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CGS CIMB |
CGS CIMB |
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Frasers Logistics & Commercial Trust Frictional vacancy drag on L&I segment
■ FLCT’s portfolio occupancy stood at 92.5% at end-3QFY9/25. ■ FLCT achieved overall +16.4% rental reversion in 3QFY25, underpinned by +20.3% rental uplift from its L&I portfolio. ■ Reiterate Add with an unchanged DDM-based TP of S$1.11.
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CDL Hospitality Trust Uncertain near-term outlook
■ 1H25 DPU of 1.98 Scts was below at 38%/38% of our FY25F forecast/ Bloomberg consensus due to continued weakness in core SG portfolio. ■ CDREIT saw lower NPI across six markets in 1H25, partly cushioned by the first half-year contributions from acquisitions in the UK (Fig 1). ■ We downgrade CDREIT from Add to Hold with a reduced TP of S$0.75.
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CGS CIMB |
PHILLIP SECURITIES |
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OCBC Staying conservative in 2H25F
■ While we like OCBC’s loan growth of 0.9% qoq and fee income growth of 6.2% qoq in 2Q25, we share management’s conservatism for 2H25F. ■ Ongoing macroeconomic uncertainties could dampen loan growth, while interest rate cuts by US federal reserve could further pressure NIM in 2H25F. ■ Reiterate Hold with an unchanged TP of S$17.20. Key upside risk: recovery in SORA and HIBOR following easing liquidity of S$ and HK$.
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Keppel Ltd Clarity in “hong bao” draws
▪ 1H25 revenue and adjusted PATMI were within our expectations at 44%/43% respectively of our FY25e forecast. Adjusted PATMI (excl. non-core / valuation/divestments) grew 9% YoY to S$374mn primarily due to asset management fees contributed by Aermont.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Oiltek International Ltd Prepare for the next wave
▪ 1H25 PATMI was within our expectations at 49% of our FY25e forecast. Underlying net profit (excl. FX translation loss) jumped 92% YoY to RM17mn. Revenue was below expectations at 34% of our FY25e.
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First REIT Facing ongoing FX headwinds
▪ 2Q25/1H25 DPU of 0.55/1.13 Singapore cents (-8.3%/-5.8 YoY) was slightly below our estimates, forming 23%/48% of our FY25e forecast. The YoY decline in DPU was due to the depreciation of the IDR and JPY against the SGD, partially offset by higher rental income in local currency terms.
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