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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Riverstone Holdings From margin drag to ASP opportunity
■ 1Q26 update missed at 21% of our forecasts, continuing to be weighed by persistent US$ weakness against RM. ■ We factor in 6%/15% ASP revision for CR/HC segments respectively. Robust customer demand should support cost pass-through, in our view. ■ Upgrade RSTON to Add, with a higher TP of S$1.00; we now ascribe 19x FY27F P/E (from 16x), based on 1 s.d above its 10-year historical average
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Frasers Property Limited 1HFY9/26 PATMI affected by one-offs
■ 1HFY9/26 EPS of 2 Scts was above, at 63.2% of our FY26F due to higher than projected Thailand contributions. ■ FPL saw stronger Australia, Thailand and Vietnam development PBIT in 1HFY9/26. ■ We reiterate our Add call with an unchanged TP of S$1.41.
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UOB KAYHIAN |
LIM & TAN |
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Riverstone Holdings (RSTON SP) 1Q26: A Turning Point; Upgrade And Lift Target Price By 43%
Highlights • 1Q26 earnings came in below consensus but in line with our estimates, with the miss driven by forex headwinds rather than volume weakness. • Supply tightness from US-Iran tensions is enabling cost pass-through to customers who prioritise supply over price, supporting ASP recovery. • Upgrade to BUY with a 43% higher target price of S$1.10, as we raise our 2026-2028F earnings forecasts by 3-14% on higher ASP assumptions.
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SIA Engineering / SIAEC ($3.18, down 8 cents) reported that it’s revenue for the financial year ended 31 March 2026 grew 14.3% year-on-year to $1,422.9 million. Revenue rose from a combination of higher labou rates, higher flight volumes, increase in maintenance activity, heavier aircraft check content and more engines and components delivered. SIAEC’s market cap stands at S$3.6bln and currently trades at 19x PE and 2.1 PB, with a dividend yield of 3.5%. Consensus target price stands at S$4, representing 25.8% upside from current share price. Given the ongoing war, this could have a direct impact on SIA EC as the number of flights decrease, potentially impacting SIA EC’s business moving forward. As such, we recommend a Hold on SIAEC. |
| LIM & TAN | UOB KAYHIAN |
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UMS Integration Limited / UMS ($2.36, up 0.03) today announced a tax-exempt dividend of 1 cent to reward shareholders as it reported a 43% jump in Group net attributable profit of S$14 million on the back of a 20% increase in revenue to S$69.4million in 1QFY2026.
At UMS’ last traded price of $2.36, it is capitalized at $2.1bln
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Centurion Corporation (CENT SP) Plants Its Flag In The World's Most Resource-Dense Zip Code
Highlights • CENT paid A$74m for 446 beds in Karratha and South Hedland which are operational and have zero development risk. • Pilbara produces 1b tonnes of iron ore annually with a number of new mining, solar and oil & gas projects by 2030 underpinning PBWA demand. • Maintain BUY with a higher target price of S$2.10.
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