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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Lendlease REIT PLQ Mall strengthens suburban retail portfolio
• 1H26 DPU of 1.85 cents rose 3.1% YoY, forming 51% of our full-year FY26e forecast. The resilient performance of the retail portfolio (rental reversion up 10.4% YoY) and strong capital management (gearing down 430 bps to 38.4%) resulted in a 11.7% YoY increase in distributable income to S$48.5mn.
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United Hampshire US REIT Grocery & necessity underpins portfolio stability
• 2H25/FY25 DPU came in at 2.30/4.39 US cents, up 12.2%/8.1% YoY. This was in line with expectations, forming 54%/103% of our FY25e forecast. Growth was driven by new lease commencements, contributions from Dover Marketplace (acquired August 2025), rental escalations on existing leases, and lower finance costs.
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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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Grab Holdings First full year of net profit
• 4Q25 revenue was in line with our estimates, while 4Q25 PATMI outperformed due to operating leverage and higher-margin monetisation (fintech + ads). FY25 revenue/PATMI were at 99%/153% of our FY25 forecasts. • Revenue growth remains strong, +19% YoY to US$906mn in 4Q25. Growth was propelled by strong performances in both On-Demand services (+17% YoY) and the Financial Services arm (+34% YoY).
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Marco Polo Marine Solid start to FY26F
■ 1QFY9/26 results were in line with our expectations; revenue growth of 27% yoy was mainly driven by new offshore wind vessels deployed since 2HFY25. ■ Management noted enquiries for more complex newbuild vessels for its 2 available yard slots and we see scope for c.S$130m in new orders in FY26F. ■ Key catalysts: larger-than-expected newbuild orders and a confirmed charter contract for CSOV Plus. Reiterate Add with unchanged TP (18x FY27F P/E).
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| UOB KAYHIAN | UOB KAYHIAN |
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Metals And Mining Gold Priced For Risk; Copper Priced For Timing
Highlights • Gold is holding near US$5,000/oz, with geopolitics, central bank buying and policy uncertainty establishing a higher structural price floor. • Despite moderating near-term rate-cut expectations, gold equities still price in significantly lower bullion assumptions, leaving a clear valuation upside albeit with elevated volatility. • Copper weakness appears cyclical rather than fundamental, as the recent LME inventory build reflects Chinese New Year seasonality and a temporary closure of China import arbitrage. • Maintain OVERWEIGHT.
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Oil & Gas MBR 2026: A Key Enabler Towards 2m BOEPD Goal
Highlights • MBR 2026 to explore new frontiers in unlocking the full potential of Malaysia’s basin. A positive surprise was that local production increased to about 1.9m boepd in 2025 despite 1H25 setbacks. While the long-term sustainable target remains at 2m boepd, the increased funnel of field development plans that are made possible through the collaboration of new PSCs, innovations and simplifications, are showing results. The ambitious scope of this collective achievement of energy security will soon include borderless PSC collaborations. Upscaling the ecosystem is crucial for this to work. This is consistent with the Petronas Activity Outlook (PAO) 2026-28.
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