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CGS CIMB |
CGS CIMB |
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Sheng Siong Group Robust store opening pipeline in FY24F
■ 2Q24 net profit of S$34m (+5% yoy) was in line – SSG outperformed national supermarket industry revenue growth rate, while margins continue to expand. ■ We now expect 6 store openings (vs. 4 previously) in FY24F, riding on robust supply pipeline by HDB and strong balance sheet enabling asset acquisition. ■ Reiterate Add with TP of S$1.90. We continue to like SSG’s strong execution and expect growth reacceleration in FY24F, driven by faster store openings.
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Aztech Global Ltd Higher interim dividend
■ Aztech’s 1H24 revenue fell 4.0% yoy as its 1Q24 production was affected by inclement weather in China. 1H24 net profit grew 8.7% yoy to S$46.7m. ■ 1H24 revenue and net profit were below our expectations as we were expecting 1H revenue/net profit to form 50% of our FY24F forecasts. ■ Order book as at 30 Jul 2024 was S$304.4m. ■ Reiterate Add with a lower TP of S$1.21. Interim DPS was 5.0 Scts versus 3.0 Scts last year.
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CGS CIMB |
CGS CIMB |
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Keppel REIT 1H24 robust rental reversions eroded by higher funding cost
■ 1H24 DPU of 2.4 Scts was broadly, in line at 47.1% of our FY24F forecast. ■ 2Q24 portfolio occupancy rose qoq to 97% as its overseas properties in Australia and South Korea saw higher take up ■ Reiterate Add rating, with an unchanged DDM-based TP of S$1.15.
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SATS Ltd Back to pre-Covid earnings in FY25F
■ We expect SATS to report c.S$50m net profit for 1QFY3/24F, replicating core net profit of S$47.8m in 4QFY23 with a similar margin profile. ■ We believe new contract wins should support better profitability for its gateway services segment, alongside a recovery in global air cargo demand. ■ Revenue from its solutions segment recovered to pre-Covid levels in FY24, but profitability has room to grow from optimisation of new central kitchens. ■ Reiterate Add; TP of S$4.10. We upgrade our FY25F/26F/27F earnings by 88.1%/24.7%/0.6% as we expect SATS to recover to pre-Covid profitability.
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| UOB KAYHIAN | UOB KAYHIAN |
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Venture Corporation (VMS SP) 2Q24 Results Preview: Expect A Sequential Improvement
VMS will be reporting its 2Q24 results on 6 Aug 24. We are expecting 2Q24 earnings of S$68m (+2% yoy, +13% qoq). We believe the demand from VMS’ customers should improve and we expect it to deliver positive earnings growth of 4% for 2024. In its latest guidance, VMS is targeting for revenue to improve qoq in 2Q24 and hoh in 2H24. Also, most of VMS’ customers expect to record revenue growth in the coming quarter/year. Maintain BUY and target price of S$16.37.
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Aztech Global (AZTECH SP) 2Q24: Results In Line; Higher Dividend A Positive Signal
Aztech’s 2Q24 earnings of S$31m (+4% yoy; +94% qoq) is in line with our expectation. IoT devices continued to be the main growth driver, leading to an 8% yoy revenue growth. Orderbook remained healthy at S$304m as at 30 Jul 24, of which the majority is planned for completion in 2024. Aztech remains focused on growing its competencies, with improved R&D and production capabilities and new products in the pipeline. Maintain BUY with an unchanged target price of S$1.25.
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