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CGS CIMB |
CGS CIMB |
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Q&M Dental Group Emerging drivers for share price re-rating
■ We see the potential secondary listing and hoh earnings growth in 2H25F from consolidation of Aoxin and EM2AI, as key re-rating catalysts for QNM. ■ Nevertheless, we note that the increase in its stake in Aoxin could lead to a potential one-off, non-cash impairment recognised in 1H25F for QNM. ■ Reiterate Add as we raise our TP to S$0.49, pegged at 23x FY26F P/E (5- year mean) from 20x previously (0.5 s.d. below 5-year mean).
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Hong Kong Exchange More share price upside potential
■ We see HKEX as undervalued and lift our FY25F ADT forecast to HK$220bn, 19% higher than Bloomberg consensus’ HK$185bn. ■ Our more bullish outlook is backed by easing US-China tariff tensions since May 2025, strong jumbo IPO pipeline (Fig 5) and sustainable Southbound ADT. ■ We expect a sustained increase in jumbo IPOs (Fig 4) to be a re-rating catalyst, making HKEX the top exchange in the world in IPO proceeds in 2025F. ■ We reiterate our Add rating with a higher TP of HK$520.
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UOB KAYHIAN |
UOB KAYHIAN |
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UMS Integration (UMSH SP) Key Takeaways From Malaysia NDR
We hosted UMS for an NDR with our institutional clients in Malaysia on 11 Jun 25. Key takeaways include: a) UMS is seeing healthy orders from its new customer and maintains its revenue guidance of 10% growth qoq in 2Q25, b) dual listing in Bursa Malaysia is on track for completion in late-July 25 and UMS hopes that its valuation gap will narrow vs its Malaysia peers, and c) UMS is increasing market engagement ahead of its dual-listing. Maintain BUY and target price of S$1.32.
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Internet – China JD’s New Initiative In On-demand Delivery Is Reshaping FD Market Dynamics
Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.
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| MAYBANK KIM ENG | LIM & TAN |
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Singapore Market Reforms Search for winners
Big liquidity potential. CG will determine winners The MAS equity market development measures could increase institutional mandates for small-and-midcap stocks on SGX. The potential deployment of SGD5bn in to these stocks can give them a significant liquidity and valuation boost. Not all will benefit equally. Given market history, companies with stronger corporate governance credentials are likely to attract a disproportionate share of investments, in our view. When coupled with trading liquidity, growth and balance sheet strength, we see 18 companies that stand out: AEM, NANO, CENT, UMSH, CSE, FRKN, CD, FR, SPOST, GGR, SSG, SATS, IFAST, YZJFH, SIE, FEH, STH, RSTON.
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The Business Times: Shares of Centurion Corp (S$1.53, up 5 cents) rose on Wednesday (Jun 11) afternoon after the company announced its listing application of a real estate investment trust (Reit) to the Singapore Exchange (SGX) and the Monetary Authority of Singapore. This is the highest price Centurion shares have risen to since they started trading in 1995. At S$1.53, Centurion is capitalized at S$1.3 bln and trades at 12.1x forward P/E and 1.1x P/B with a dividend yield of 2.3%. Centurion remains on track with its REIT IPO in 2H’2025, while pipeline of beds remains healthy across Singapore, Malaysia and Australia. We have an “Accumulate on Weakness” recommendation on Centurion. |
