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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Thai Beverage PLC Coping with a fragile consumer
▪ The consumer is enduring a stagflationary environment of rising prices and diminishing spending capacity as incomes remain generally flat. Key strategies to engage consumers in such an environment include smaller, affordable packs, convenience through readyto-drink spirits, new products such as protein beverages, and brand extensions into soda and mineral water.
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UltraGreen.ai Illuminating opportunity
• Strong market tailwinds are driving greater indocyanine green (ICG) penetration across both established and emerging procedures. UltraGreen.ai (UG) is expanding from a dye plus hardware business to an integrated, full-stack ICG platform. Future growth initiatives focused on acquisitions could boost its supply chain resilience.
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| UOB KAYHIAN | LIM & TAN |
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Small Mid Cap Positive Signal From Recent Share Buybacks
Highlights • Seven SMID caps within our coverage universe bought back S$5.6m of stock over 19 trading days in Jun 26. • Food Empire led with S$2.2m or 0.93m shares, buying steadily near multimonth lows at an average of S$2.39, down from S$3.10 earlier this year. • Maintain BUY on our top SMID picks FEH, VALUE, PAN and UGAI. Buyback clusters at multi-month lows underpin our conviction.
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The Business Times reported that stepping up outreach and communication will be among the key priorities of the newly formed Equity Market Implementation Committee (EMIC) as it oversees the measures to revive Singapore’s equities market. This includes deeper engagement with retail and institutional investors, prospective issuers, listing advisers and brokers. In view of the above, we remain constructive on Singapore SMIDs. We believe continued improvement in investor sentiment and trading activity would benefit the broader ecosystem, particularly listed market participants such as SGX, UOB Kay Hian and iFAST. |
| LIM & TAN | MAYBANK KIM ENG |
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Acrophyte Hospitality Trust (US$0.2, up 1.4 cents) reported that it has entered into conditional agreements to sell two non-core U.S. hotels, Hyatt Place Atlanta Alpharetta Windward Parkway and Hyatt Place Atlanta Norcross Peachtree Corners, for a combined consideration of US$17.25 million in cash. The sale prices are US$8.60 million and US$8.65 million respectively, representing an 8.7% discount to their combined independent valuation of US$18.9 million as at end-2025. After transaction-related costs of approximately US$788,000, the trust expects net proceeds of around US$16.46 million. Subject to customary conditions, due diligence and regulatory approvals, the transactions are expected to complete in 4Q2026. Acrophyte Hospitality Trust’s market cap stands at US$116 mln and currently trades at 0.3x PB, with a dividend yield of 4.2%. There are no analysts covering ACRO HT. Overall, we view the proposed divestment positively as it strengthens ACRO HT’s balance sheet by improving gearing while exiting two underperforming, capitalintensive assets. The transaction is also expected to be DPU accretive, with pro forma distribution per stapled security rising from US0.850 cents to US0.953 cents, supporting stronger and more sustainable returns for unitholders. We thus recommend an Accumulate on ACRO HT
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Malaysia Technology Riding on AI/DC and digitalisation tailwinds
Upgrade to POSITIVE We turn positive on the Malaysian technology sector, raising our bias toward POSITIVE. Current valuations still sit well below prior-cycle peaks despite a clear improvement in the earnings outlook and rising exposure across the space to global AI and data-centre (DC) spending. The secular nature of the digitalisation trend also continues to give a favourable backdrop for the software sector. Our top BUYs for tech are ViTrox, Pentamaster, Northeast, and ITMAX.
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