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CGS INTERNATIONAL |
UOB KAYHIAN |
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Centurion Accommodation REIT Ramping up new capacity
■ 1Q26 revenue of S$52.5m and NPI of S$37.5m beat IPO prospectus forecasts by +2.7%/+2.4%, forming c.23%/31% of our/consensus’ FY26F. ■ We expect better performance sequentially, as CAREIT’s incremental beds turn operational in 1QFY26 and it adds more beds. ■ Reiterate Add. Our DDM-based TP of S$1.39 is unchanged (COE: 7.59%).
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Offshore & Marine The Accidental Gift: How The Iran War May Become Offshore Energy’s Most Powerful Catalyst
Highlights • Offshore rates have surged in the wake of the Iran war with a small segment of the jack-up market seeing lower dayrates and utilisation rates. • Outside of the Middle East, production and energy security will be prioritised via offshore engineering solutions to extend the life of existing facilities. • Top picks in the sector are Beng Kuang, ASL Marine and Marco Polo Marine.
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MAYBANK SECURITIES |
MAYBANK SECURITIES |
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Coliwoo Holdings (COLIWOO SP) Expects a stronger 2H
1HFY26 results in line; retain BUY and TP Coliwoo’s adjusted PATMI grew 13.9% YoY to SGD8.6m in 1HFY26 after excluding fair value gain on investment properties and other one-off items. Notably, the Group maintained a steady average occupancy rate of 97% (+0.2ppt YoY) across its entire portfolio, which now comprises 28 properties with a total of 3,568 rooms (1,021 rooms under renovation). An interim DPS of 1.0 cents has been declared. Given the in-line set of results, we keep our forecasts unchanged but roll forward our valuation to FY27E. Maintain BUY with 12-month TP of SGD0.74, pegged at 12x forward P/E.
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Frencken Group Ltd (FRKN SP) Slower 1H26, ramp up in 2H26
Maintain BUY with a higher TP of SGD3.40 We expect Frencken’s 1H26 numbers, including its upcoming 1Q26 report (due end may 2026 to be weaker YoY, as its key European semi-con customer is likely to face weakness in 1H26E due to a drawdown of inventories. But we expect a ramp up for both its key semi-conductor customers in 2H26E to cover a shortfall in 1H26. Maintain BUY with a higher TP of SGD3.40 (from SGD2.63) on a higher 30x blended FY26/27 P/E from 25x previously. The 30x blended P/E better reflects the levels peers in the semicon industry. We make no changes to our earnings forecasts. We expect Frencken to remain a key beneficiary of semi-conductor industry recovery.
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| DBS GROUP RESEARCH | CGS INTERNATIONAL |
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Kimly Ltd
Defensive F&B play with consolidation upside Kimly is a leading coffee shop operator in Singapore with integrated food retail operations, driving growth through a combination of securing new outlets, acquisitions and joint ventures. Leveraging its central kitchens, the company is well-positioned to provide competitive pricing relative to competitors. Coupled with strong balance sheet (net cash at SGD63mn), the company is positioned to acquire or enter into JVs with stressed operators or those looking to monetise their assets. The company has also expanded into the underpenetrated Halal coffee shop segment (Halal F&B market size is c,SGD1bn) via the Kedai Kopi JV and Tenderfresh acquisition.
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United Overseas Bank Credit costs remain well-managed
■ 1Q26 net profit of S$1.44bn was slightly ahead at 104.7%/104.1% of our/Visible Alpha’s 1Q26F estimates due to lower-than-expected credit costs. ■ In its CEO presentation deck, UOB kept its FY26F outlook unchanged, which we believe indicates credit costs will remain well-managed. ■ Maintain Hold with an unchanged GGM-based TP of S$38.70.
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