September 20, 2021
Rise and Shine For The Week Ahead (20 Sep)
“Hot” On The Plate US stocks pulled back from record highs. This is the second consecutive […]
What happened in markets this week, and what are analysts talking about?
•KGI; Initiate Outperform with TP S$0.86. The House thinks that Civmec has both short and long term drivers. Short term drivers include favourable industry dynamics driven by China’s appetite for iron ore. The likelihood of increased contract wins as Australian government ramps up defence and infrastucture spending also bodes well for the Group in the long term. The House has a TP of S$0.86 based on 12x FY2022F P/E
•UOBKH; Downgrade to HOLD with TP S$2.09: The House downgraded Propnex to HOLD but with a higher TP of S$2.09. Propnex reported a very strong 1H21 profit of +115% yoy to S$34.4m. However, the House is worried that 2021 could be the peak for the company’s earnings given the strong transaction volumes seen in 1H21, and new and potentially lucrative en bloc team now in place. In the short term, the house think share price will be continued to be prop up on newsflow on transaction volume and enblocs. However, the house believe that, the strength will be difficult to sustain going into 4Q21 and 2022.
Maybank; Maintain BUY with higher TP S$2.83 1QFY22 net profit (+31% yoy) of S$451m was broadly in line with estimate, driven by broad-based growth across all business segments. The House is starting to see green shoots emerge despite a challenging operating environment driven by (1) Turnaround in Bharti’s profit (2) increase in ARPU from 5G plans and (3) return of roaming revenues with gradual reopening of travel borders.
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