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CGS CIMB |
PHILLIP SECURITIES |
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Sasseur REIT Well positioned for growth
■ 1H25 DPU of 3.055 Scts was in line, at 49.4% of our FY25F forecast. ■ Portfolio outlet sales grew 3% yoy in 2Q25; it plans to focus on inorganic growth given its low gearing of 25.8% at end-2Q25. ■ Reiterate Add with an unchanged DDM-based TP of S$0.85.
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CapitaLand Investment Limited Expecting a stronger 2H25
▪ 1H25 PATMI was S$287mn (-13.3% YoY), forming 37% of our FY25e forecast and below expectations. The shortfall was mainly from the absence of contributions from divested assets and lower fund performance and transaction fees. Revenue fell 24% YoY, largely due to the deconsolidation of CLAS following CLI’s 4.9% stake sale in Dec 24. Excluding CLAS and divestments, revenue rose 7% YoY on stronger leasing income from Synergy in the USA and improved lodging performance. PATMI is expected to improve in 2H25 with the full contributions from the acquisitions of SC Capital (SCCP) and Wingate.
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CGS CIMB |
PHILLIP SECURITIES |
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Frencken Group Ltd Broadly stable 2H25F outlook
■ 1H25 revenue rose 15.7% yoy to S$431.4m, above expectations at 52% of our full-year forecast and 50% of Bloomberg consensus's. ■ 1H25 net profit increased 9.9% yoy to S$19.9m, above expectations at 48% of our full-year forecast and Bloomberg consensus's. ■ Reiterate Add as Frencken’s semicon segment drives 6-13% net profit growth FY25-27F.
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City Developments Limited All aboard the divestment train
▪ 1H25 PATMI rose 3.9% YoY to S$91mn, but came in below expectations at 33% of our FY25e forecast, weighed down by a S$63.1mn unrealised net FX loss from USD depreciation. Excluding FX effects, PATMI would have jumped 323% YoY to S$154.3mn.
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| UOB KAYHIAN | UOB KAYHIAN |
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Hong Leong Asia (HLA SP) 1H25: Engine-Led Strength Offsets Temporary Building Materials Weakness
1H25 PATMI rose 13% to S$56m, beating consensus numbers. Strong diesel engine sales (unit sales up 30% yoy) from China Yuchai drove results with strong data centre engine demand, while core diesel engines gained market share in China. The building materials segment was weaker, but recovery is expected in 2H25. Net cash grew to S$749m with robust free cash flow. Maintain BUY on HLA. Target price raised to S$2.63.
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Parkway Life REIT (PREIT SP) 1H25: Geographical Diversification Enhanced With The Addition Of France
The acquisition of 11 freehold nursing homes in France was completed in Dec 24 and accounted for 7.8% of group NPI in 1H25. PREIT has received approval from IRAS for tax exemption for foreign-sourced dividends and interest income from seven of its 11 nursing homes in France. The AEI for Gleneagles Hospital should be finalised by 1H26. PREIT provides defensive strength supported by its healthcare orientation, long WALE of 14.9 years and low aggregate leverage of 35.4%. Maintain BUY. Target price: S$5.34.
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