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CSG CIMB |
CGS CIMB |
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Food Empire Holdings Ltd Growing its branded business in Vietnam
■ We visited Food Empire Holdings (FEH)’s factory in Vietnam and its general trade retail points on 10-11 Sep 2025. ■ FEH also provided an update on its plans to grow its existing market share in Vietnam and introduce more product categories there. ■ In our view, despite the competition, FEH has the opportunity to diversify into other beverage offerings leveraging on its brand name to grow its revenue.
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Property Devt & Invt Brisk sales in Aug 2025
■ Aug 2025 ex-EC private home sales rose 128% mom, up ten-fold yoy. ■ We expect robust 2025F home sales due to upcoming new launches. ■ Retain sector Neutral. Our sector picks, ranked by preference: UOL, CLI, CIT.
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UOB KAYHIAN |
LIM & TAN |
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Singapore Airlines (SIA SP) Aug 25 Operating Data In Line; Expect yoy Weaker 2QFY26 Earnings Due To Air India Drags
Highlights • SIA’s Aug 25 operation data was largely in line with our expectations; pax load and cargo load rose 5.4% and 0.5% yoy respectively. • We forecast SIA’s 2QFY26 earnings at S$100m-200m, a major drop yoy, due mainly to the Air India drags. • Maintain SELL on SIA with an updated target price of S$6.05.
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Jardine C&C ($29.28m up 6 cents) announced that two of its indirect subsidiaries have signed a deal to buy Arafura Surya Alam (ASA) for US$540 million. Subsidiary Danusa Tambang Nusantara (DTN) will purchase 99.99 per cent of ASA’s total issued share capital from J Resources Nusantara (JRN), while Energia Prima Nusantara (EPN) will buy the remaining one share in ASA and one share of Mulia Bumi Persada (MBP) from Jimmy Budiarto. Jardine C&C’s market cap stands at S$11.5bln and currently trades at 8.8x forward PE and 1.1x PB, with a dividend yield of 4.9%. Consensus target price stands at S$24.50, representing a 16.3% downside to current share price. Given limited upside, we have a HOLD recommendation on Jardine C&C. |
| LIM & TAN | |
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The Business Times: The Republic needs “an ambitious and broad vision” for its capital markets, as well as a policy framework that will help realise that vision – or risk far-reaching impact that goes beyond the local bourse, said Singapore Exchange (S$17.05, up 48 cts) chairman Koh Boon Hwee. “Here’s the hard truth: If our best companies choose to list overseas, the implications go far beyond SGX Group,” said Koh in a letter accompanying SGX’s FY2025 annual report published on Monday (Sep 15). “Over time, the entire value chain – investment bankers, corporate lawyers, accountants – will shift to jurisdictions where the action is.” At $17.05, SGX’s market cap stands at S$18.3bln and currently trades at 27.3x forward P/E and 8.3x PB, with a dividend yield of 2.2%. Consensus target price stands at $16.06, representing a 5.8% downside to current share price. Despite being a beneficiary of higher trading volumes and backed by a good set of financial results, we think valuations are stretched and that there is no upside to consensus. As such, we think SGX is at best a HOLD.
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