Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> prices S$125m 2.23% notes due 2028</h3><p>SGREIT has priced S$125m notes with a fixed interest rate of 2.23% per annum due 2028, to be issued under its S$2bn multi-currency debt issuance programme. The interest for the Series 003 notes will be payable semi-annually in arrear, and have a tenor of seven years. The notes may be redeemed at the option of the issuer in whole or in part on any interest payment date prior to the maturity date on 13Sep28 at the make-whole amount together with interest accrued. The net proceeds from the notes will be used to refinance existing borrowings, meet capital expenditure requirements, or for working capital purposes.</p>

SingaporeStarhill Global REIT (SGREIT SP) prices S$125m 2.23% notes due 2028SGREIT has priced S$125m notes with a fixed interest rate of 2.23% per annum due 2028, to be issued under its S$2bn multi-currency debt issuance programme. The interest for the Series 003 notes will be payable semi-annually in arrear, and have a tenor of seven years. The notes may be redeemed at the option of the issuer in whole or in part on any interest payment date prior to the maturity date on 13Sep28 at the make-whole amount together with interest accrued. The net proceeds from the notes will be used to refinance existing borrowings, meet capital expenditure requirements, or for working capital purposes.

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

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Equity Bottom-Up

<ul><li>Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM49.1mn in 9M23.</li><li>Results came in broadly within our but below consensus estimates, accounting for 79% and 65% of our and consensus full-year forecasts, respectively.</li><li>YoY: 9M23 net profit to ordinary equity holders surged 87%YoY to RM49.1mn, primarily due to notable improvements in the property division.</li></ul><p><em>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.</em></p>

Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM49.1mn in 9M23.Results came in broadly within our but below consensus estimates, accounting for 79% and 65% of our and consensus full-year forecasts, respectively.YoY: 9M23 net profit to ordinary equity holders surged 87%YoY to RM49.1mn, primarily due to notable improvements in the property division.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.

Paramount Corporation Berhad - A Steady Set of Results

<ul><li>Post Paramount Corporation Bhd (PCB)’s 1HFY23 investors briefing, we maintain our earnings forecasts and Buy recommendation with an unchanged TP of RM1.17 based on CY24 P/Bk multiple of 0.5x.</li><li>Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.</li><li>While management is cautious about the sector outlook as the brisk sales observed in the market could be partially attributed to temporary demand-supply imbalances, management remains hopeful for sustained growth through a stronger domestic economy and investment-friendly policies. </li></ul><p><em>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.</em></p>

Post Paramount Corporation Bhd (PCB)’s 1HFY23 investors briefing, we maintain our earnings forecasts and Buy recommendation with an unchanged TP of RM1.17 based on CY24 P/Bk multiple of 0.5x.Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.While management is cautious about the sector outlook as the brisk sales observed in the market could be partially attributed to temporary demand-supply imbalances, management remains hopeful for sustained growth through a stronger domestic economy and investment-friendly policies. 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.

Paramount Corporation Berhad - Sales Target on Track

<ul><li>Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM33.1mn in 1H23.</li><li>Results came in within expectations, accounting for 53% of our full-year forecasts.</li><li>A first interim dividend of 3sen/share was announced (1H22: 2.5sen/share).</li></ul><p><em>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.</em></p>

Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM33.1mn in 1H23.Results came in within expectations, accounting for 53% of our full-year forecasts.A first interim dividend of 3sen/share was announced (1H22: 2.5sen/share).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.

Paramount Corporation Berhad - Steering Towards a Year of Milestone Success

Malaysia

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

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Paramount Corp (PAR MK)

ASEAN Builder's Scoop (7Sep21)

SGREIT prices new 2028 note at 2.23%; Peace Centre/Mansion put on en-bloc; MY 1Q21 resi transactions fell 45% YoY; SMPH plans PHP10bn bond sale;...

SCCM Asia Research

Paramount Corporation Berhad - A Steady Set of Results

Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary...

TA Securities Holdings Bhd

Paramount Corporation Berhad - Sales Target on Track

Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.

TA Securities Holdings Bhd

Paramount Corporation Berhad - Steering Towards a Year of Milestone Success

Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary...

TA Securities Holdings Bhd

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