|
PHILLIP SECURITIES |
CGS CIMB |
|
Geo Energy Resources Ltd Infrastructure build-out within schedule
▪ Construction of the 92 km hauling road and jetty in South Sumatra is 30% completed and on schedule. We expect at least 40% completion and 100% road clearance by year end. There is no change to the completion and commissioning by the middle of 2026, with an additional two months required for it to be fully operational. Once completed, our expected ramp in coal production in the TRA mine is 12mn in FY27 from 2mn in FY25e. Another 25mn MT of coal can be transported on the road, where toll rates ranging from US$6-8 per MT can be charged on other users, depending on the coal price
|
Sheng Siong Group New warehouse to be ready in 2029F
■ SSG’s S$520m investment for a new warehouse is higher than the c.S$80m spent on its current facility due to bigger scale and higher construction cost. ■ We expect the capex to be largely funded through cash. Assuming c.15% coming from debt, this implies only a 2% impact on FY26F-27F net profits. ■ The warehouse is scheduled to be ready in 2029F and could drive SSG’s store count to 120 units by 2031F, we estimate. ■ Reiterate Hold as we see limited upside at current valuation. Upside potential could come from faster-than-expected store additions.
|
|
UOB KAYHIAN |
CGS CIMB |
|
Offshore & Marine Robust Data Across The Industry
Highlights • Industry remains robust: Offshore rig day rates have risen ytd, supported by oil demand upgrades from the US EIA and higher greenfield capex. • The global pipeline for FPSO/non-FPSO awards appears strong with over US$38b worth of projects to be awarded in the next 12 months. • Top picks in the sector remain Seatrium and Marco Polo Marine.
|
Alibaba Group More positive guidance on AI capex
■ Alibaba hosted its 2025 Apsara Conference, also known as Yunqi, over 24-25 Sep. ■ Management guided that the energy consumption scale of Cloud’s global data centres will expand by 10 times by 2032F (vs. 2022), supported by increased AI capex. ■ In the instant delivery sector, we expect intense competition during the upcoming Double 11 Shopping Festival and more subsidies for the in-store business. ■ Reiterate Add with a higher DCF-based TP of HK$207.0.
|
| MAYBANK KIM ENG | LIM & TAN |
|
Marco Polo Marine (MPM SP) Fleet size expansion: CSOV + AHTS
Maintain BUY with an unchanged SGD0.09 TP MPM said it collaborate with Norway’s Salt Ship Design (not listed) to build MPM’s new CSOV Plus vessel at its Batam shipyard from 2Q26 with delivery scheduled for 4Q28. MPM will also buy 2 new AHTS vessels worth USD34m which will expand its fleet size to 21 from 19 by end-2026.
|
Further to the announcement dated 17 June 2025 issued by Wilmar International Limited ($2.89, down 0.02) on the placement by Wilmar of a security deposit of IDR 11,880,351,802,619 (approximately USD 729 million) with the Indonesian Attorney General’s Office (“AGO”), Wilmar wishes to announce that the Indonesian Supreme Court has overturned the acquittals of three major palm oil groups, namely Wilmar Group, Permata Hijau Group and Musim Mas Group, on appeal by the AGO. With respect to the Wilmar Group, the AGO’s appeal against its five subsidiaries, namely, PT Multimas Nabati Asahan, PT Multi Nabati Sulawesi, PT Sinar Alam Permai, PT Wilmar Bioenergi Indonesia and PT Wilmar Nabati Indonesia (collectively, the “Wilmar Respondents”), relates to charges against the Wilmar Respondents from actions taken by them between July 2021 and December 2021 during a shortage of cooking oil in the Indonesian market, which the AGO claimed resulted in losses incurred by the State amounting to IDR12.3 trillion (approximately USD 755 million). Given the above overhang on Wilmar’s potential huge fines, we would “AVOID” the stock for now despite its stock price having already underperformed the STI index on a year to date basis (by dropping 7% versus the STI’s 13% rise) |
