Bank of ChinaProfit growth driven by non-interest income■ BOC announced an interim dividend per share (DPS) of Rmb0.1208; a 30%dividend payout ratio on net profit attributable to equity holders.■ 1H24 adjusted pre-provisioning operating profit (PPOP) (excluding net tradingincome) fell 4% yoy (2Q24: -4% yoy; 1Q24: -3% yoy; 2H23: -3% yoy).■ Reiterate Add, with TP unchanged at HK$4.30.
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CGS CIMB |
CGS CIMB |
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SingTel
■ Singtel set new medium-term targets: 1) NCS EBITDA margin uplift (+c.3% pts), 2) corporate cost reduction of 20%. Share buybacks are a possibility.
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Bank of China
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CGS CIMB |
UOB KAYHIAN |
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BYD Co Ltd Potential growth led by premium & overseas
■ 2Q24 net profit surged 98% qoq on strong NEV sales and lower opex. ■ We expect premium model launches and overseas expansion to boost VPM in FY24-26F. ■ Reiterate Add with an SOP-based TP of HK$345.
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Pan-United Corporation (PAN SP) 1H24: Strong Results Reflect Singapore’s Construction Boom
For 1H24, PUC reported higher earnings of S$384.7m (+6.8% yoy), propelled by Singapore’s thriving construction sector. PUC also posted a higher EBITDA of S$35.0m (+17.9% yoy), driven by a better performance from its concrete & cement business. Backed by favourable tailwinds, PUC’s earnings are expected to continue its upward trajectory going into 2H24, which is typically the stronger half of the year. As PUC is trading at attractive valuations, we maintain BUY with the same target price of S$0.71.
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| MAYBANK KIM ENG | LIM & TAN |
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Civmec Ltd (CVL SP) Strong execution
2H24 results in line; maintain BUY and TP Civmec’s 2H24 PATMI of AUD32.5m (+10.6% YoY) was within our and street expectations. It brought FY24 earnings to AUD64.4m (+11.7% YoY), or 100% of FY24 consensus. The group declared a final DPS of AUD0.035, taking total DPS to AUD0.06 for the full year (or DPR of c.48%). Given its net cash balance sheet, we believe there is still room for the group to raise its payout ratio. We leave our FY25-26E EPS intact and introduce FY27E forecasts. We retain BUY with an unchanged TP of SGD1.05, based on an undemanding 10x FY25E P/E.
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Centurion Corp’s (S$0.74, unchanged) 1HFY24 results came in above expectations with revenue and core profits coming in at 53%/62% of our full year forecast. Revenue rose 27% yoy to S$124.4mln from high financial occupancies and positive rental reversions across all segments. Gross profit rose 34% to S$94.1mln, backed by higher rental rates and operational efficiencies. Excluding net fair value gains of S$61.6mln, core profit for 1HFY24 came in at S$48.5mln, an increase of 47% yoy. At S$0.74, Centurion is capitalized at S$622mln and trades at 6.7x core forward P/E and 0.66x P/B with a dividend yield of 4.1%. Centurion is set to sustain its growth trajectory by strategically reallocating capital from matured assets and transitioning towards an asset-light model. Despite a close to 80% ramp up in Centurion’s share price YTD, valuations remain attractive with a bright outlook ahead. We raise FY24F/FY25F core earnings by 18%/19% and maintain Accumulate on Centurion with a higher target price of S$0.83 (previous TP: S$0.66). Our TP is based on 7.1x core FY25F P/E (historical average). |
