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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Frasers Centrepoint Trust Continued positive rental reversions expected
▪ 2H25/FY25 DPU of 6.06/12.11 Singapore cents was 0.6%/0.6% higher YoY, in line with our estimates and formed 50%/100% of our FY25e forecast. 2H25/FY25 NPI increased 12%/9.7% YoY from the contributions from Northpoint City South Wing following the completion of its acquisition in May 2025, +7.8% positive rental reversions, and Tampines 1 following the completion of its AEI. This was partially offset by a lower occupancy of 98.1% (3Q25: 99.9%) due to the exit of Cathay Cineplexes at Causeway Point and Century Square.
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Keppel DC REIT DPU growth despite the preferential offering
▪ 3Q25/9M25 DPU of 2.54/7.67 Singapore cents (+1.4%/+11.7% YoY) was in line with our expectations, forming 24/74% of our FY25e estimates. The YoY increase was driven by the acquisitions of KDC SGP 7 & 8 and Tokyo DC 1, stronger contributions from contract renewals and escalations, and lower finance costs. The 180.6mn new units from the preferential offering, listed on 22 Oct 2025 and entitled to distributable income from 1 Jul 2025, impacted DPU. Had the preferential offering not taken place, 3Q25/9M25 adjusted DPU would have been 2.74/7.87 cents.
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CGS CIMB |
CGS CIMB |
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Suntec REIT Boosted by lower finance cost and one-offs
■ 3Q25 DPU of 1.778 Scts was slightly ahead at 28.4% of our FY25F forecast. ■ A stronger Singapore portfolio, lower debt costs and reversal of withholding tax provision for its Australia portfolio were the reasons for outperformance. ■ Maintain Hold rating with and unchanged TP of S$1.39.
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OUE REIT More upside from interest expense savings
■ 3Q25 revenue/NPI of S$70.5m/S$57.0m were broadly in line at 27%/27% of our FY25F forecasts. ■ 3Q25 finance costs declined by 19.7% yoy versus a 17.3% decline in 1H25, further benefitting from the lower interest rate environment. ■ Maintain Add rating on FY26F DPU yield of 6.4%, with an unchanged DDMbased TP of S$0.38.
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| UOB KAYHIAN | LIM & TAN |
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Yangzijiang Shipbuilding (YZJSGD SP) Sailing Past Choppy Waters
Highlights • Shipbuilding margins are likely to remain elevated in 2026 • Incremental new order wins should be positive for sentiment • Upgraded PE-based target price to S$3.90 (previously S$3.60). Maintain BUY.
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iFAST Corporation Ltd. ($9.23, down 0.01) reported its financial results for the third quarter of 2025 (3Q2025) and the first nine months of 2025 (9M2025). The Group’s assets under administration (“AUA”) grew 29.6% YoY to S$30.62 billion as at 30 September 2025, reaching another record high as all wealth management markets achieved new AUA peaks. AUA in Singapore, Hong Kong, Malaysia and China grew by 28.7%, 25.0%, 17.5%
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