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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Keppel Infrastructure Trust AGPC covered by 80% minimum volume
■ We see limited financial implications from the conflicts in the Middle East and therefore keep our FY26-28F forecasts. ■ We believe KIT’s income from Aramco pipeline asset (AGPC) is protected by a minimum 80% volume until contract expiry in 2042. ■ Potential higher costs in City Energy and Ixom are recoverable or can be passed-through. Reiterate Add and TP of s$0.60 on DDM and P/FFO.
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BYD Co Ltd Stepping into a flash charging century
■ BYD launched its second-generation Blade Battery in Shenzhen on 5 Mar. ■ The new battery can charge from 10% to 70% in just five minutes, and from 10% to 97% in only nine minutes. ■ BYD aims to expand its flash charging stations to 20k by end of the year.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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City Developments Limited Unlocking value through faster recycling
▪ FY25 PATMI of S$630mn (+213% YoY) exceeded our expectations, coming in at 88% above our FY25e estimate. Growth was driven by strong Singapore residential sales and substantial capital recycling gains, with c.S$2bn in divestments in FY25, including the sale of its 50.1% stake in South Beach.
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Hyphens Pharma International Ltd Hit the refresh button
▪ FY25 revenue/adj.PATMIs were within expectations at 99%/97% of our FY25e forecast. 2H25 PATMI rebounded 27% YoY to S$5.94mn from discontinuation of low margin products and tighter cost controls. Headline earnings declined due to FX translation losses and extraordinary provisions in inventory and debtors.
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| UOB KAYHIAN | MAYBANK SECURITIES |
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Strategy Monthly Market Radar
Highlights • The STI rose 1.8% mom to 4,995.07, hitting a record high of 5,041.33 during the month, supported by selective stock strength despite softer bank earnings. • Key catalysts included continued expansion in manufacturing PMI, strong results from Yangzijiang Shipbuilding and Seatrium, mixed bank earnings, and UI Boustead REIT’s planned S$1.2b IPO. • Key things to look out for: STI and SGN50N Quarterly Review (March), SIAS Small-Mid Cap SGX Stocks Investor Education Session (16 March).
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Malaysia Banking Staying constructive with a positive stance
POSITIVE still on the sector A year that was expected to bring economic stability and improved prospects has been partly overshadowed by external volatility. Nevertheless, we remain constructive with a positive stance on the banking sector. Cumulative net profit growth is projected to be a faster 5.7% in 2026 (4.5% in 2025) with higher ROEs of 10.5%. Moreover, there is the prospect of higher dividend payouts from some banks, in our view. Our top 3 picks are RHB, AMMB and PBK.
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