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UOB KAYHIAN |
UOB KAYHIAN |
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Singapore Airlines (SIA SP) May 25: Pax Load Factor Moderates Due To Operation Resumptions Of Middle Eastern Carriers
Highlights • After strong showings in Mar and Apr 26 due to the positive spillover from Middle Eastern carriers, SIA’s pax load factors moderated to a lower, albeit still decent, level of 86.0% in May 26. • We forecast SIA to record a net loss ranging from S$20m-300m in 1QFY27, due to a surge in jet fuel prices and expanded losses from Air India. • SIA’s profitability is expected to recover in the remainder of FY27, driven by cost pass-throughs and weakening fuel prices amid recent positive development of the US-Iran truce talk. • Maintain HOLD on SIA with a slightly higher target price of S$6.66.
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Telecommunications 1Q26: Results In Line; Axiata And Maxis Report StrongerThan-Expected Results
Highlights • Broadly, 1Q26 sector earnings came in within expectations, with Axiata and Maxis outperforming expectations. After the 1Q26 results, we raise our earnings forecast by 5%. • The quarter was characterised by: a) 2% yoy service revenue growth, b) robust demand for fibre, and c) continuous pre-to-postpaid migration. Key overhangs on the wireless player include consolidation of losses from DNB, which we believe is priced in given that wireless players are trading below mean valuation. • Maintain MARKET WEIGHT. Catalysts include Axiata’s infrastructure asset monetisation and CelcomDigi’s synergistic savings by 2027. We raise Maxis to BUY (from HOLD) given its sharp share price retracement. Top picks: CelcomDigi, Maxis and Axiata.
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| MAYBANK SECURITIES | UOB KAYHIAN |
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Invest Malaysia 2026 Company takeaways compendium
Representation across all sectors Invest Malaysia 2026, held in Kuala Lumpur, show-cased 60 Bursa Malaysia listed companies representing all sectors across large, mid and small caps. Close to 300 meetings were hosted with >2,300 meeting requests fulfilled for >700 investors. Hottest sector was tech, based on attendance count, followed by consumer and construction. This report serves as a compendium for company takeaways, including outlook amid geopolitical issues, growth prospects, business strategies and catalysts.
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China Property Evaluating Four Rounds Of Easing Policies In Tier 1 Cities Since 2024; Sales Remain Resilient In June
Highlights • We evaluate the market impact of the four rounds of easing policies in Tier 1 cities since 2024. The 2026 policy is generating stronger sales and price responses than the Aug 25 measures, though still falling short of the broadbased impact seen after the Sep 24 stimulus. • During 1-14 June, new-home sales across 19 major cities rose 25% yoy, while Tier 1 secondary transactions increased 22% yoy. Secondary prices remained on a downward trend, and Shanghai continues to lead in secondhand home listing prices. • The recent stabilisation is still policy driven, and we believe it is premature to conclude a definitive bottom. Maintain UNDERWEIGHT. Top pick: COLI, CR Mixc.
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