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(Maybank KE) SG Daily: StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP $4.20 | Ezion Holdings: Entering the High Growth Years; Buy TP $2.56 Inbox | | | | | |
SG Daily: StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP
$4.20 | Ezion Holdings: Entering the High Growth Years; Buy TP $2.56
Singapore Daily
StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP $4.20
STH SP | Mkt Cap USD6.6b | ADTV USD6.1m
Ø Downgrade to SELL. Admittedly, this is a risky call amidst the current
liquidity and yield compression conditions, but we had held on to our BUY
call with the highest TP on the Street even when the stock exceeded all
expectations. Switch to M1.
Ø Now the dividend spread is getting ever thinner, competition is
heating up, revenue guidance cut and demands on cash are growing more
onerous. While gearing is ultra-low, the nearest window for more
dividends has now been pushed back with a delay in the 4G spectrum
auction toward 2H12.
Ø The fixed dividend and yield of 4% may still provide some comfort and
prevent an immediate rush to the exit, but we would still advise clients
to sell into strength. Our DCF-derived TP is SGD4.20 (prev SGD4.31).
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Ezion Holdings: Entering the High Growth Years; Buy TP $2.56
EZI SP | Mkt Cap USD1.7b | ADTV USD12m
Ø Maintain BUY on Ezion as we raise our valuation multiple to 15x FY13F
PER (from 13x), TP SGD2.56. We believe that previous concerns on high
gearing have mostly dissipated as Ezion demonstrates astute use of its
capital.
Ø 1Q13 results were within expectations. Our forecast of 51% growth in
FY13F EPS and a CAGR of 40% over FY13-15F remain well on track to be met.
These high growth expectations are primarily backed by secured charter
contracts limiting the risk of major misses.
Ø We see sequential quarterly growth as more liftboat units are
deployed. Net gearing has risen to 0.83x in 1Q13 and is expected to rise
further in subsequent quarters.
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StarHub: Stars Moving Out of alignment 10/05
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10-May 2013 Friday
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