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CGS INTERNATIONAL |
CGS INTERNATIOAL |
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ISDN Holdings Ltd Industrial automation demand resilient
■ FY25 revenue (S$440, +18% yoy) was 6% above our forecast due to recognition of construction revenue from its mini-hydropower plants. ■ FY25 net profit (S$7m, -21% yoy) was 11% above our forecast. The decline was due to S$4.5m of unrealised foreign exchange loss. ■ With demand for its key Industrial Automation business still resilient, we lift FY26-27F EPS by 22-36%. Reiterate Add with a higher S$0.96 TP.
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CapitaLand Ascendas REIT Stable performance in 1Q26
■ CLAR’s portfolio occupancy fell qoq to 90.5% in 1Q26, dragged by Singapore and Australia. ■ 1Q26 rent reversion was +10.6%; management maintained its reversion guidance of mid single-digits for FY26F. ■ Maintain an Add rating with a lower DDM-based TP of S$3.12.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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CapitaLand Ascott Trust Transitional dip in core earnings
■ 1QFY26 gross profit declined yoy due to multiple AEI-led closures, including The Cavendish London, despite resilient operational performance. ■ Management noted that the impact of the Iran war on CLAS appears to be limited. Utility and construction costs are largely hedged. ■ Maintain Add on FY26F dividend yield of 6.75%, with an unchanged DDMbased TP of S$1.13 (COE: 7.4%).
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UI Boustead REIT (UIBREIT SP) Embarking On Maiden Development Project
• UIBREIT has taken a 24.26% effective interest in the co-development project UIB Konan Phase 3 to build two modern logistics facilities with a total NLA of 508,880sf at Konan City, Shiga Prefecture, Japan. • UIBREIT captures an attractive yield on cost of 4.8%, which is higher than its Japan portfolio yield of 3.6%. UIBREIT has an option to acquire the remaining 75.74% interest at a yield of 4%. • Maintain BUY with target price of S$1.16. UIBREIT provides an attractive DPU yield of 8.1% for FY27. Our target price of S$1.16 is based on DDM (cost of equity: 7.25%, terminal growth: 1.2%).
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| DBS GROUP RESEARCH | |
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Yangzijiang Maritime Maritime alpha generator What's New Secures 10 eco-compliant newbuilds across tankers and bulk carriers, deliveries through 2027–2029 Expands fleet to 105 vessels, with 53 newbuildings under construction Funded via equity co-investment and debt, accelerating capital deployment and return enhancement Reiterate BUY; TP SGD0.88; stock offers decent 3% dividend yield
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