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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Thai Beverage PLC Beer drive profit growth
▪ Results were within expectations. 9M24 revenue and EBITDA were at 73%/83% of our FY24e forecasts. 3Q24 EBITDA declined 3.2% YoY to Bt11.7bn due to a drop in spirits revenue and profits. We believe weaker property earnings from associates and higher interest expense to be a drag to net profit.
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Sasseur REIT Muted sales
• Total rental income for 1H24 slid by 0.4% YoY to S$63.2mn, representing 47% of our FY24e estimates. Tenant sales declined due to a high base in FY23, with sales in RMB terms down by 3.9% YoY, leading to a decrease in the variable component (-3.6% YoY). However, the 3% rental escalation in the fixed component partially offset this drop, resulting in EMA rental income in RMB terms increasing by 0.9% YoY to S$329mn.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Sembcorp Industries Ltd
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Singapore Exchange Limited Treasury income drops sharply
▪ 2HFY24 revenue of S$639mn met our estimates while adjusted PATMI of S$275mn was below our estimates, with full-year FY24 revenue and adjusted PATMI at 99%/90% of FY24e. The variance came from higher-than-expected FICC revenue offset by lower Equities – Derivatives revenue. 2HFY24 DPS increased by 6% YoY to 17.5 cents (2HFY23: 16.5 cents), full-year FY24 DPS at 34.5 cents (FY23: 32.5 cents).
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| UOB KAYHIAN | UOB KAYHIAN |
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CapitaLand Ascendas REIT (CLAR SP) 1H24: Backfilling Vacant Space At Changi Business Park
CLAR clocked broad-based positive rental reversion of 11.7% in 2Q24 (Singapore: +11.9%, Australia: +7.7%, UK/Europe: +10.1% and US: +11.9%). Portfolio occupancy eased 0.2ppt qoq to 93.1%. CLAR has a resilient balance sheet with average debt maturity at 3.7 years. Management plans to scale up in new economy assets such as data centres. CLAR provides a resilient 2024 distribution yield of 6.0% (MINT: 6.0%). Maintain BUY with a target price of S$3.44.
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Singapore Exchange (SGX SP) FY24: Strong Results In Line As FICC Outperforms
For FY24, SGX reported higher revenue (+3.1% yoy) and adjusted PATMI (+4.5% yoy), driven by the FICC and platform segments but offset by the cash equities and equities derivatives segments. With a lack of near-term catalysts, SGX is fairly valued at current price levels, in our view. Maintain HOLD but with a higher target price of S$10.65 (S$10.13 previously).
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