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Real estate spurred the hike with PDR (+7%) surged to ceiling price. KDH at one point in the morning session also hit ceiling limit (+5.4%). DXG (+5.8%), VHM (+3.5%), VIC (+0.7%), and NVL (+0.9%) followed the uptrend.

1QFY21 DPU of 2.46 Scts (+18.1% yoy) came in line with our full-year forecast. ■ The stronger revenue and NPI were driven by acquisitions and AEIs. ■ Demand for data centres continued to be strong, but we believe this has been priced in for Keppel DC REIT.

Promising earnings growth. As a major laggard in the economic reopening play, UEM Edgenta (UEME) is expected to post strong earnings CAGR of 66.6% for 2021-23 coming off the low base in pandemic-stricken 2020, with a healthy EBITDA margin of 10-12%.

EarningsTo Accelerate In 2021 Tinci’s 1Q21 revenue was up 198% with net profit rebounding to Rmb287m (+591% yoy, 1,879% qoq), driven by electrolyte products’ ASP hike and sales volume increase. We expect the electrolyte market to remain strong throughout 2021 given the supply tightness. Tinci, which issued a positive 1H21 profit alert, will see earnings growth accelerate on the electrolyte price hike and production expansion in 2021. Maintain BUY and raise the target price to Rmb125.00.

Maintain BUY with a slightly lower target price of US$21.00 (HK$163.00), based on SOTP valuation. Our target price implies 44x FY22F PE and 1.0x PEG vs a 3-year EPS CAGR of 47%. The company is currently trading at 43x forward PE, 0.8SD above its 5-year average PE of 37x.

Kossan Rubber Peak Quarterly Earnings On The Horizon 1Q21 earnings were within our expectations but above consensus forecast. Volume output has recovered since its downtime following the COVID-19 outbreak in its labour workforce.

Mitra Adiperkasa (MAPI IJ) 4Q20: Net Income Swings To Profit After Heavy Losses In 2Q20 And 3Q20 The most important aspect of MAPI’s 4Q20 net income is that it recorded a profit of Rp51.6b compared with a Rp197b loss in 3Q20 and Rp416b loss in 2Q20. Sales rose 38.5% qoq in 4Q20, indicating a recovery after the stores’ reopening.

Thailand Hemp Is Gaining Popularity Ever since Thailand allowed hemp to be produced, imported as seeds and exported in various forms on 29 Jan 21, several parties, especially food companies, have shown keen interest in launching hemp-related products in 2H21. Although these hemp-related products are expected to gain strong acceptance from consumers, the earnings contribution to food companies this year would remain insignificant. Maintain MARKET WEIGHT. Our top picks are SAPPE, CPF and TVO.

Another Month, Another US$1b In New Orders With the ink barely dry on the US$1.7b worth of order wins in Mar 21, YZJ has announced another slate of orders for 15 vessels totalling US$0.97b. More than half of these are containerships, which is positive given that such vessels attract higher shipbuilding margins. As a result of the order wins, we have increased our EPS estimates for 2021-23 as well as raised our order-win expectation for 2021 to US$5.5b. Maintain BUY with a higher target price of S$1.76.