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UOB KAYHIAN |
UOB KAYHIAN |
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Winking Studios (WKS SP)
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AIA Group (1299 HK) 1H24: Strong Beat In Results; Eyeing 9-11% Three-year CAGR For OPAT Per Share
AIA delivered strong 1H24 results with VONB growing 26% yoy, ahead of our and market expectations. This was driven by a 17% yoy ANP growth and a 3.3ppt yoy margin expansion. Key financial metrics like OPAT and EV also showed encouraging improvement. We believe management's new guidance on OPAT per share growth targets and better margin performance across the Greater China market could lead to valuation re-rating in the near term. Maintain BUY: Target price: HK$91.00.
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UOB KAYHIAN |
LIM & TAN |
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Greatech Technology (GREATEC MK) 1H24: In Line; On Track To Anchor A Record Year
Earnings were at a record high and we expect stronger earnings traction in 2H24 on higher PLS revenue recognition from the life sciences and solar industries. While there could be delays in orderbook replenishment due to customers’ wait-and-see approach before the US presidential election, Greatech’s outstanding orderbook stands at RM865m and is expected to last until 1H25. Cut 2024-25 earnings by 6-11% to account for a delay in recognition of projects. Maintain BUY. Target price: RM6.50.
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Marco Polo Marine ($0.054, up 2 cents) provided a voluntary update to shareholders on its recent operational performance for the financial quarter ended 30 June 2024 (“3QFY2024”). The Group’s revenue for 3QFY2024 decreased by 4.6% y-o-y to S$34.9 million, compared to S$36.8 million in 3QFY2023. The decline was due to lower revenue from its Shipyard segment, where one of its three dry docks was fully utilised for the construction of its commissioning service operation vessel (“CSOV”) and was unavailable to take on third-party jobs. Nonetheless, the Group was still able to grow its gross profi t from S$14.2 million in 3QFY2023 to S$14.6 million in 3QFY2024, a 2.6% y-o-y improvement, with a 3.1 ppt expansion in gross profi t margin. Marco Polo Marine’s market cap stands at S$202.7mln and currently trades at 7.4x forward PE and 1.4x PB, with a dividend yield of 1.9%. Marco Polo Marine narrowly missed our expectaƟ ons as a result of the delay in CSOV. However, we view this as one-off and even though it should impact FY24, macro fundamentals remain intact with ship chartering continuing to perform well moving into FY25. Our target price stands at S$0.083, representing 65% upside from current share price, hence maintain an “Accumulate” rating on Marco Polo Marine. |
| KGI FRASER | MAYBANK KIM ENG |
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Food Empire Holdings Ltd More capacity, more growth
• Continued strong growth in South-East Asia and South Asia. Food Empire Holdings saw a sustained increase in sales across its core markets in 1H24, showcasing a resilient consumer demand for the company’s products, which saw volume growth YoY, especially in the Southeast Asia and South Asia regions. The group continues to reap the benefits of its brand-building efforts in Vietnam, increasing its market share across the Vietnamese market. Demand for the group’s products in South Asia also remains strong amidst a coffee consumption boom in the region
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SD Guthrie (SDG MK) Expect more industrial parks development plan in the future
Solar farms & industrial parks are new growth pillars We gather SDG will unveil more industrial parks development over time. (Agri) land disposal for any industrial park development will form part of SDG’s yearly target to generate at least MYR500m profits in land disposal gains. SDG will also enjoy future development profits from further JVs in the future. We have yet to impute any land disposal gain into our earnings forecasts. Following our core EPS revisions, SDG remains a BUY with a higher TP of MYR5.20 (from MYR4.96) on unchanged 0.55x RNAV.
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