buysellhold july.23



United Overseas Bank Limited

NII hurt by NIM decline and flat loan growth


▪ 4Q23 adjusted earnings of S$1,498mn were slightly above our estimates due to higher fee income and other non-interest income, but offset by lower-than-expected NII and higher allowances.

FY23 adjusted PATMI was 102% of our FY23e forecast. 4Q22 DPS was up 13% YoY to 85 cents; the full-year FY23 dividend rose 26% YoY to 170 cents, with the dividend payout ratio stable at 50%.



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Venture Corporation Limited

Recovery back-loaded


▪ 2023 results were within expectations. Both revenue and PATMI were 99% of our FY23 forecast. Earnings weakness persisted into the 4Q23, with PAT declining 25% YoY to S$67.4mn. The final dividend was unchanged at 50 cents and full-year at 75 cents.



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Singapore Telecommunications Ltd

Bruised by currency


▪ 3Q24 earnings were within expectation. 9M24 revenue and EBITDA were 73%/75% of our FY24e forecast. Currency was almost a 2% point drag to earnings. 



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HRnetGroup Limited

Expecting growth to creep up


▪ Results were marginally below expectations. FY23 revenue and adjusted PATMI were 97%/95% of our forecast. 2H23 grew 5% YoY to S$27mn. Professional recruitment revenue was weaker than expected with a decline of 30% YoY. Placements were the lowest since listing. 



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No breach, but refinancing risks persist


▪ FY23 DPU of 2.71 US cts (-58.6% YoY) was below our estimates due to Prime paying only 0.25 US cts in 2H23 (c.10% of 2H23 distribution) to preserve capital for capex needs.

Assuming a 100% payout ratio, FY23 DPU of 4.86 US cts would have aligned with our FY23e forecast at 99%. Prime also announced a 1-for-10 bonus issue (c.43% of 2H23 DI), translating to a value of 1.03 US cts, based on a unit price of US$0.103.



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Aztech Global Ltd

Final dividend a surprise


■ FY23 revenue was 4.6%/1.9% below our/consensus expectations but net profit was in line with our expectation as margin was better-than expected.

■ Aztech’s new 300,000 sq ft facility is fully operational. Order book for FY24F was S$33.9m as at 17 Feb 2023.

■ Reiterate Add with unchanged TP of S$1.23, based on 8.7x (3-year average) FY25F EPS. Final dividend of 5.0Scts was a surprise.



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