Singapore stock preview: ComfortDelGro, Medtecs, ThaiBev

• ComfortDelGro shares rise 2.5% on Monday (16 August 2021) after it announced plans to list its Australian subsidiary on the ASX
• Thai Beverage shares rally nearly 4% after posting a 11.5% year-on-year growth in EBITDA for the first nine months
• Medtecs International shares plummeted 22.5% on the back of lower net profit and revenue for 1H 2021
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ComfortDelGro (SGX: C52)

ComfortDelGro Corporation (CDC) is pursuing an initial public offering (IPO) on the Australian Securities Exchange for its wholly-owned subsidiary, ComfortDelGro Corporation Australia Pty Ltd (CDC).

The move, which seeks to unlock the value of the group’s ‘significant’ land transport business assets in Australia, comes after a successful two-week non-deal roadshow in June which sought to introduce CDC to investors.

CDC, which operates in the country’s largest transportation hubs of Sydney, Melbourne, Brisbane, and Darwin, has appointed Credit Suisse Australia and UBS Australia as joint lead managers for the IPO, which is planned for the last quarter of 2021.

The IPO, including its structure and terms of offering, are subject to prevailing market conditions and relevant approvals.

ComfortDelGro shares are up 2.5% as at 15:00 SGT on Monday.

Thai Beverage (SGX: Y92)

ThaiBev reported a sales revenue amounting to 192.12 billion baht, a slight increase of 1.1% year-on-year, for the nine months ended 30 June 2021.

This was despite ‘the continued impact from the Covid-19 pandemic’, the company noted in a press release.

The Chang beer manufacturer also ‘delivered strong earnings growth’ of 11.5% to 36.64 billion baht, ‘underpinned by satisfactory improvements in EBITDA from spirits, beer, and food business’.

improvement in EBITDA margin was also ‘satisfactory’ amidst the challenge in business operation during the pandemic, which ThaiBev said was a result of prudent cost-control measures.

Finally, its financial position remains solid, with ‘strong free cash flow and lower leverage ratios’.

ThaiBev shares rose as much as 4.5% on Monday.

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Medtecs International (SGX: 546)

Medtecs International saw its first half revenue for the six months ended 30 June 2021 plummet by 47.5% to US$85.3 million on the back of lower facemask and other personal protective equipment (PPEs) sales.

Sales in the first half of 2020 were higher due to the build-up of stocks by most of Medtecs’ customers in the previous year.

Higher operating expenses and foreign exchange losses also resulted in net profit after tax decreasing by 52.4% to US$18.5 million in 1H 2021 from US$38.9 million in 1H 2020.

Looking ahead to the second half of the year, the group says it still expects a stable demand for PPEs and facemasks, especially with the new Delta variant of SARS-CoV-2 having become the dominant variant in several countries.

Barring unforeseen circumstances, it expects to remain profitable for the year.

Medtec shares fell as much as 22.5% on Monday.