buysellhold july.23

 

UOB KAYHIAN

UOB KAYHIAN

Banyan Tree Holdings (BTH SP)

Residences Segment To Drive Growth Into 2027

 

Highlights

• Although hotel investment generated 52% of BTH’s 1H25 revenue, its residences segment will likely drive growth over the next 2-3 years.

• Pre-sales of its Thai properties grew at 62% CAGR over 2020-24 and increased 23% yoy last year to S$329m.

• Trades at 0.8x 1H25 P/B despite share price having risen 83% ytd.

 

 

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PTT Exploration & Production (PTTEP TB)

 

3Q25 Net Profit Expected To Be Flat qoq Highlights

• We expect 3Q25 net profit to flat qoq.

• The decrease in unit cost is sufficient to offset the impact of the reduced ASP.

• Earrings are expected to recover qoq in 4Q25 due to increased sales volume.

• Maintain BUY with a rolled-over target price of Bt136.00/share in 2026.

 

 

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CGS CIMB

LIM & TAN

Soilbuild Construction Group

Digging into rich soil

 

■ SBCG is entering a multi-year upcycle, supported by a record order book (S$1.19bn as of 1H25) and heightened construction demand.

■ Margins have rebounded to multi-year highs (c.13% in 1H25), with cost pressures easing as raw material and labour costs normalise.

■ Initiate with Add and TP of S$4.21, pegged to 10x FY26F P/E (c.29% earnings CAGR FY24-27F).

 

 

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Capitalized at S$581mln, Civmec trades at 14.3x forward P/E and 1.3x P/B with a dividend yield of 4.5%. While FY25 was a relatively weak year due to reduced activity levels, the company has maintained dividends with total full year dividends of 6 A cts, a 72% payout ratio. Civmec has increased its order book to A$1.25bln, doubling from Jan’25 and providing revenue visibility for more than a year. The acquisition of Luerssen Australia will accelerate its sovereign capability in defence manufacturing for the Australian government. In view of more promising prospects ahead, we have an “Accumulate” recommendation on Civmec.
LIM & TAN

CapitaLand Ascendas REIT / CLAR ($2.85, unchanged) announced the proposed acquisition of a portfolio of three properties in Singapore (Target Portfolio) for approximately S$565.8 million (Total Purchase Consideration). The Target Portfolio consists of 2 Pioneer Sector 1, a ramp-up logistics property; Tuas Connection, a light industrial property; and 9 Kallang Sector, a high-specifications industrial property (collectively, the Target Properties, and the proposed acquisition of the Target Properties, the Proposed Acquisitions), to be acquired from Vita Partners. The Proposed Acquisitions are expected to be completed by 1Q 2026.

CLAR’s market cap stands at S$12.9bln and currently trades at 18x forward PE and 1.3x PB, with a dividend yield of 5.2%. Consensus target price stands at S$3.15, representing 10.5% upside from current share price. We have an “Accumulate on Weakness” rating given its strong balance sheet, healthy liquidity position and decent dividend yield and upside potential.

 

 

 

 

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