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LIM & TAN |
LIM & TAN |
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Grand Banks Yachts (S$0.82, up 1.5 cent) is a niche, brand-led luxury yacht maker that is positioning itself for the next leg of growth by scaling capability and widening its global reach without losing the premium DNA that commands pricing power. GBY has a market cap of S$153 million and currently trades at 8.3x forward PE, with a dividend yield of 1.8%. This is materially below valuation levels implied by the latest offer for Ferretti, where strategic shareholders have been willing to pay 13–14x earnings to acquire influence at the board level, reflecting confidence in longer-term value creation. Applying a similar valuation benchmark to GBY implies meaningful upside, with GBY needing to trade at approximately S$1.28– S$1.38 based on the same valuation multiples. The valuation gap should narrow as GBY executes its planned East Coast expansion, ramps up its new Malaysian yard to drive higher revenue and cost efficiencies, and progresses its planned expansion in Italy. In addition, we highlight GBY in light of increased interest in small mid caps under the EQDP, as GBY offers a low-cost entry into a niche, less cyclical industry that is likely to attract both strategic and institutional investors. We thus maintain a BUY on Grand Banks Yachts.
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Mapletree Logistics Trust / MLT ($1.37, up 0.02), announced today MLT’s results for 3Q FY25/26 and 9M FY25/26. Ms Jean Kam, Chief Executive Officer of the Manager said, “In 3Q FY25/26, we maintained a stable DPU quarter-on-quarter, underpinned by our geographically diversified portfolio. Despite ongoing macroeconomic and tariff-related uncertainties, the logistics sector in the region remains resilient, with structural trends that support long-term growth. We will continue to execute our portfolio rejuvenation strategy and grow our regional footprint to capture the growing demand for well-located, modern logistics space.” At MLT’s last traded price of $1.37, it is capitalized at $7bln and trades at 1.1x book, 5% yield, 23x PE while consensus target price of $1.41, upside potential is only 3%. While DPU is expected to be stable, we see its valuations being fair while the limited upside to consensus target price of only 3% suggests a HOLD recommendation is fair. |
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CGS INTERNATIONAL |
MAYBANK SECURITIES |
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OUE REIT The next phase of growth lies ahead
■ FY25 DPS of 2.23 Scts was above our full-year estimate at 108.9%, thanks to a rebound in hospitality segment, finance expense savings and one-offs. ■ Management will focus on driving growth in FY26F. Potential acquisition of Sydney CBD Office is a low hanging fruit, in our view. ■ Maintain Add with a higher TP of S$0.41.
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ISOTeam (ISO SP) The drones are coming
Contract wins of SGD26.6m ISOteam announced contract wins of SGD26.6m on 26 Jan 2026, bringing its orderbook up to SGD176.2m. Management observed an increase in the pace of tenders being called and expects momentum to carry into 2026. Drone testing is set to start in 2Q26E, which will put ISOteam in a solid positon vs its peers, in our view. With a positive outlook, we retain BUY with a TP of SGD0.100, pegged to 9x blended FY25/26E P/E.
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| MAYBANK SECURITIES | DBS GROUP RESEARCH |
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Mapletree Logistics Trust (MLT SP) Sustainable performance
Healthy operating performance, stable distribution MLT reported 3Q DPU of SGD1.816c, +0.1% QoQ/-9.3% YoY. Ongoing portfolio reconstitution, regional FX weakness, lower financing expense, and absence of divestment gains drove the performance. Portfolio occupancy and positive reversion inched up. Debt metrics were stable with lower gearing and stable cost of debt. Mgmt. reiterated guidance related to its portfolio rejuvenation strategy. We tweak up estimates, factoring in divestments and lower financing expense. Maintain BUY.
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SEA Ltd Recent improvement in competitive landscape is not priced in
Sea Ltd’s share price decline in Jan 2026 reflects 2H25 weakness while ignoring recent take-rate hikes by Tik-Tok Shop in Indonesia, reduction in subsidies by MercadoLibre in Brazil and Coupang’s struggles in Taiwan We estimate that 65-70% of Shopee’s GMV is on the road to recovery with rising take rates across Indonesia, Malaysia, Singapore, Vietnam and Brazil. Maintain BUY with an unchanged TP of USD205. Excluding, fintech and gaming business, SE’s e-commerce business is trading near 1.2x EV to sales at a big discount to e-commerce peers at 2.5x.
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