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PHILLIP SECURITIES |
CGS CIMB |
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Singapore REITs Monthly Resilient to tariff pressures
▪ The S-REITs Index fell 1.5% in April 2025, following a 4.8% gain the previous month. The top performer for the month was Frasers Hospitality Trust (FHT SP, non-rated), which gained 10.1%, while the worst performer was Mapletree Logistics Trust (MLT SP, nonrated), down 14.5%. The retail sub-sector was the best performer in April, rising 2.3%, while the worst-performing sub-sector was overseas commercial, which declined 5.8%.
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DFI Retail Group Focused execution drives profit lift
■ DFI reported a 28% yoy growth in underlying profit (excluding divestments) in 1Q25. No numbers were disclosed. ■ DFI retained its FY25F guidance for net profit at US$230m-270m and organic revenue growth of 2% yoy. ■ Health & Beauty saw strong sales and profit growth, while Convenience was weaker yoy. Grocery sales in Hong Kong were ahead of the overall market. ■ Reiterate Add with a higher TP of S$3.00, now based on 14.6x 2026F P/E (from 13.2x previously) on the back of an improving operating environment.
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CGS CIMB |
UOB KAYHIAN |
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Trip.com Resilient demand to drive revenue growth in FY25F
■ 1Q25 total revenue reached Rmb13.8bn (+16.2% yoy), in line with our expectation. ■ Non-GAAP OPM decreased by 2.4% pts to 29.2%, slightly better than our expectations and market consensus, mainly due to better opex control. ■ We expect 2Q25F revenue and non-GAAP net profit to grow by 14.5% and 0.3% yoy, respectively, with a non-GAAP NPM of 30.6%. ■ Management expects FY25F domestic/outbound/Trip.com revenue to increase by 10%/15%-20%/50%-60% yoy, and non-GAAP OPM of 27.5%-28%. ■ Reiterate Add, with a lower DCF-based TP of HK$588.0 (WACC: 10.1%, TG: 3%).
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REITs – Singapore 1Q25 Round-up: Able To Weather The Vagaries Of Trade War
Two S-REITs out of 21 under our coverage beat expectations, namely DCREIT (tripledigit reversion for new leases at Los Angeles) and FCT (positive rental reversion of +9.0% driven by Causeway Point, Tampines 1 and Century Square). S-REITs provide a safe haven. Maintain OVERWEIGHT. BUY retail REIT CICT (Target: S$2.37) and FCT (Target: S$2.73), data centre REIT DCREIT (Target: US$0.88) and healthcare REIT PREIT (Target: S$4.85). We also like CLAS (Target: S$1.38).
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| UOB KAYHIAN | LIM & TAN |
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Alibaba Health Information Technology (241 HK) FY25: In Line; Targets Adjusted Net Earnings Growth Of 10-20% yoy In FY26
FY25 revenue grew 13.2% yoy, while adjusted net profit surged 35.6% yoy, in line with our and market’s estimates. Ali Health guides FY26 revenue and adjusted net profit growth of 5-10% and 10-20% yoy respectively. We lower our FY26 revenue and earnings estimates, but still expect robust adjusted net profit CAGR of 20% for FY26-28 on an improving product mix for the direct sales business and continued synergies of the marketing business. Maintain BUY with a lower target price of HK$6.20.
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Delfi Limited (S$0.71, unchanged) wishes to provide a brief update on the Group’s operaƟ ons for the fi rst quarter of 2025 (“1Q 2025”). Amid ongoing challenges in the chocolate industry and uncertain economic condiƟ ons due to trade concerns and persistent geopoliƟ cal tensions, the Group reported resilient Net Sales for 1Q 2025 of US$149.8 million (0.5% Y-o-Y decline) in its US dollar reporƟ ng currency. However, on a constant currency basis, Group Net Sales increased by 1.5%. At S$0.71, Delfi is capitalized at S$434mln and trades at 1.3x P/B, 11.7x forward P/E and 6.0% dividend yield. While 1Q top-line was maintained with improved market share, Delfi conƟ nued to face headwinds from high cocoa prices and weaker regional currencies. Bloomberg consensus TP of S$0.83 represents a 17% potenƟ al upside. Notwithstanding shortterm challenges ahead, we maintain Accumulate on Weakness on Delfi in view of its heavily discounted valuaƟ ons vs peers and a resilient netcash posiƟ on (15% of market cap). |
