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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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Frencken Group Ltd Consolidation before 2H26e recovery
▪ Frencken released 1Q26 update with limited financials. 1Q26 revenue was within our expectations at 21% of our FY26e forecasts, due to a stronger 2H26e expected. 1Q26 PATMI was below expectations, at 18% of our FY26e forecasts. PATMI declined 20% YoY, driven by a 7% YoY fall in semiconductor revenue due to lower EUV component volumes from Europe, and S$1.1mn foreign exchange loss
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SingTel In-line FY26 results; conservative guidance
■ SingTel’s FY3/26 core net profit of S$2.8bn was in line with our estimates but 18.5 Scts DPS was below our FY26 estimate of 20 Scts. ■ Management’s low- to mid-single digit EBIT growth guidance for FY27F is overly conservative, in our view. ■ Reiterate Add with an unchanged RNAV-derived TP of S$5.34, with asset monetisation and data centre-driven growth as key re-rating catalysts.
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DBS GROUP RESEARCH |
MAYBANK SECURITIES |
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Parkway Life REIT
FY26 to lay groundwork for the next leg Investment Overview A rare jewel amongst S-REITs. Parkway Life REIT (PREIT) is one of Asia’s largest listed healthcare REITs by asset size offering highly visible and stable earnings. This is by virtue of its resilient industry and long leases with downside risk protection. The SGD 2.57bn portfolio comprises 3 private hospitals in Singapore, 60 nursing homes and care facilities in Japan, and 11 nursing homes in France - all markets with deep fundamentals within the aged-care space.
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Indonesia Strategy New export superbody; Avoid commodities sector for now
New export body targets commodity leakage Indonesia is preparing a new export-control framework for key commodities through a new entity, PT Danantara Sumberdaya Indonesia, under PT Danantara Investment Management. The initial focus appears to be palm oil, coal and ferroalloys, with the possibility that other commodities could be added later. President Prabowo has framed the policy as a way to stop under‑invoicing, transfer pricing and leakage from Indonesia’s natural‑resource exports. There are still many unanswered questions around the proposed export body.
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