BRC ASIA LIMITED (SGX:BEC) BRC Asia - Construction Sector Recovery Remains On Track BRC Asia (SGX:BEC)'s 9MFY22 (1 Oct 2021 to 30 Jun 2022) revenue and net profit was in line with our expectations at 75%/75% of FY22e. 3Q22 net profit spiked 113.4% y-o-y driven by the continued recovery in the construction sector and the moderation of steel prices ..read more

DBS GROUP HOLDINGS LTD (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11) DBS OCBC UOB 2Q22 Earnings Roundup - Surging NIM Supports Hikes For Dividend In 2023 The accelerated pace of NIM expansion and increased sensitivity to higher interest rate are a pleasant surprise. We expect DBS and OCBC to increase dividend by 17% and 7% respectively to S$1.68 and S$0.60 in 2023 ..read more

ASCENDAS REAL ESTATE INV TRUST (SGX:A17U) Ascendas REIT - All-rounded Performance Ascendas REIT's 1H22 distribution per unit (DPU) rose 2.8% y-o-y to S$0.07873 Robust 2Q22 positive rental reversions of 13.2% while portfolio occupancy increased to 94.0%. Aggregate leverage ratio is stable at 36.7% with 80% of borrowings hedged ..read more

FIRST SPONSOR GROUP LIMITED (SGX:ADN) First Sponsor Group - Property Development Outlook Turns Positive First Sponsor Group (SGX:ADN)'s 1H22 profit of $71.3mil was above our estimates, at 60.5%. The beat came from Property Holding (PH). Housing policy relaxation measures in Dongguan drove sales higher. Sales accelerated in the 1.5 months after the implementation of the relaxation measures ..read more

SINGAPORE AIRLINES LTD (SGX:C6L) Singapore Airlines - Net Income Back To Black SIA's 1QFY23 net profit reversed from a loss to S$370.4m. Overall capacity restored to 66.7% of pre-pandemic levels. Forward sales remained strong up to Oct 2022 ..read more

SHENG SIONG GROUP LTD (SGX:OV8) Sheng Siong Group - Sales Normalising, But With Exceptional Margins Sheng Siong (SGX:OV8)'s 1H22 PATMI beat expectations at 59% of our FY22 forecast. Gross margins surprised on the upside, a record 30.2% in 2Q22 (2Q21: 28.8%). Revenue is beginning to contract with the relaxation of social and work restrictions. Grocery demand will soften with less home dining post-pandemic. A 5% net increase in store footprint will be supportive of revenue in 2H22 ..read more

UNITED OVERSEAS BANK LTD (SGX:U11) United Overseas Bank 2Q22 - Sufficient General Provisions To Cushion Against External Uncertainties UOB reported net profit of S$1,113m for 2Q22 (+11% y-o-y and +23% q-o-q). NIM expanded by a sizeable 9bp q-o-q to 1.67%. Loans & trade related fees hit a new record high of S$283m (+10% y-o-y) as UOB supported business clients in their regional expansion ..read more

MAPLETREE COMMERCIAL TRUST (SGX:N2IU) Mapletree Commercial Trust - Recovery Appears On Track Mapletree Commercial Trust's 1QFY23 net property income (NPI) rose 10.1% y-o-y to S$106.7m Stable portfolio committed occupancy of 97.2% Low gearing of 33.8% but poised to increase following completion of merger MCT's 1QFY23 NPI rose 10.1% y-o-y to S$106.7m ..read more

DBS GROUP HOLDINGS LTD (SGX:D05) DBS 2Q22 - Higher NIM & Lower Cost-To-Income Pushing ROE Higher DBS registered massive NIM (net interest margin) expansion of 12bp q-o-q to 1.58% in 2Q22. NIM has already exceeded 1.80% in July and would reach 2.00% within 2H22. Management also sees CIR (cost-to-income ratio) falling towards 40% by end-22. The combination of higher NIM and lower CIR would push ROE (return on equity) towards 15.5-16.0% in 2023 ..read more

RAFFLES MEDICAL GROUP LTD (SGX:BSL) Raffles Medical Group - Huge Earnings Beat From Foreign Patients & Electives Raffles Medical (SGX:BSL)'s 1H22 revenue and PATMI beat our estimates at 60% and 95% of our FY22e forecast respectively. 1H22 PATMI rose 51% y-o-y to $60mil. Earnings beat came from the recovery in foreign patients, return of elective treatments and more resilient COVID-19 related revenue ..read more