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CGS INTERNATIONAL |
CGS INTERNATONAL |
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Centurion Accommodation REIT Hidden value, still primed for growth
■ We like CAREIT for its strong 27.4%/10.1% FY26-27F DPU growth potential. ■ Apart from acquisitions, new AEIs possibilities including at Westlite Ubi could drive future earnings growth, in our view. ■ Initiate coverage on CAREIT with an Add and a DDM-based TP of S$1.38.
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Info-Tech Systems Earnings-driven re-rating ahead
■ We think Info-Tech could re-rate upon better-than-expected performance in 2H25, driven by new Academy courses and growth in HRMS and accounting. ■ Info-Tech’s FY25F profit guidance reinforces our confidence in management execution. New product launch in 1Q26F is also tracking as expected. ■ Reiterate Add, with an unchanged TP of S$1.10 (based on 17x FY26F P/E). Stock currently trades at an attractive 11.7x forward P/E.
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UOB KAYHIAN |
UOB KAYHIAN |
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Banking 4Q25 Results Preview: Resiliency Shines Despite Seasonally Softer Quarter
Highlights • We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. • We expect net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). • Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for OCBC.
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Tencent Holdings (700 HK) 4Q25 Results Preview: Intact Online Games And Ad Empowered By Accelerating AI Applications
Highlights • We expect Tencent’s revenue growth to remain solid at 13% yoy in 4Q25 despite macro headwinds and the ad-spend tax, continuing to benefit from inventory release and AI empowerment. We opine that near to mid-term catalysts would include: a) multiple flagship new game launches in 2026, b) continued improvement in ad placement efficiency driven by AI, and c) the launch of AI-powered Mini Program code development tools on WeChat. • Maintain BUY with an unchanged target price of HK$800.00.
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| LIM & TAN | |
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Seatrium Limited ($2.13, up 1 cent) wishes to announce that its wholly-owned subsidiary, Seatrium New Energy Limited (“SNE”) and its consortium partner – in respect of the design, engineering, procurement, construction, installation and commissioning of a 900MW offshore converter platform, also referred to as DolWin 5 (the “Project”) – Aibel AS (“Aibel”), have filed arbitration proceedings in relation to the Consortium Agreement (as defined below). Seatrium’s market cap stands at S$7.2bln and currently trades at 21.1x forward PE and 1.1x PB, with a dividend yield of 0.7%. Consensus target price stands at S$2.73, representing 28.2% upside from current share price. We continue to maintain our “Accumulate on Weakness” recommendation on Seatrium
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