buy sell hold 2021



ISDN Holdings Ltd
Impacted by China’s Covid-19 lockdown

■ 1Q22 revenue/net profit were 10.0% below our expectations as revenue was
impacted by the Covid-19 lockdowns in China.

■ Management guided that current order book remains strong, driven by
continued robust demand for industrial automation.

■ We cut our FY22-24F estimates to reflect Covid-19 lockdown impact and the
difficult operating environment. TP reduced as we lower target P/E multiple.

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Cahya Mata Sarawak (CMS MK)
SSA inked for OM Sarawak sale

Tactical BUY maintained
CMS had, on 14 Jun, entered into a conditional share sale agreement
(SSA) with OM Materials (S) for the disposal of its 25%-stake in both OM
Materials (Sarawak) and OM Materials (Samalaju).

The entire disposal proceed has been earmarked for future acquisitions/investments, capex and working capital.

We make no change to our earnings forecasts and MYR1.27 TP (on 7x FY22E PER; -1SD of mean) pending deal completion.

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Share Prices

Counter NameLastChange
AEM Holdings3.6900.080
Avi-Tech Electronics0.2750.025
Best World1.770-
Broadway Ind0.090-
China Sunsine0.420-
Food Empire0.955-0.010
Fortress Minerals0.360-
Geo Energy Res0.230-
Golden Energy0.9600.005
GSS Energy0.0440.005
ISDN Holdings0.4300.015
IX Biopharma0.081-
Jiutian Chemical0.056-0.001
KSH Holdings0.3300.005
Leader Env0.0860.004
Medtecs Intl0.149-
Meta Health0.015-
Nordic Group0.4600.010
Oxley Holdings0.1240.001
REX International0.166-0.002
Sinostar PEC0.1570.004
Southern Alliance Mining0.780-
Straco Corp.0.470-
Sunpower Group0.310-0.015
The Trendlines0.099-
Totm Technologies0.083-
UG Healthcare0.159-0.003
Uni-Asia Group0.9000.010
Wilmar Intl3.970-
Yangzijiang Shipbldg1.270-0.030

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