|
CGS CIMB |
CGS CIMB |
|
China Aviation Oil Getting the Golden Week glow
■ Festive travel boom lifts CAO’s outlook; we expect rising jet fuel volumes and SPIA contributions in 2H25F due to strong international air traffic recovery. ■ US-China flight restrictions and low oil prices challenge margins, but growing regional traffic and SAF trading provide upside, in our view. ■ CAO’s valuation is still undemanding at 9.3x CY26F P/E, below historical average, backed by c.8% EPS growth. S$1.52 TP on 10x CY27F P/E, Add.
|
BRC Asia Ltd New peak in Singapore steel demand?
■ Our inflation-adjusted construction demand forecast of S$36bn in 2025F is on par with peak inflation-adjusted construction demand of S$36bn in 2014. ■ Higher density developments and gross plot ratios could require more structural and reinforced steel, bringing steel demand to a new peak. ■ Reiterate Add. We believe BRC will benefit from the Singapore construction upcycle and Singapore’s Equity Market Development Programme (EMDP).
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
17LIVE Group (17LIVE SP) Core Profits Stream Back; Cash-Rich Platform Poised For Growth
Highlights • Tokyo site visit underscored strong culture and execution, with management driving a “Liver-first” model and offline events that deepen engagement. • 1H25 core net profit rebounded to US$3.3m due to improved monetisation. • Trades at 21x annualised 2025 core PE, though its strong net cash (60% of market cap) and growth trajectory may justify a higher multiple over time.
|
Automobile Weekly: Takeaways From Conference Call With Overseas Clients
Highlights • Below are our takeaways from a recent conference call with overseas clients. • Clients are concerned about the recent developments in China’s automobile industry under the anti-involution policy, especially the impact on sales and earnings. • Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
|
| LIM & TAN | LIM & TAN |
|
17LIVE (S$0.995, down 1.5 cts) is the first and only de-SPAC on the Singapore Exchange, having commenced trading on 8’Dec 23. 17LIVE is a live-streaming company listed in Singapore with main markets in Japan and Taiwan. Besides traditional live-streaming services, the company also provides a platform for growing V-Liver content (streaming using virtual avatars). At its last traded price of $0.995, 17 Live is capitalized at $179mln and trades at 1.6x P/B and 16x P/E. Going forward, tailwinds for 17LIVE over the next year include 1) hosting more physical events to increase topline growth, 2) E-commerce as a new revenue stream, 3) collaborations with well-known organizations to improve brand visibility, and 4) netcash position, dividends and share buybacks to support share price.
|
The local REIT market has seen the successful listing of Centurion Accomodation REIT with the REIT having risen nicely to $1.03 versus its listing price of 88 cents a month ago. Separately, NTT DC REIT which had traded below its IPO price of US$1 for a while has also recently risen above its IPO price currently at US$1.06. Boustead will also be spinning off its portfolio of industrial properties in a REIT soon. We believe that the macro conditions currently is conducive for the REIT sector currently and investors should consider switching their past few years of winning bets in Singapore banks into Singapore REITs. |
