buysellhold july.23

CGS CIMB

UOB KAYHIAN

iFAST Corporation Ltd

Delays on the horizon

 

■ iFAST lowered its revenue guidance for ePension business as delays in the onboarding of trustees may signal some implementation hiccups, in our view.

■ The stock nonetheless offers strong hoh and yoy net profit growth in FY24- 25F as ePension contributions are progressively factored in.

■ Reiterate Hold on further possible project delays, and qoq earnings volatility. We raise our TP to S$9.10 as we revise our risk-free and LTG estimates.

 

 

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iFAST Corporation (IFAST SP)

4Q23: Second Consecutive Record AUA; HK ePension Division Drives Growth

 

iFAST’s reported a surge in 4Q23 earnings (+917.1% yoy), bringing 2023 PATMI to S$28.3m (+340% yoy) and beating our expectations by 18%. This is mainly driven by the initial four-month contributions from the HK ePension division and growth in its core wealth management platform. Record-breaking AUA of S$19.8b (+13.8% yoy) was also achieved for the second consecutive quarter since end-21. Maintain HOLD with a 30% higher target price of S$8.56 (S$6.56 previously). 

 

 

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UOB KAYHIAN

UOB KAYHIAN

Genting Singapore (GENS SP)

4Q23: Ending 2023 With A Slight Bump

 

Tracing MBS, GENS’ 4Q23 results reflect operational normalisation from 3Q23’s high base due to an absence of mega entertainment events and lower visitations. That said, we observed higher regional tourist arrivals and consumption moving into 2024, especially during the CNY period. We remain convinced that such a growth trend will be sustained throughout 2024, backed by intra-regional tourism ramp-up, a solid concerts pipeline, and RWS’ premiumisation. Maintain BUY. Target price: S$1.25. 

 

 

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Venture Corporation (VMS SP)

2023: Results In Line With Expectations; Expect A Better 2H24 Than 1H24

 

2023 earnings of S$270m (-27% yoy) are in line with our forecasts. 2023 revenue fell 22% yoy due to soft customer demand and ongoing inventory destocking. Based on VMS customers’ feedback, the demand schedule is expected to be stronger in 2H24 vs 1H24. VMS is actively investing to grow further in existing and new areas including hyperscale data centres and semiconductor domains. Maintain BUY and target price of S$16.37. 

 

 

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UOB KAYHIAN MAYBANK KIM ENG

Wilmar International (WIL SP)

Managing Expectations

 

During the briefing, management conveyed a more optimistic tone compared to the outlook statement. Despite a challenging outlook guidance, Wilmar is poised for margin improvement in 2024 as raw material costs ease and it grows volume by capturing market share from the closure of less competitive producers. The tropical oil division is likely to remain as the most challenging operation with the tightness in CPO supply and stiff competition from cheaper softoil. Maintain HOLD. Target price: S$3.35.

 

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United Overseas Bank (UOB SP)

Steady performance

 

ASEAN growth positive. Dividends unlikely to surprise UOB’s FY23 earnings were ahead of expectation. Better NII helped and so did lower provisions for bad loans. However, NIMs are set to see increased pressure going forward from lower loan yields and higher funding costs. The Group’s regional franchise, especially with the integration of Citi, is set for expansion, especially as ASEAN economic growth takes off. However, with limited upside for potential dividend surprises, we think risk-reward is currently balanced. Raise TP to SGD30.88. Maintain HOLD.

 

 

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