|
UOB KAYHIAN |
UOB KAYHIAN |
|
Marco Polo Marine (MPM SP) Docked And Loaded: Dual-Growth Engines To Drive Upside; Raise Target Price By 16%
MPM announced a series of major strategic developments that reinforce its growth momentum: a) its maiden contract win for the newly-launched fourth dry dock, b) a three-year MSA with Cyan Renewables, and c) plans for its subsidiary PKRO to pursue a Taiwan listing. These reflect MPM’s ability to capture rising demand in both the traditional O&G sector and fast-growing renewable energy space. Maintain BUY with a 16% higher target price of S$0.088 on the back of more growth catalysts.
|
Haidilao International Holding (6862 HK) 1H25: Revenue In Line But Net Profit Misses; Generous Dividend Payout Likely To Sustain
1H25 revenue was in line but net profit missed forecasts. For 2H25, Haidilao expects to open more than 40 new Haidilao restaurants and accelerate restaurant expansion under the Pomegranate Plan. On shareholder returns, management indicated that with healthy cash flow and limited capex under the Pomegranate Plan, the company will balance investments and shareholder returns. In our view, this suggests potential for a sustained high dividend payout. Maintain BUY; cut target price by 11% to HK$17.00.
|
|
UOB KAYHIAN |
CGS CIMB |
|
Malayan Banking (MAY MK) 2Q25: Supported By Robust Trading Income
Maybank’s 2Q25 net profit was in line, underpinned primarily by strong non-interest income growth and cost discipline. We maintain our HOLD call and target price of RM10.52 (1.18x 2026F P/B, 10.5% ROE). The stock is trading near its historical mean P/B, which we view as fair, as it reflects modest earnings growth expectations, balanced by healthy provision buffers and an attractive 7% dividend yield.
|
Lum Chang Creations Value from revitalisation
■ We initiate coverage on Lum Chang Creations (LUCC) with an Add call and target price of S$0.81, based on a 12x P/E multiple, in line with peers. ■ We expect a 65% PATMI CAGR over FY25-27F, supported by a robust order book of S$122.8m as at May 2025, and net margins of 12-13%. ■ We assume FY25/26/27F new order wins of S$75m/S$140m/S$150m, potentially from ongoing tenders, e.g. conservation A&A at Armenian St.
|
| MAYBANK KIM ENG | PHILLIP SECURITIES |
|
Marco Polo Marine (MPM SP) Taiwan listing incoming?
Maintain BUY and SGD0.09 TP amid positive catalysts MPM said its 49%-subsidiary, PKR Offshore, aims to submit its listing application to the Taiwan bourse by 3Q26. This will be significant as it should enable MPM to raise funds for its fleet expansion at a much higher multiple as Taiwan peers are trading at an average 20x+ P/E as compared to 10x in Singapore. This should help boost MPM’s valuation from the current 8.4x FY26E. Separately, MPM secured a 3-year ship repair and maintenance agreement with Cyan renewables. We maintain BUY with an unchanged TP of SGD0.09 based on 11x FY26E P/E.
|
Pacific Radiance Ltd On cruise control
▪ 1H25 revenue was below expectations at 37% of FY25e forecast but adj. PATMI was a large beat at 81%. Gross margins were higher than expected, due to a larger contribution from chartering revenue. General and admin costs trended much lower than modelled as revenue scaled up—our adj. PATMI excludes S$1.8mn of deferred tax writeback.
|
