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CGS CIMB |
CGS CIMB |
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Genting Singapore A potential surprise on the cards in 2Q25F
■ We view peers’ 2Q25 results as a positive readthrough on GENS’s 2Q25F results for the performance of Resorts World Sentosa (RWS). ■ Marina Bay Sands (MBS) reported record adj. EBITDA (adjusted for win rate) of US$661m (+47.5% yoy/+26.9% qoq) in a seasonally weaker 2Q25. ■ We expect GENS to report 2Q25F adj. EBITDA of S$250m (+24.2% yoy/+6.0% qoq) with growth lagging MBS due to attractions downtime. ■ Reiterate Add as we expect newly opened attractions in 3Q25F to improve profitability incrementally in 2H25F. TP unchanged at S$1.05.
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Mapletree Logistics Trust Staying on track
■ 1QFY26 DPU of 1.812 Scts was in line at 24.2% of our FY26F forecast. ■ Rental reversion momentum slowed to +2.1% in 1QFY26, even as portfolio occupancy remained high at 95.7%. ■ Reiterate Add with an unchanged TP of S$1.63.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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OUE REIT DPU growth from financing savings
• 1H25 DPU rose 5.4% YoY to S$0.98, in line with our expectations and forming 50% of our FY25e forecast. The improvement was driven by a 17.3% YoY drop in financing costs, which offset the income vacuum from the divestment of Lippo Plaza and a 12.9% decline in hospitality segment revenue.
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Mapletree Logistics Trust (MLT SP) 1QFY26: Curse From Strength Of The Singapore Dollar
Tenants remain cautious due to uncertainties emanating from the trade tensions. China incurred a negative rental reversion of -7.5% in 1QFY26. While management is hopeful of moderation towards neutral reversion over the next few quarters, we observed that, according to CBRE, full-year nationwide rentals could decline 9.5% in 2025. Aggregate leverage has increased 0.5ppt qoq to 41.2%. MLT has corrected 6.3% ytd and provides FY26 distribution yield of 6.1% (FLT: 6.5%). Maintain HOLD. Target price: S$1.33.
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| OCBC INVESTMENT RESEARCH | MAYBANK KIM ENG |
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City Developments Ltd (CDL) – HOLD (as of 24 July 2025)
Key Highlights:
Investment Thesis:
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ComfortDelGro (CD SP) Playing catch-up
Massive laggard – retain BUY with higher TP Notwithstanding the recent super-charged market rally, CD remains one of the rare laggards even though the group continues to deliver respectable earnings growth and a decent yield of almost 6%. While traditionally seen as a low-beta stock, we reckon this could change soon as CD is supposedly one of the prime candidates to benefit from the deployment of the MAS SGD5bn fund, which focuses on non-index STI stocks and other small-mid caps companies. We maintain BUY with higher DCF-based TP of SGD1.70 to reflect lower WACC given its more optimal capital structure.
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