$TJ DaRenTang USD (T14.SG)$ Lim & Tan has a hold rating. Bas...

Lim & Tan has a hold rating.

Based on a preliminary assessment by the finance department of the Company:

a) the net profit attributable to the owners of the parent for 1H2023 is estimated to range from approximately RMB703 m to RMB750 m, an increase of between approximately RMB234,214,900 to RMB281,214,900 as compared to that for 1H2022, representing a year-on-year increase of between approximately 50% and 60%.

b) the net profit attributable to the owners of the parent after deducting non-recurring gain or loss for 1H2023 is estimated to range from approximately RMB697 m to RMB744 m, an increase of between approximately RMB232,753,300 to RMB279,753,300 as compared to that for 1H2022, representing a year-on-year increase of between approximately 50% and 60%.

At US$2.07, Tianjin is capitalized at US$3.9 b and trades at 11x PE, 7.7% dividend yield and 1.7x price to book ratio.