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UOB KAYHIAN |
UOB KAYHIAN |
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ASL Marine (ASL SP) From Surviving To Thriving: Repair Driving Next Phase Of Growth
Highlights • An ageing global fleet and regulatory dry-dockings support stable, highermargin repair demand across ASL’s yards through the cycle. • ASL’s S$82m of infrastructure-linked chartering contracts anchor near-term earnings, while repair-driven cash generation creates room for dividend growth. • Maintain BUY with a target price of S$0.35. ASL trades at 8.9x FY26F PE, implying a 30% discount to Singapore-listed peers’ average of 13x.
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Alibaba Group (9988 HK) 3QFY26 Results Preview: Lukewarm CMR Growth; Sanguine AI+Cloud Outlook
Highlights • We expect Alibaba to report a lacklustre set of results for 3QFY26 but forecast a gradual margin recovery on softer investment in instant delivery competition . • We are cautiously optimistic on Alibaba’s core commerce business due to the high base last year and ongoing competition. Nevertheless, we are sanguine on its cloud strategy, which will position the company well to become a technology platform centred on AI + Cloud with long-term strategic value and growth flywheel. • Maintain BUY with an unchanged target price of HK$206.00 (US$206.00).
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MAYBANK SECURITIES |
MAYBANK SECURITIES |
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Singapore REITs Year Ahead 2026: Inflecting distribution
Continued value unlocking We maintain our POSITIVE sector stance on the back of rising distribution, supported by lower funding cost, capital recycling and portfolio reconstitution. Nascent signs of cap rate compression are visible. REITs are focused on improving earnings quality and build-to-core strategies for future growth. That said, we remain watchful of normalizing growth and inflation. Our sub-sector preference – commercial followed by industrial and hospitality. Top Picks: CICT, CLAR, CLAS, LREIT, MLT, OUEREIT, and SUN.
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ASEAN Equity Strategy Year Ahead 2026: Sanguine
ASEAN-6: Overweight MY, SG, VN; Neutral ID, TH, PH Resilient underlying economic drivers in the face of US tariffs coupled with expectations of sustained monetary easing and reform momentum mean we are broadly constructive on ASEAN equity markets going into 2026. As per the bifurcated performance in 2025 (Fig 3), we continue to advocate a two-tier positioning i.e. per Fig 1, we Overweight Malaysia (investment upcycle, policy support), Singapore (“certainty premium”, liquidity surge) and Vietnam (region-topping growth, structural reforms). We are Neutral Indonesia (soft consumption recovery, pro-growth pivot), Thailand (c.2% GDP growth, extended political uncertainties) and the Philippines (limited thematics, FX/governance overhangs). Refer to pgs. 2-4 for market/sector targets/valuations/foreign flows, followed by ASEAN-6 by-country strategy /positioning, active funds OWs/UWs, MIBG Quants highlights (pgs. 5-68).
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| LIM & TAN | |
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Attika Group Ltd (S$0.435, up 2 cents), a Singapore-listed commercial interior fit-out and MEP engineering specialist, entered 2026 with two significant corporate developments that strengthen both its earnings visibility and capital market positioning. In January 2026, the Group announced S$38 million of new project wins that materially expand its order book through 2027, followed shortly by a strategic vendor Attika Group’s market cap stands at S$59.2mln and currently trades at 18x FY25 PE and 12x FY26 PE, with an estimated dividend yield of 2.7% in FY25 and 4.2% in FY26. There are currently no analysts covering Attika Group. Given the recent placement to reputable funds, strong orderbook winning momentum and industry sources, we will be putting Attika Group into our stock watchlist for further review in FY26.
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