Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOB Kay Hian raises Digital Core REIT TP to 99 US cents, highlighting positive developments in the company.</li><li>UOB Kay Hian maintains 'buy' rating on SingPost, stating that divestments are progressing as planned.</li><li>DBS notes that despite a soft Singapore retail sector, premium groceries have long-term potential for growth. UOB Kay Hian also reveals top Malaysian stock picks in property, construction, and energy sectors.</li></ul>

UOB Kay Hian raises Digital Core REIT TP to 99 US cents, highlighting positive developments in the company.UOB Kay Hian maintains 'buy' rating on SingPost, stating that divestments are progressing as planned.DBS notes that despite a soft Singapore retail sector, premium groceries have long-term potential for growth. UOB Kay Hian also reveals top Malaysian stock picks in property, construction, and energy sectors.

Singapore Market Roundup (09-Jan-2025): UOB Kay Hian raises Digital Core REIT TP to 99 US cents.

<ul><li>Despite softness in Singapore retail, DBS remains optimistic about premium groceries, focusing on that market.</li><li>UOB Kay Hian's top Malaysian stock picks include JS-SEZ, benefiting from property, construction, and energy sectors.</li><li>DBS raises ratings for PropNex &amp; APAC Realty to 'buy', citing a strong new launch pipeline in 2025, and sold SingPost shares.</li></ul>

Despite softness in Singapore retail, DBS remains optimistic about premium groceries, focusing on that market.UOB Kay Hian's top Malaysian stock picks include JS-SEZ, benefiting from property, construction, and energy sectors.DBS raises ratings for PropNex &amp; APAC Realty to 'buy', citing a strong new launch pipeline in 2025, and sold SingPost shares.

Singapore Market Roundup (08-Jan-2025): DBS cautious on SG retail, bullish on premium groceries.

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering &amp; construction division predominantly.</li><li>Its core division registered &gt;100% growth QoQ due to progressive billings from its Australia and Taiwan on-going construction projects.</li><li>We deem 3QFY23 core net profit as broadly in-line with ours and street estimates, accounting for 71.5% and 76.4% respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering &amp; construction division predominantly.Its core division registered &gt;100% growth QoQ due to progressive billings from its Australia and Taiwan on-going construction projects.We deem 3QFY23 core net profit as broadly in-line with ours and street estimates, accounting for 71.5% and 76.4% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gamuda Berhad  - Within Expectations, PSI Takes Off

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gamuda reported 9MFY23 core PATAMI of RM608.4m, beating both our and consensus expectations at 82%/83% respectively.</li><li>We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear, consolidation of DTI (c.RM80-90m pa) and as well as higher billings from RM5.7bn of unbilled sales.</li><li>Island reclamation award worth RM3.5bn was announced simultaneously. Upcoming mega contract catalysts are now expected in 4QCY23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gamuda reported 9MFY23 core PATAMI of RM608.4m, beating both our and consensus expectations at 82%/83% respectively.We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear, consolidation of DTI (c.RM80-90m pa) and as well as higher billings from RM5.7bn of unbilled sales.Island reclamation award worth RM3.5bn was announced simultaneously. Upcoming mega contract catalysts are now expected in 4QCY23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>GAMUDA’s 9MFY23 results met our forecast but beat market expectation.</li><li>It also announced winning a RM3.5b land reclamation contract from Penang South Island (PSI) that boosted its FY23 YTD jobs wins to RM12b.</li><li>Going forth, it is eyeing more contracts from MRT3, Penang LRT and Australia. We maintain our forecasts, TP of RM5.15 and OUTPERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAMUDA’s 9MFY23 results met our forecast but beat market expectation.It also announced winning a RM3.5b land reclamation contract from Penang South Island (PSI) that boosted its FY23 YTD jobs wins to RM12b.Going forth, it is eyeing more contracts from MRT3, Penang LRT and Australia. We maintain our forecasts, TP of RM5.15 and OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update - Gamuda Bhd - 23 Jun 2023

Malaysia

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

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Gamuda Bhd (GAM MK)

Singapore Market Roundup (09-Jan-2025): UOB Kay Hian raises Digital Core REIT TP to 99 US cents.

UOB Kay Hian raises Digital Core REIT TP, maintains 'buy' on SingPost, highlights potential in premium groceries; DBS notes soft retail sector and...

Singapore Market Roundup

Singapore Market Roundup (08-Jan-2025): DBS cautious on SG retail, bullish on premium groceries.

DBS remains optimistic about premium groceries despite softness in Singapore retail, UOB Kay Hian recommends JS-SEZ for property, construction, and...

Singapore Market Roundup

Gamuda Berhad - Within Expectations, PSI Takes Off

Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering & construction division predominantly.

Public Investment Bank Bhd

Gamuda - Executing Well

We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear,...

Hong Leong Investment Bank Berhad

Company Update - Gamuda Bhd - 23 Jun 2023

GAMUDA’s 9MFY23 results met our forecast but beat market expectation. It also announced winning a RM3.5b land reclamation contract from Penang...

Kenanga Investment Bank Bhd

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