|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
UMS Integration Ltd Are FY27-28F earnings underestimated?
■ UMS’s 1Q26 revenue (S$69.4m, +3.9% qoq, +20.4% yoy) was in line with expectations at 24%/23% of our/Bloomberg consensus FY26F forecasts. ■ 1Q26 net profit (S$14.0m, +26.7% qoq, +42.5% yoy) was in line with expectations at 24%/25% of our/Bloomberg consensus FY26F forecasts. ■ We reiterate our Add call with a higher S$4.17 TP as 1Q26 performance reaffirms confidence in our 35.4% FY25-28F EPS CAGR expectation.
|
Genting Singapore An arduous journey to better profitability
■ 1Q26 adj. EBITDA of S$179.0m (-24.1% yoy, +5.7% qoq) was a miss, at 19.9%/18.9% of our/Bloomberg consensus’ FY26F estimates. ■ 1Q26 gaming revenue of S$403.4m (-7.8% yoy, +11.5% qoq) remained soft compared to peer MBS, suggesting continued loss of market share by RWS. ■ Reduce our FY26F-28F adj. EBITDA by 12.3-15.4% on dampened profitability extended through FY26F. Maintain Hold with lower TP of S$0.67.
|
|
CGS INTERNAIONAL |
UOB KAYHIAN |
|
BRC Asia Ltd Margin squeezed by SSM & higher opex
■ BRC’s 1HFY26 core EPS grew by 24% yoy despite 30bp NPM compression. ■ Peak volumes likely delivered from 2HCY26F to CY28F, according to BRC. ■ Reiterate Add. We believe BRC will benefit from the Singapore construction upcycle and Singapore’s Equity Market Development Programme (EQDP).
|
Parkway Life REIT (PREIT SP) Rejuvenated MEH Rides Healthcare Growth
Highlights • MEH has increased the number of single rooms from 112 beds to 197 beds. The number of HDUs has increased from 10 to 33. The number of operating theatres has increased by two to 14. • MEH is currently operating at BOR of 63%. There is room for further growth as the optimum level of BOR is 70% on a blended basis. • Maintain BUY. Target price: S$5.45.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
SEA (SE US) 1Q26: In Line; Maintain BUY With 113% Upside
Highlights • 1Q26 net profit of US$438m was in line with our forecast after higher credit provisioning at Monee and intentional logistics reinvestment at Shopee. • Garena delivered its strongest quarter since 2021, Shopee’s take-rate expanded to 13.7% and Monee’s loan book grew to US$9.9b (+71% yoy). • Maintain BUY with an unchanged target price of US$181.18.
|
SIA Engineering (SIE SP) FY26: Results In Line; Expect Steady Performance In FY27 Amid Stabilised Expansion-related Gestation Costs
Highlights • FY26 core net profit of S$177.3m (+25.9% yoy) came in in line with our expectation, at 100% of our forecast. • Operating profit (+134.0% yoy) beat our estimate, but the beat was offset by weak net interest income. JV/associate contribution (+22.5% yoy) was in line. • SIAEC continues to proactively push for capacity, engineering capability and geographical expansion. Despite near-term bear gestation costs, the expansion projects should drive SIAEC’s medium-term growth. • We expect a steady financial performance in FY27, as SIAEC’s gestation costs are likely to have stabilised. The gestation burden should taper off in FY28. • Maintain BUY; our target price of S$3.85 is based on 21.2x FY28F PE.
|
