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CGS CIMB |
UOB KAYHIAN |
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Riverstone Holdings Weak US$ likely still a drag on earnings
■ We expect Riverstone to report its 3Q25F earnings in the week of 11 Nov 2025F. ■ In 3Q25, the average US$ versus RM exchange rate was 4.2261 versus an average of 4.3080 for 2Q25. ■ The weaker US$ versus RM will, in our view, likely affect 2H25F earnings. We lower our FY25F net profit forecast by 8.3% to RM219.8m. ■ Reiterate Add as we expect earnings to recover and grow 16.2% yoy in FY26F and 12.3% in FY27F.
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Strategy – Small/Mid Caps Retail Investors’ Webinar Highlights For Oct 25 – Top Picks: RSTON, FEH, CSE
Highlights • We summarise key takeaways from our latest monthly small/mid-cap webinar for retail investors for Oct 25. • Our three preferred names are Riverstone, FEH and CSE.
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LIM & TAN |
LIM & TAN |
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ASL Marine is led by a management team with a strong track record of integrity and financial discipline, having consistently met all debt obligations without resorting to loan haircuts. ASL Marine’s reported profits are currently distorted by non-cash fair value amortisation losses, which are expected to taper off significantly from 1HFY26 onwards.
As such, we initiate coverage on ASL Marine with a BUY recommendation and a target price of $0.30, pegged to a 9.5x FY27F PE. Our earnings growth forecasts of S$28.1mln and S$32.4mln in FY26F/FY27F are driven by 1) Strong tugs/barge construction and repair outlook 2) Improving repair capabilities and margins 3) Sale of idle and old vessels
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SGX ($17.43, down 0.06) today launched its annual SGX Orb Awards, a flagship initiative that celebrates excellence in financial journalism and content. This year’s eighth edition will continue to champion insightful and educational storytelling, with an emphasis on connecting multi-generational perspectives. Thanks to the proactive stock market friendly activities and new injections of liquidity led by The MAS as well as increased funding for new research initiatives, Singapore’s stock market and IPO market has been one of the best performing market in Asia this year. SGX is a direct beneficiary of these new and improved measures. SGX’s share price has done very well, having risen by 37% this year and trades at 28x PE and 2% div yield. We believe that valuations are rather fair and a “HOLD” recommendation is appropriate for now. |
| DBS GROUP RESEARCH | CGS CIMB |
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Genting Singapore Ltd
High stakes pay off but payroll bites back Investment Overview One of the most profitable and diversified gaming operators in a duopoly market. GENS operates Resorts World Sentosa (RWS), one of Southeast Asia’s largest integrated resorts. It enjoys a strategic location in Singapore, a thriving tourism hub with strong domestic demand. The duopoly market structure supports relatively low competitive intensity. RWS further benefits from business diversification (greater non-gaming revenue share) and a broad geographical reach of its visitor base—factors that underpin its typically higher EBITDA margins.
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Alibaba Group Robust CMR and cloud growth in 2QFY3/26F
■ We estimate Alibaba’s China ecommerce revenue rose 10% yoy in 2QFY3/26F, helped by 9-10% yoy growth in CMR and 6-7% yoy growth in GMV. ■ We expect quick commerce loss likely peaked at Rmb35bn-40bn in 2QFY26F, and project its unit economics loss to further decline in 3QFY26F. ■ We expect its cloud revenue growth accelerated to 30% yoy in 2QFY26F (1QFY26: +26% yoy), and maintain our three-year AI capex forecast of Rmb380bn. ■ Reiterate Add with a slightly lower DCF-based TP of HK$205.0.
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