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CSG CIMB |
UOB KAYHIAN |
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REIT Hospitality REITs - Aug IVA up 4.6%
■ Jul/Aug international visitor arrivals rose 4.9%/4.6% yoy on strong summer holiday travel demand. 7M25 hotel stats improved on better RevPAR. ■ The debut of a Disney Cruise Line in Singapore has been delayed while the Formula One event will kick off later than usual in Oct. ■ We remain selective within the hospitality REITs sector. Reiterate Add on CLAS and FEHT, and maintain Hold on CDREIT. Our sector pick is CLAS.
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Strategy – Small Mid Caps Identifying The Constituents Of Upcoming Mini STI Index
Highlights • The SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this move to benefit most small-mid cap stocks. • We have identified a potential list of 39 Mini STI constituents by adopting three similar screening criteria for STI construction: a) market cap of >S$1b, b) free float of >15%, and c) liquidity requirement. • Our top picks in the small-mid cap sector are Food Empire Holdings, Sheng Siong, CSE Global, China Sunsine, Marco Polo Marine and Valuetronics.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Hong Kong Exchanges and Clearing (388 HK) Riding On Optimism
Highlights • We expect HKEX’s 3Q25 net profit to rise 47% yoy due to another record-high quarter headline ADT. • The latest Hong Kong Policy address signals further enhancements to listing rules and Connect schemes. • With encouraging ADT outlook and a strong IPO pipeline, we increase our 2025-27 earnings forecasts by 2.4%/5.5%/1.8% respectively and maintain BUY with a higher target price of HK$540.00.
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Mynews Holdings (MNHB MK) Poised for growth
Maintain BUY with an unchanged TP of MYR0.85 MNHB’s positive earnings outlook should continue to be sustained by improvements in operating cost management and a gradual uptick in sales volume. With the success in stemming losses in CU and its FPC, MNHB is also on firmer ground to show better earnings growth from its efforts in diversifying into the higher margin fresh food sales category. No change to earnings estimates. Maintain BUY with an unchanged TP of MYR0.85 (based on 26x CY26E PER, mean).
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| LIM & TAN | OCBC |
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Marco Polo Marine ($0.075, up 0.1 cents) a reputable regional integrated marine logistics company, is pleased to provide an update on its Ship Chartering Operations The Group’s Ship Chartering order book remains robust, with secured contracts spanning the next three years and totalling approximately S$100 million as of 30 June 2025. This strong backlog reflects the Group’s diverse fleet deployment across high-growth sectors, including offshore oil & gas and renewable wind energy, reinforcing its position as a key player in maritime solutions. MPM’s market cap stands at S$281.5mln and currently trades at 9.1x FY26F PE and 1.1x PB, with a dividend yield of 1.3%. We think this newly released orderbook allows visitors further visibility into MPM’s operations, reinforces our view that the worst is over for MPM, and showcases the demand for its chartering segment. As such, we continue to maintain a BUY recommendation on MPM.
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Golden Agri-Resources (GGR SP) - Supported by CPO price momentum
Golden Agri-Resources (GAR) is a fully integrated agribusiness company focusing on the production and distribution of palm-based products. Its segments include plantations and palm oil mills and palm, laurics and others. The plantations and palm oil mills segment comprises the products from the upstream business. The palm, laurics and others segment includes processing and global merchandising of palm and oilseed-based products comprising bulk and branded products, oleochemicals, sugar and other vegetable oils. The company's activities include cultivating and harvesting oil palm trees; extracting fresh fruit bunch (FFB) into CPO and palm kernels; processing them into value-added products, such as cooking oil, margarine, shortening, biodiesel and oleochemicals. The CPO price outlook remains a risk to keep in mind given the company is sensitive to CPO price movement. HOLD. |
