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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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NetLink NBN Trust Stable cash-flows
▪ 1H26 results were within expectations. Revenue and EBITDA were 51% and 49% respectively, of our FY26e forecast. 1H26 DPU increased 1.1% YoY to 2.71 cents. EBITDA was unchanged YoY at S$143.5mn.
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Grab Holdings Growth momentum across all segments
■ Grab delivered a strong 3Q25 performance, beating street estimates, with robust growth across all segments. ■ Product innovations and higher user engagement continue to lift margins despite near-term dilution from new product offerings. ■ Maintain Add with a higher US$7.20 TP on operating leverage and improving profitability; Financial Services segment on track to break even by 2H26F.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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Elite UK REIT Staying the course
■ 9M25 DPU of 2.33 pence was slightly ahead, at 78% of our FY25F forecast. ■ Portfolio occupancy rose to 98.6% at end-3Q25; ongoing value-add opportunities to boost NAV when completed. ■ Reiterate an Add rating with a DDM-based TP of 41 pence.
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Keppel Pacific Oak US REIT (KORE SP) 9M25: Stable Portfolio Occupancy With Backfilling Of Known Vacates
Highlights • Portfolio occupancy was stable at 88% as of Sep 25, supported by backfilling of known vacates at The Plaza Buildings at Bellevue, Westmoor Center at Denver and Iron Point at Sacramento. • KORE is on track to resume distribution for 1H26. We assumed payout ratio at 25% in 2026, 40% in 2027, 55% in 2028 and a stabilised 70% in 2029. • KORE trades at a DPU yield of 4.3% for 2026 and 6.9% for 2027. P/NAV looks depressingly low at 0.34x. Upgrade to BUY. Target price: US$0.29.
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| LIM & TAN | LIM & TAN |
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SIA Engineering ($3.47,down 8 cents) reported 1HFY26 with revenue growing 26.5% to $729.0 million. Group expenditure also increased but at a lower rate of 25.0% to $716.0 million, mainly attributed to higher material costs, manpower costs, repair costs and IT system implementation costs, as well as a $4.0 million impairment provision for an underperforming long-term contract. Consequently, the Group’s operating performance improved by $9.6 million year-on-year to an operating profit of $13.0 million. The Group’s net profit for the first half ended 30 September 2025 was $83.3 million, an improvement of $14.5 million year-on-year. SIA Engineering’s market cap stands at S$3.9bln and currently trades at 23.1x forward PE and 2.3x PB, with a dividend yield of 2.8%. Consensus target price stands at S$3.66, representing 5.5% upside from current share price. Despite improving prospects, share price has run up by 52.2% since our last Accumulate call on 13th May 2025. As such, we downgrade to ACCUMULATE on weakness rating on SIA Engineering given its continued strong fundamentals.
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China Sunsine Chemical Holdings Ltd ($0.70, down 0.02) a specialty rubber chemicals producer and global leader in the production and supply of rubber accelerators, wishes to announce that the Company has, on 4 November 2025, received a notification from its majority shareholder, Success More Group Limited (“Success More”), that Success More has, on 4 November 2025, sold an aggregate of 42,000,000 ordinary shares in the capital of the Company (“Vendor Shares”) in cash to various investors, through Maybank Securities Pte Ltd. We see the entry of the numerous institutional names into the company as a vote of confidence for this S-Chip company, given the numerous blow-ups in the past decade. China Sunsine also has an impeccable track record in rewarding shareholders via its steady and consistent dividend payments since its IPO in 2007, a rare attribute that is unseen of by Chinese companies listed on SGX. Its dominant market position with a significant market share in China amongst world ranked automotive related clients is likely one of its rare positive attributes that institutional funds are favourable to, in addition to its strong cash holdings of close to S$400mln which accounts for 60% of its current market cap of $667mln. Its final dividend has doubled from 2 years ago to 2 cents last year and management also paid a special dividend of 1 cent on top of its final dividend of 2 cents and a special ½ cent interim dividend was also paid this year in Aug’25 to validate the company’s strong cash position and management’s commitment to reward shareholders. We believe that China Sunsine will be on the “watch-list” of more brokers including ourselves now that the stock has been institutionalized and validated by world-reknown funds. Forward PE is 8x while ex-cash PE is 3-4x while yield is 5-6% (including special dividends). Consensus target price is bandied around 75 cents. |
