ANALYSTS SAY: Buy, Sell, Hold (11 Apr)

buy sell hold 2021

CGS CIMB	UOB KAYHIAN
Sembcorp Industries Shortlisted for a green deal ■ According to newsflow, SCI has been shortlisted to acquire Mytrah Energy for c.2.9GW of renewable assets. The deal is reportedly worth c.US$2bn. ■ Mytrah Energy’s FY19 EBITDA was US$190m with a US$15.6m net loss. It turned profitable in 1H20 with US$3.9m net profit on US$6.5m EBITDA. ■ Deal seems expensive but if it goes through, SCI could expand its renewable energy capacity to 8.9GW and enhance its returns from the assets. ■ Reiterate Add, with unchanged SOP-based TP of S$2.96 Read More ...	Aztech Global (AZTECH SP) Expect Healthy Earnings Growth For 1Q22, Backed By Robust Orderbook We expect Aztech to report robust 1Q22 earnings of S$15m-17m, which indicates around 20% yoy growth. This is backed by Aztech’s robust orderbook of S$762m as at 22 Feb 22, which is 22% higher than its 2021 revenue. Aztech is also optimistic on its business prospects on the back of strong global demand for IOT devices. The recent disruption at its Dongguan plant should be minimal, and reopening of borders globally should help to ease the component shortage. Maintain BUY. Target price: S$1.55. Read More ...
MAYBANK KIM ENG	CGS CIMB
Heineken Malaysia (HEIM MK) Recovery in progress Maintain BUY with unchanged DCF-TP of MYR27.10 HEIM’s overall sales volume should exhibit solid growth in FY22 on the back of on-trade sales recovery and stable off-trade contribution. Relaxed business restrictions during Malaysia’s endemic phase will also aid in keeping positive industry volume growth sustainable in FY22 although cost pressures could partially mitigate earnings growth potential. We make no changes to our earnings estimates, BUY call and DCF-TP of MYR27.10 (WACC: 7%, LT growth: 3%). Read More ...	Unisem Selling PT Unisem Batam for US$34m ■ Unisem is selling PT Unisem Batam for US$34m (RM143m) and stands to recognise up to RM131m gain on the asset disposal. ■ We do not expect any special dividend following the disposal exercise given that Unisem is undergoing major capacity expansion in Malaysia and China. ■ Reiterate Add with an unchanged RM4.00 TP, still based on 22x CY23F P/E. Read More ...

Counter Name	Last	Change
AEM Holdings	1.840	-0.020
Best World	2.480	-
Boustead Singapore	0.950	-0.005
Broadway Ind	0.145	0.005
China Aviation Oil (S)	0.865	-0.005
China Sunsine	0.390	-0.005
ComfortDelGro	1.390	-0.010
Delfi Limited	0.875	-
Food Empire	1.120	-0.010
Fortress Minerals	0.310	-
Geo Energy Res	0.300	0.005
Hong Leong Finance	2.420	-0.010
Hongkong Land (USD)	3.420	0.010
InnoTek	0.505	-
ISDN Holdings	0.300	-0.005
ISOTeam	0.047	-
IX Biopharma	0.039	-0.004
KSH Holdings	0.245	-
Leader Env	0.049	-
Ley Choon	0.055	-0.001
Marco Polo Marine	0.068	-0.003
Mermaid Maritime	0.135	0.002
Nordic Group	0.305	-
Oxley Holdings	0.090	0.001
REX International	0.124	-
Riverstone	0.930	0.005
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.230	-
The Trendlines	0.063	-
Totm Technologies	0.019	-0.002
Uni-Asia Group	0.810	-0.035
Wilmar Intl	3.160	-
Yangzijiang Shipbldg	1.750	-0.020

Counter Name

Last

Change

AEM Holdings

1.840

-0.020

Best World

2.480

Boustead Singapore

0.950

-0.005

Broadway Ind