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SG : DFI Retail Group - FY22F a year of investment

Divergence in HK and China’s Covid strategy could pose a challenge to near-term border reopening between the two, delaying HB segment recovery. We expect weaker margins for DFI in FY22F in view of macro challenges and further investments in e-comme....
CGS-CIMB Khangchuen
Khangchuen Ong @ CGS-CIMB 24 June 2022

SG : Japfa Ltd - 2Q22F preview: likely a slight improvement

Reiterate Add; we maintain our SOP-based TP of S$0.81 as we expect earnings pressure to ease in the near term amid consumption recovery. Prices of proteins seem to have stabilised across the board for JAP, with the exception of DOCs in Indonesia, su....
CGS-CIMB Wee Kuang
Wee Kuang TAY @ CGS-CIMB 22 June 2022

Sea Ltd: Cost cuts will not stem the sea of red. Downgrade to Sell

On 17 June, the media reported that Southeast Asian tech giant Sea Ltd (SE) is cutting its headcount in ASEAN and Latam. The layoffs are focused on ShopeeFood and SeaMoney and could amount to a 5% fall in headcount. If so, this would equate to an ave...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 21 June 2022
Sea Ltd: Cost cuts will not stem the sea of red. Downgrade to Sell
Sea Ltd: Cost cuts will not stem the sea of red. Downgrade to Sell

SG : ISDN Holdings Ltd - China reopening beneficiary

We hosted ISDN for a post-1Q22 business update call on Monday, 20 June 2022. The 1Q22 update was released on 10 June 2022. Management believes the worst of the Covid-19 lockdowns in China is over. Reiterate Add and TP of S$0.70 as business activit....
CGS-CIMB William
William Tng @ CGS-CIMB 21 June 2022

SG : Keppel DC REIT - Deepens footprint in China

KDC REIT is acquiring two data centres in Guangdong for S$297.1m Deal to be DPU accretive, acquisition to be funded by debt and equity Reiterate Add with a slightly higher DDM-based TP of S$2.63  
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 20 June 2022

SG : APAC Realty Ltd - Supported by attractive valuations and yield

1Q22 net profit up 20% yoy to S$9m, making up 31% of our FY22F forecast. Higher share of resale/rental market offset by lower share of new home sales. Reiterate Add rating, with a lower TP of S$0.84.  
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 20 June 2022