|
UOB KAYHIAN |
UOB KAYHIAN |
|
Food Empire Holdings (FEH SP) Higher Fortune SEA 500 Ranking Underscores Company’s Quality
Highlights • FEH climbed 43 places to 421st in the 2026 Fortune Southeast Asia 500, underpinned by strong business fundamentals and momentum. • FEH’s expansion pipelines remain strong, with three expansion pipelines coming online through 2028. This will lift its production network to 10 facilities. • FEH remains undervalued as a long-term growth compounder, trading at only 17x 2026F PE or a 28% discount to the regional peer average of 24x. Maintain BUY with an unchanged target price of S$3.49 (adjusted for bonus issue).
|
Binastra Corporation Group (BNASTRA MK) 1QFY27: Locking In Momentum Highlights
• Within expectations (20% of our and consensus’ expectations), as we anticipate stronger earnings momentum for the rest of FY27. 1QFY27 revenue grew 136% yoy while core profit grew 40% yoy. • Maintain BUY with an unchanged target price of RM2.68, pegged to FY27 valuations. Binastra offers a commendable dividend yield of of 4.0-5.5% in FY27-29 (based on 50% payout ratio assumptions).
|
| MAYBANK SECURITIES | MAYBANK SECURITIES |
|
Sea Ltd (SE US) Migoo: Early AI surface, longterm optionality
A personal AI operating layer Migoo, a likely Sea initiative as per Bloomberg, appears to be positioned as a daily-use AI companion rather than a simple chatbot (refer to Figs 2, 3). Based on its app, the product aims to help users plan their day, digest long emails/files, create content in their personal style, monitor tasks in the background, and act on instructions such as rescheduling meetings or sending alerts. In effect, Migoo is trying to sit closer to a user’s daily workflow — remembering preferences, understanding routines and acting on context over time. Retain BUY and TP of USD127.
|
Olam Group (OLG SP) Value-up - the next leg of the story; BUY
Investment thesis strengthening Our positive view on Olam continues to strengthen as recent developments reinforce the strategic direction of ofi, which will become the group's core business post restructuring. Recent investments in higher-value savoury solutions in the Philippines and dairy ingredients in New Zealand further demonstrate management's focus on building a differentiated food ingredients and solutions platform rather than a traditional agricultural processor. At the same time, the sharp correction in cocoa and coffee prices should materially reduce working-capital needs and financing costs, improving cash conversion and returns on capital.
|
| MAYBANK SECURITIES | CGS INTERNATIONAL |
|
CSE Global (CSE SP) Opportunity to board
Maintain BUY with TP of SGD2.25 We believe that the recent share price correction of 20%+, potentially due to weaker market sentiment as well as the resignation of its lead independent director, represents an attractive opportunity for investors to accumulate. We expect 2H26 to be stronger as production for the AI data centre client continues to ramp up and we also expect a new data centre client by 1Q27. A strategic review may also offer some upside in the event of any change in the controlling stake. CSE is a direct beneficiary of the US AI data centre capex cycle in the next 3-5 years. Retain BUY and keep our TP of SGD2.25.
|
Soilbuild Construction Group Casting for a 2H26F catch-up
■ We visited SOIL's automated ICPH and turned more constructive on SOIL's precast plant utilisation, mainly supported by HDB’s c.55k BTO pipeline. ■ We cut our FY26F order win target to S$450m on slower 1H26F order wins, but Penjuru project/precast pipeline supports a 2H26F catch-up, in our view. ■ Maintain Add despite a lower S$1.10 TP. Margin drag from potential provision and higher costs appear priced in, with catalysts skewed to 2H26F.
|
