as well as international students heading back to universities in the UK and Australia will continue to play out as supply of assets lags demand. New government regulations for PBWAs may also help rental reversions in the medium term. Maintain BUY. Target price: S$0.50.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, May 19, 2023
KEY HIGHLIGHTS Results Prime US REIT (PRIME SP/BUY/US$0.21/Target: US$0.61): 1Q23: Resiliency from diversified tenant mix; bombed-out valuations. Update Centurion Corp (CENT SP/BUY/S$0.34/Target: S$0.43): 1Q23 business update showed continued recovery across all its asset classes with volume growth expected over the next 12-18 months. Maintain BUY. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading BUY Olam Group (OLG SP): Trading BUY
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - Continuing On Its Recovery Across All Asset...
Centurion’s 1Q23 business update was a solid one with revenue up 5% yoy to S$47m making up 25% of our full-year forecast and thus in line with expectation. The key PBWA segment, which makes up three-quarters of its revenue, saw 5% yoy growth in its top-line while its PBSA segment was similarly robust, up 7% yoy. In the near to medium term, it appears that Centurion will continue to see incremental volume and rental growth. Maintain BUY. Target price: S$0.43.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, May 19, 2023
GREATER CHINA Sector Automobile: Weekly: China becomes the world’s biggest car exporter, marking a new era. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Results Alibaba Group (9988 HK/BUY/HK$87.75/Target: HK$142.00): 4QFY23: Solid earnings growth; full spin-off of Alibaba Cloud. KE Holdings Inc (2423 HK/BUY/HK$41.75/Target: HK$70.00): 1Q23: Triple beat; poised to benefit from pent-up demand. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.50/Target...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
TDC TIME DOTCOM BHD
9988 ALIBABA (9988 HK)
6078 HYGEIA HEALTHCARE HOLDINGS CO LTD
BEKE KE HOLDINGS INC
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Chaiwat Arsirawichai
- Chun Sung Oong
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thailand Research Team
- Thansin Klinthanom
- Zhifeng Shen
Regional Morning Notes - Monday, May 23, 2022
GREATER CHINA Sector Catering: Gradually gaining ground. Update Netease (9999 HK/BUY/HK$156.00/Target: HK$179.00): Key takeaways from Netease Connect 2022 Product Launch Event. Yadea Group (1585 HK/BUY/HK$14.14/Target: HK$25.00): 2WEV sales boosted by stringent traffic restrictions, and product deliveries have resumed since mid-April. Maintain BUY. Raise target price to HK$25.00. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,280/Target: Rp1,600): Entering the spread and milk market...
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 1Q22: Continues to see strong recovery in i...
Centurion reported better-than-expected 1Q22 revenue of S$45m, up 47% yoy and forming over 30% of our full-year revenue estimates. All business segments enjoyed double-digit revenue growth due to a combination of higher occupancies and new revenue streams as economic recovery and the reopening of international borders provided strong tailwinds. Maintain BUY. Target price S$0.43.
- Adrian Loh Tzum Yung
Singapore Daily - Monday, May 23, 2022
KEY HIGHLIGHTS Results Centurion Corp (CENT SP/BUY/S$0.355/Target: S$0.43): 1Q22: Continues to exhibit strong recovery in its business; expecting more of the same for the rest of 2022. TRADERS’ CORNER Venture Corp (VMS SP): Trading Buy Golden Agri-Resources (GGR SP): Trading Buy
- Adrian Loh Tzum Yung
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily - Thursday, March 10, 2022
KEY HIGHLIGHTS Sector Regional Plantation: Forecasters did not provide any price forecast for the first time with so many uncertainties and political issues in the picture. Banking: Monetary policy under the fog of war. Results Centurion Corp (CENT SP/BUY/S$0.345/Target: S$0.45): 2021: Strong positive momentum in 2021 should continue into 2022. Small/Mid Cap Highlights Singapore Medical Group (SMG SP/BUY/S$0.305/Target: S$0.53): 2022: Cured of COVID-19, potential takeover target. TRADERS’ C...
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 2021: Strong Positive Momentum In 2021 Shou...
Centurion reported a strong set of results for 2021. Importantly, we witnessed robust sequential improvement across its businesses and geographies as countries and economies attempt to normalise. In our view, the company should continue to experience a recovery in 2022 now that we are hopefully past the COVID-19 peak. Maintain BUY. Target price has been raised to S$0.45 (previously S$0.43).
- Adrian Loh Tzum Yung
- Carolyn Ching
- Chaiwat Arsirawichai
- Desmond Chong Chee Wai
- Hazmy Hazin
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Sabrina Soh
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, March 10, 2022
REGIONAL Sector Plantation: Forecasters did not provide any price forecast for the first time with so many uncertainties and political issues in the picture. GREATER CHINA Economics Inflation: Ukraine-Russia conflict to temper inflation slowdown. Results Prudential (2378 HK/BUY/HK$108.30/Target: HK$195.90): 2021: Results beat on new business profit. Cut target price to HK$195.90. INDONESIA Results Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,300/Target: Rp1,500): 4Q21: In line with expectations w...
- Adrian Loh Tzum Yung
- Chaiwat Arsirawichai
- Chun Sung Oong
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kowit Pongwinyoo
- Leow Huey Chuen
- Sandra Huang Jieqiong
- Selvi Ocktaviani
Regional Morning Notes - Tuesday, November 23, 2021
GREATER CHINA Results Niu Technologies (NIU US/BUY/US$24.06/Target: US$37.00): 3Q21: Profit up 15% yoy, missing estimates on stronger sales of entry models. Cut target price to US$37.00. Maintain BUY. Tongcheng-eLong (780 HK/BUY/HK$17.34/Target: HK$22.00): 3Q21: An uneven path to recovery. Maintain BUY. Update Ganfeng Lithium Co (1772 HK/BUY/HK$146.10/Target: HK$200.00): Lithium compound prices to rise on demand spike and tight supply. INDONESIA Update Pembangunan Perumahan (PTPP IJ/BUY/Rp1,290...
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 3Q21: Resilience and recovery
Centurion reported a strong 3Q21 with revenue up 20% yoy to S$35.3m, helped by its PBWA segment as occupancy and portfolio expansion both increased at a healthy clip. Its 9M21 revenue was stronger than expected at S$99.9m (+4% yoy), making up over 80% of our full-year 2021 estimates. As international travel progressively picks up in its key markets, we remain cautiously optimistic on the recovery of its PBSA assets and 2022 outlook. Maintain BUY. Target price: S$0.430.
- Adrian Loh Tzum Yung
Singapore Daily - Tuesday, November 23, 2021
KEY HIGHLIGHTS Results Centurion Corp (CENT SP/BUY/S$0.33/Target: S$0.43): 3Q21: Occupancy and portfolio expansion underscored a strong quarter and outlook remains robust. TRADERS’ CORNER Sasseur REIT (SASSR SP): Trading Buy Wilmar International (WIL SP): Trading Buy
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