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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Keppel DC REIT A good start to FY26F
■ KDCREIT’s 1Q26 DPU of 2.833 Scts was slightly ahead of estimates at 26.4% of our FY26F forecast. ■ 1Q26 rental reversion came in at 51%, gearing of 35.1% provides balance sheet headroom for potential new acquisitions. ■ We reiterate our Add rating with a higher DDM-based TP of S$2.64.
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CATL-H Regaining market share in power and ESS battery in FY26F
■ CATL reported strong 1Q26 results on higher-than-expected power battery (150GWh) and ESS battery (50GWh) shipments. ■ We estimate its 1Q26 domestic ESS market share was largely stable vs. FY25 and expect this to reach 26% in FY26F. ■ Power battery shipments were supported by higher battery capacity per vehicle, rising electrification in special vehicles and strong vehicle exports with CATL’s battery. ■ The company will host its Super Technology Day on 21 April 2026. ■ We raise our TP to HK$726; reiterate Add.
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DBS GROUP RESEARCH |
DBS GROUP RESEARCH |
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Yangzijiang Maritime
Growing newbuild pipeline, unlocking value Adds 8 VLCC newbuild projects, sells 4 MR tankers (to be delivered and reconigsed in 2027/28) Accelerates capital deployment and potential leverage to finance newbuilds, boosting returns Enhances earnings visibility with newbuild pipeline (~50 vessels) and value unlocking disposals prior to delivery Reiterate BUY and TP SGD0.88, decent 3% dividend yield on offer
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Trip.com Group Ltd Regulatory clarity to unlock re-rating
Investment Overview Positioning for regulatory overhang lift. The ongoing antitrust investigation has sparked concerns over its potential impact on earnings. Trip’s share price has underperformed the sector (Trip -30% vs. HSTECH -12% YTD). The current valuation of 12.8x FY26E PE, at its lowest level since reopening in 2023 (vs. trading range of 13–39x post reopening), suggests potential earnings impact has been reflected. Drawing from precedents, the investigation is expected to conclude in early May. Trip's stock now offers a compelling accumulation opportunity ahead of a potential rerating once the regulatory overhang lifts
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| UOB KAYHIAN | |
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Foxconn Industrial Internet (601138 CH) Takeaways From 2025 Analyst Briefing
Highlights • Management provided incrementally positive guidance with several new growth vectors – CPO switches, inference AI cabinets, and LEO satellites – layered on top of the existing GPU/ASIC server and networking growth story. • ASIC server visibility has improved meaningfully, with 2026 orders-in-hand significantly above 2025 levels. CPO switches are on track for over 10,000 unit shipments in 2026 at margins above 800G switches. • Maintain BUY with an unchanged target price of Rmb89.50. Earnings changes and valuation to be updated separately.
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