ANALYSTS SAY: Buy, Sell, Hold (17 May)

buy sell hold 2021

MAYBANK KIM ENG	CGS CIMB
ComfortDelGro (CD SP) Room to Move 1Q22 results in line, retain Buy with unchanged TP ComfortDelgro’s (CDG) 1Q22 headline PATMI of SGD76.7m (+30.4% YoY) was boosted by a one-off exceptional gain of SGD37.2m on disposal of its Alperton property in London. Excluding non-recurring items and government relief, we deem core operating profit of SGD64.6m (+25.7% YoY) - or c.23%/22% of MIBG/consensus full year estimates to be broadly within expectation. We expect CDG to show sequential growth with relaxation of Covid-19 restrictions and border reopenings from late Apr 2022. Retain Buy with a DCF-based TP of SGD1.76 (WACC: 8.3%, LTG: 1%). Read More ...	First Resources Ltd 2Q earnings likely hit by palm oil export ban ■ 1Q22 core net profit grew 739% yoy to US$73.6m, above our expectation. ■ We project weaker 2Q22F earnings as export ban may lead to lower sales. ■ We lift our earnings forecasts but downgrade our call to Hold from Add as its share price (+38% YTD) has reached our TP. Read More ...
CGS CIMB	CGS CIMB
OUE Commercial REIT A mixed quarter ■ 1Q22 revenue/NPI slightly below, at 23.8%/24.2% of our FY22F forecasts. ■ Focus on improving commercial occupancy; Hilton Singapore Orchard commenced operations in Feb 2022. ■ Reiterate Hold with a lower DDM-based TP of S$0.43. Read More ...	Silverlake Axis Ltd Riding the waves ■ 3QFY6/22 core net profit of RM40m was below expectations due to elevated staff costs and business enhancement opex. GPM stable at c.58% in 9M22. ■ Order win momentum sustained at RM97m in 3Q. Robust pipeline of deals of RM1.7bn. Secured backlog of RM450m provides earnings visibility for FY23F. ■ Reiterate Add with lower TP of S$0.40. We think SILV is poised to benefit from banks’ rising investment appetite as interest rate tailwinds set in. 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