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CGS CIMB |
CGS CIMB |
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Venture Corporation Interim DPS surprise
■ 1H25 earnings (S$113m, -8.6% yoy) was above/in line with our/Bloomberg consensus full-year expectations. 1H25 revenue fell 8.8% yoy to S$1.26bn. ■ Venture declared an interim DPS of S$0.25 (1H24: S$0.25). A special DPS of S$0.05 was also declared. Net cash (end-Jun 25) was S$1.3bn. ■ Ongoing uncertainties in the tariff environment and weakness in its major customer persist but the company continues to work on new opportunities. ■ We raise our FY25-27F earnings outlook as Venture continues to defend its 8-10% net margin target. ■ Upgrade to Add with S$13.45 TP as we roll over to FY27F. We see better revenue growth as business conditions recover gradually into FY27F.
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Parkway Life REIT Sturdy 1H25 results
■ 1H25 DPU of 7.65 Scts is in line, at 49.6% of our FY25F forecast. ■ 1H25 revenue/NPI improvements led by acquisition growth; tax savings from French portfolio could bolster 2H25F distribution income. ■ Reiterate Add rating with a higher DDM-based TP of S$4.93
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CGS CIMB |
UOB KAYHIAN |
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Yangzijiang Shipbuilding Order outlook turned more positive
■ YZJSB’s 1H25 shipbuilding gross margin of 35% surprised on the upside, thanks to lower steel costs. We lift our GM forecasts to reflect the strong half. ■ Qoq, YZJSB is more positive as clients have started to negotiate for new orders. It received letters of intent (LOI) amounting to c.US$2bn currently. ■ We lift our FY25F order win target to US$3.7bn and our FY25-27F EPS by 4- 15% on higher GM and orders, which pushes our TP up to S$3.90.
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CapitaLand Ascendas REIT (CLAR SP) 1H25: Contributions From New Acquisitions To Flow Through In 2H25
CLAR achieved a positive average rental reversion of 8% for 2Q25, driven by leases renewed in Singapore and the US. Portfolio occupancy improved slightly by 0.3ppt qoq to 91.8% due to successful backfilling for two logistics properties in Sydney, Australia. We like the acquisition of 9TSD due to its attractive NPI yield of 7.1%. There is potential for rental uplift as 9TSD is 30% under-rented. CLAR provides a 2026 distribution yield of 6.1%. Maintain BUY with a target price of S$4.02.
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| UOB KAYHIAN | UOB KAYHIAN |
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Xiaomi Corp (1810 HK) 2Q25 Results Preview: Expect Robust Bottom Line Growth
Xiaomi is set to report its 2Q25 earnings later this month. We expect robust revenue growth supported by the IoT, EV and internet services segments. However, margins are projected to fall sequentially, mainly due to rising memory prices for the smartphone business and a shift in the IoT product mix. Overall, we expect adjusted net profit to grow 71.4% yoy to Rmb10.6b. Maintain BUY; trim target price slightly to HK$69.20.
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AIA Group (1299 HK) 1H25 Results Preview: Solid VONB and Earnings Growth
We expect AIA to report a 16% yoy growth in VONB in 1H25, driven by strong volume growth in China and Hong Kong as well as margin expansion. We also expect its OPAT per share to grow 10% yoy, largely in line with the company’s target. We do not foresee any additional buyback in 2025 after the conclusion of the existing US$1.6b buyback. However, more clarity on its 2026 shareholder return guidance could be a key catalyst for further re-rating. Maintain BUY. Target price: HK$91.00.
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