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UOB KAYHIAN |
UOB KAYHIAN |
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Digital Core REIT (DCREIT SP) Value Creation From 35% Uplift In Annualised NPI
Highlights • DCREIT secured a 10-year lease with an investment-grade global cloud service provider for the entire Linton Hall data centre. Annualised NPI is expected to increase 35%, which is derived from an increase in capacity of 13% and a positive rental reversion of 20%. Cash flow kicks in starting Dec 26.
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Lendlease Global Commercial REIT (LREIT SP) Upside From PLQ Mall And Revaluation Of Jem
Highlights • LREIT would move on to acquire the remaining 30% stake in PLQ Mall, which is expected to be DPU accretive.
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CGS INTERNATIONAL |
LIM & TAN |
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Raffles Medical Group Revisiting investment thesis for 2H25F
■ RFMD bought back c.20m shares in 2025, representing only 21% of its intended share buyback (SBB) of up to 100m shares for FY25F. ■ Given its net cash position of c.S$283m as of 1H25, RFMD has the ability to enhance shareholder returns through potential special dividends. ■ We expect investor sentiment to improve with the resumption of yoy earnings growth in 2H25F/FY25F, after two consecutive years of decline. ■ Reiterate Add, with a higher TP of S$1.23, after rolling forward our valuation to 13x FY27F EV/EBITDA (unchanged).
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Ley Choon Group ($0.78, down 2 cents) has announced its intention to transfer its listing from the SGX Catalist Board to the SGX Mainboard, and confirmed that it submitted a formal application to the Singapore Exchange on 5 January 2026. The Board believes that a Mainboard listing is timely and appropriate given the Group’s improved financial position, consistent profitability in recent years, and its transition into a more mature and stable growth phase. Ley Choon’s market cap stands at S$117.5mln and currently trades at 8.9x PE and 1.6x PB, with a dividend yield of 3.9%. Ley Choon represents a genuine balance-sheet turnaround, having emerged from a multi-year debt restructuring to a net cash position through sustained operational discipline and conservative capital management. With the restructuring fully resolved and lender constraints removed, LC is now structurally stronger than in prior cycles. Additionally, LC’s S$325.6 million order book ensures strong earnings visibility, allowing it to capitalize on the continued growth of the Singapore construction industry. As such, we recommend a BUY on Ley Choon. |
| MAYBANK KIM ENG | DBS BANK RESEARCH |
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Malaysia Petrochemicals Year Ahead 2026: Still a drag
Maintain NEGATIVE on Malaysia Petrochemicals Olefin & polymer prices are likely to remain on a structural downtrend in 2026E as the current downturn continues to ensue due to new, sizeable capacity additions and build-outs. Meanwhile, we believe that the capacity closures announced so far are unlikely to be sufficient to offset the oversupply environment. We do not expect PE-naphtha spreads to improve meaningfully in 2026-2027E. We have SELLs on PCHEM (TP: MYR2.38) and LCTITAN (TP: MYR0.35).
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iFAST: Acquiring a 30% stake in Financial Alliance Corp, with a potential listing in 2–3 years
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