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Q & M Dental Group Ltd
Hurt by upfront and uneven expenses
SINGAPORE | HEALTHCARE | 2Q22 RESULTS 22 August 2022
Earnings were below expectations. 1H22 revenue and PATMI were 52%/37% of our FY22e forecast. Additional cost from investments in AI project and change in recognition of bonus provision.
Earnings from COVID-19 PCR tests swung from $3mn net profit a year ago to S$50k
net loss.
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Uni-Asia Group Ltd
Earnings spike in 1H22
SINGAPORE | SHIPPING | 1H22 RESULTS
1H22 revenue and PATMI were 64%/68% respectively of our FY22e forecast. Results were above expectations due to a surge in charter rates. 1H22 PATMI spiked 128% to U$16.4mn. The interim dividend more than tripled to 6.5 cents.
Average charter rate per day in 1H22 jumped 78% YoY to US$19.4k. This is above our modelled US$18.k assumption. Vessel operating days declined 5% YoY due to dry
docking.
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Singapore Exchange Limited
Growth led by newly acquired businesses
SINGAPORE | FINANCE | 2H22 RESULTS
FY22 revenue of S$1.1bn was slightly below our estimates, at 94% of FY22e, while earnings of S$452mn met our estimates, at 99% of our FY22e. Variance came from lower-thanexpected equity revenue due to lower treasury income.
FY22 DPS was stable at 32 cents.
FICC and DCI grew 19%/3% YoY, led by an increase in OTC FX revenue and an increase in data and services subscriptions. |
Singapore Post (SPOST SP)
1QFY23: Weak Quarter, Dragged By Domestic Post & Parcel
SPOST reported strong 1QFY23 revenue (+34.7% yoy) but weak operating profit (-46.7% yoy). The Domestic Postal segment underperformed as postal volumes dropped while the International Postal segment saw elevated air freight costs.
The Logistics segment saw higher consignment volumes due to the consolidation of FMH. The Property segment benefitted from the relaxation of social distancing measures. In view of strong headwinds, we downgrade to HOLD. Target price: S$0.61.
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Carlsberg Brewery Malaysia (CAB MK)
Another strong quarter
Maintain BUY with unchanged DCF-TP of MYR27.80
CAB’s 2Q22 results were within our expectations. Added challenges from elevated input costs and subdued consumer spending could weaken earnings in 3Q22 before sales momentum improves towards the year-end festivities in 4Q22. We leave our earnings estimates unchanged for now.
Maintain BUY with DCF-TP of MYR27.80 (WACC: 8%, LT growth: 3%).
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Inari Amertron (INRI MK)
FY22: In Line; Commendable Profit Thanks To Forex Gains
Results are within expectations. Inari’s core net profit recorded its eighth consecutive yoy earnings growth thanks to forex gains. Inari is trading at an attractive 19.6x ex-cash FY23F PE (-1SD below its five-year mean PE), notwithstanding the enormous growth potential from its new venture and M&A activities which could uplift its market cap to strengthen its FBMKLCI constituent position.
We fine-tune our FY23-25 earnings by 1- 2% after model updates. Maintain BUY. Target price: RM3.40.
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