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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Frasers Logistics & Commercial Trust 1HFY26 core DPU improved yoy and qoq
■ 1HFY9/26 DPU was slightly above, at 55.4% of our FY26F forecast. ■ FLCT enjoyed positive reversions of 9.8% in 2QFY9/26. ■ We reiterate our Add rating with an unchanged DDM-based TP of S$1.10.
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Grab Holdings Strong execution; rising regulatory pressure
■ 1Q26 results beat expectations, with management maintaining its FY26F adjusted EBITDA guidance of US$700m-720m despite macro uncertainties. ■ We assume an 8% commission cap for Indonesia 2W in FY27-28F, following the regulation signed by President Prabowo, pending implementation details. ■ Reiterate Add, with a lower SOP-based TP of US$4.50, on lower EBITDA and lower multiple for the mobility and delivery sector in line with peers.
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CGS INTERNATIONAL |
LIM & TAN |
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Venture Corporation Expecting to grow in FY26F
■ 1Q26 revenue (S$628.5m) fell 3% qoq but rose by 2% yoy due to higher demand. In US$ terms, 1Q26 revenue grew by a stronger 8.2% yoy. ■ 1Q26 net profit of S$56.3m (-4% qoq, +1% yoy) was 4.1% higher than our S$54.1m forecast, but in line with Bloomberg consensus full-year forecasts. ■ Reiterate Add with an unchanged S$21.78 TP as Venture resumes its earnings growth over FY26-28F.
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CSE Global Limited / CSE ($1.36, down 0.01), a global systems integrator providing electrification, communications and automation solutions, today announced that it secured S$271.2 million of new orders in the first quarter ended 31 March 2026 (“1Q2026”). This represents a 74.6% year-on-year growth in new orders as compared to S$155.3 million in 1Q2025 and was mainly driven by stronger demand for Electrification solutions in the United States of America (“USA”). We maintain an Accumulate rating on CSE Global with a 1 year target 3000 price of $1.60/share. |
| LIM & TAN | MAYBANK SECURITIES |
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Centurion Accommodation REIT ($1.10, down 1 cent) reported a solid set of results for the fi rst quarter ended 31 March 2026, delivering performance ahead of its IPO prospectus forecasts. Gross revenue came in at S$52.5 million, exceeding projections by 2.7%, while net property income (NPI) reached S$37.5 million, outperforming expectations by 2.4%. This upside was largely driven by stronger occupancy levels and improved rental rates across its portfolio, alongside favourable foreign exchange movements from a stronger British pound (GBP) and Australian dollar (AUD). These gains were partially off set by higher property operating expenses. CAREIT’s market cap stands at $1.9bln and currently trades at 1.3x PB, with a dividend yield of 5.6%. Consensus target price stands at S$1.31, representing 19.1% upside from current share price. We continue to be positive on Centurion Accomodation REIT given the strong fundamentals in both the PBSA and PBWA segement. As such, we continue to recommend an Accumlate rating on Centurion Accomodation REIT
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Addvalue Technologies (ADDV SP) Expecting a strong 2H26E
Strong growth momentum likely to continue Addvalue will report 2H26E results at the end of the month, and we expect continued strong growth momentum in both revenue and PATMI. Addvalue is also currently undergoing renovations to double its capacity to 200 units, which we believe reflects its confidence in new potential orders. Addvalue is exploring a potential listing of its Inter-Satellite Data Relay System (IDRS) business in the US, which could lift its valuation upon a successful listing. We remain bullish on Addvalue with a SGD0.31 TP, pegged to a 30.1x FY27E price-to-sales, 65% discount to global peers.
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