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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Centurion Corporation Limited REIT listing nears finish line
▪ Centurion (CCL)’s shareholders voted in favour of the listing of Centurion Accommodation REIT (CENT REIT) at its EGM held on 10 Sep 2025. CENT REIT will offer 262mn units priced at S$0.88 each. There will be 1,719mn total units in issue following CENT REIT’s listing, valuing CENT REIT at S$1,513mn in equity value
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SIA Engineering Co. Ltd Robust MRO demand as deliveries delayed
SINGAPORE|AEROSPACE & DEFENCE| INITIATION • We believe SIE will be a key beneficiary of surging MRO demand. MRO upcycle are from two drivers: (i) growing travel, aging fleets, and delayed aircraft deliveries (ii) capacity expansion with c.80% market share in Singapore’s Line Maintenance and 30% in Engine MRO. Aircraft deliveries globally was 1813 in 2018, the average over the past five years is c.913 p.a.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Singapore Banking Monthly Loan growth strengthens as interest rates fall
▪ August’s 3M-SORA was down 21bps MoM to 1.71%, the lowest since August 2022 and fell by 189bps YoY. Singapore loan growth has continued to climb (Jul25: +6.4%), but we expect a slight slowdown due to the trade war. Banks are guiding low to mid-single digit. CASA ratio to total deposits dipped slightly (Jul 25: 19.1%), but a rising CASA of 13% YoY would provide a tailwind for the banks from lowered funding costs.
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Hong Leong Asia (HLA SP) Forged In Steel, Powered By Diesel Dreams Highlights
• We recently upgraded HLA's 20% associate BRC Asia to BUY with a target price of S$4.69 as it is a key beneficiary of Singapore's construction activity. • Upgraded valuation for powertrain solutions segment: 1H25 earnings beat its peers, plus data centre exposure could be an engine of growth. • Maintain BUY on HLA with an upgraded target price of S$2.82 (was S$2.63).
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| UOB KAYHIAN | DBS RESEARCH |
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Internet – China Key Takeaways From Marketing Trip
Highlights • Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) selfsufficiency in chips development, e) where the competition in food delivery and quick commerce is ultimately headed
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DBS Stock Pulse: Singapore market update - New index and “Value Unlock” package to bolster market support Market View Update
News of SGX launching a new index to track listed non-STI companies and plans to help companies unlock value adds to the suite of measures introduced by the MAS so far this year (such as EQDP, tax exemption for qualifying fund managers, adjustments to global investor programme, enhanced GEMS scheme) to revive interest and strengthen the Singapore stock market. Value-unlocking plays are poised to capture renewed investor interest ahead of the upcoming MAS “Value Unlock” package. |
