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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Oversea-Chinese Banking Corp Ltd Non-interest income continues to support earnings
▪ 2Q24 earnings of S$1.94bn were slightly above our estimates. This was due to higher non-interest income from fees, insurance, and trading income and moderate growth in NII offset by higher expenses. 1H24 PATMI was 54% of our FY24e forecast. 1H24 interim dividend up 10% YoY to 44 cents.
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Pan-United Corporation Ltd De-carbonising drives up profits
▪ 1H24 revenue and PATMI were within expectations at 44%/44% of our FY24e forecast. PATMI grew 22% YoY to S$18.6mn from revenue growth of 7% and a drop in staff costs. Gross margins crept up 30 basis points to 21.6%. Interim dividend jumped 40% YoY to 0.7 cents.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Phillip Singapore Monthly – July24 Mid-caps and REITs start to rally
• Singapore equities rose 3.5% in July. It was the best monthly performance this year, more than doubling this year returns to 6.5%. Best performing sectors were marine, transport and REITs. The consumer sector was the weakest.
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United Overseas Bank Limited Trading and investment offset fees growth
▪ 2Q24 adjusted earnings of S$1,489mn met our estimates as higher fee income and lower allowances were offset by lower-than-expected NII and other non-interest income. 1H24 adjusted PATMI was 49% of our FY24e forecast. 1H24 interim dividend up 4% YoY to 88 cents.
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| UOB KAYHIAN | UOB KAYHIAN |
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Far East Hospitality Trust (FEHT SP) 1H24: Growth From Catch-up In Occupancy
RevPAR for hotels grew 6.0% yoy to S$139 in 2Q24 driven by an improvement in occupancy of 5.6ppt yoy to 80.4%. Revenue from commercial premises increased 7.3% yoy. FEHT’s low aggregate leverage of 30.8% provides ample debt headroom for acquisitions locally and gateway cities overseas. It provides 2024 distribution yield of 6.4%. Its low P/NAV of 0.68x is unwarranted given good corporate governance and a strong sponsor. Maintain BUY. Target price: S$0.73.
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Seatrium (STM SP) 1H24: The Beginning Of The Turnaround Story
STM reported better-than-expected 1H24 underlying net profit of S$115m which excludes one-off items. On the new-order win front, the company had a very successful first half of the year, garnering S$13.4b in new orders and thus ending 1H24 with a decade-high net orderbook of S$26.1b. While the overhang of the MAS/CAD investigation remains, the industry outlook nevertheless remains bullish. Maintain BUY. Target price: S$2.31.
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