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CSG CIMB |
UOB KAYHIAN |
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Food Empire Holdings Ltd Index inclusion, bonus issue – potential short-term re-rating catalysts
■ We think FEH could be part of a new index that the SGX will be launching. ■ In our view FEH could focus on consolidating its brand and market share gains on Vietnam in FY27F, leading to better net margins there. ■ Our FY27F gross margin is raised by 0.75% pts, leading to a 5.1% increase in FY27F EPS. Our TP is raised to S$3.09 on an unchanged 17x FY27F P/E.
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Elite UK REIT (ELITE SP) Building Up PBSA As The Second Pillar Of Growth
Highlights • Lindsay House in Dundee has received planning approval for conversion into a 168-bed PBSA facility. • The acquisition of Priory Court, Customs House and Ty Merlin is DPU accretive by 0.6% and was completed on 20 Jun 25. • Elite Partners and Ho Lee Group remain as sponsors of ELITE. Sunway RE Capitals has sold its 15% stake in REIT Manager to Elite Partners. • Maintain BUY with a target price of £0.39.
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UOB KAYHIAN |
UOB KAYHIAN |
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Automobile Weekly: Navigating Involution Through Tech Leap, Policy Shifts And Global Expansion
Highlights • China's auto sector faces involution but sees growth through policy support, eg L3 autonomous driving approval, tech adoption, and global expansion. • China’s PV sales growth remained negative but PEV sales growth turned positive in the 37th week of 2025. Despite resuming positive, PEV yoy sales growth remained low at single digit. • Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
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Sunway (SWB MK) Solidifying Singapore Presence Via MCL Acquisition
Highlights • Acquiring MCL Holdings for a consideration of S$738.7m, implying a PE of 19x and PB of 1.03x, similar to its Singapore peer valuation. • We revise our earnings forecast by +7%/6% respectively for 2025-26, with target completion in 4Q25. • Maintain BUY and lift target price to RM6.00 as we incorporate the latest GDV and narrow property RNAV discount to 5% on more active involvement in its Singapore projects.
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| DBS RESEARCH | LIM & TAN |
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AEM Holdings Ltd
What's New Intel set to build multi-generations of custom data center and client CPUs in partnership with NVIDIA Collaboration improves Intel’s competitiveness and turnaround, reinforcing AEM’s outlook Implications for AEM while net positive in the medium term and will be subject to volume growth and ramp-up timing Maintain BUY with TP SGD2.10
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Hongkong Land / HKL (US$6.65, down 11 cents) announced that it has entered into an agreement to divest its MCL Land residential development business (the ‘MCL Group’), to Sunway Labuan Investment Ltd (a whollyowned member of Sunway Berhad, the leading Malaysia-headquartered property developer) (‘Sunway’) (the ‘Transaction’) by way of a share sale. HKL’s market cap stands at US$14.4bln and currently trades at 22.8x forward PE and 0.5x PB, with a dividend yield of 3.5%. Consensus target price stands at US$6.97, representing 4.8% upside to consensus target price. We continue to maintain a BUY recommendation. |
