|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
CDL Hospitality Trust Carried by capital management
■ 1H26 DPU of 2.15 Scts was slightly below at 43% of our FY26F forecast due to continued weakness in its core SG portfolio. We expect a stronger 2H26F. ■ Management guided for flat-to-modest 2H26F growth due to the Middle East disruption but further interest savings lie ahead from perpetuals’ retirement. ■ Maintain Add with a lower DDM-based TP of S$0.89.
|
Mapletree Pan Asia Commercial Trust Singapore strength anchors earnings
■ 1QFY27 DPU of 1.96 Scts (-2.5% yoy) was in line at 24.6% of our FY27F forecast. Lower finance expenses cushioned weaker property income. ■ VivoCity outperformed while progressive MBC backfilling should ease transitional vacancy in 2HFY27F. ■ Reiterate our Add rating with an unchanged TP of S$1.52.
|
| CGS INTERNATIONAL | CGS INTERNATIONAL |
|
Riverstone Holdings Cleanroom shields the healthcare downside
■ We expect 2Q26F net profit of c.RM64m (+40% yoy) with margin expansion from CR segment, as raw material prices normalise from Apr 2026 peak. ■ RSTON’s higher CR earnings mix should cushion potential HC ASP pressure in 2H26F as cost-push pricing unwinds and Chinese competition intensifies. ■ Maintain Add given the attractive FY26F yield of c.6%; TP unchanged at S$1. Stronger-than-expected US$/RM and CR contract repricing are upside risks.
|
Seatrium Ltd Firing up the gas
■ 1H26 core profit of S$212m was in line with our estimate. GPM rose 120bp hoh to 8.6%; expect further uplift in 2H26F on cost savings, high-margin mix. ■ Order pipeline was raised to >S$32bn in 1H26 (from S$28bn in May 2026), driven by gas-related demand; FY26F order wins likely to be back-ended. ■ Reiterate Add with an unchanged TP of S$2.52 (based on c.1.2x FY26F P/BV). Order wins remain key re-rating catalyst to watch in 2H26F.
|
| UOB KAYHIAN | PHILLIP SECURITIES |
|
Frasers Logistics & Commercial Trust (FLT SP) Scaling Up In Europe By Tapping On Sponsor Pipeline
Highlights • The logistics portfolio maintained near-full occupancy at 99.7% as of Jun 26. It generated positive rental reversion of 11.9% on an incoming-versusoutgoing basis (Sydney: 8.8%, Melbourne: 29% and Germany: 3%). • The acquisition of four freehold logistics properties in Europe for €294.9m (S$441.5m) is expected to be 1.7% DPU accretive. The four properties are strategically located near major transport infrastructure. • FLT’s resiliency is reflected in near-full occupancies for its logistics properties in Australia and Europe. Maintain BUY. Target price: S$1.33.
|
First REIT Strategic divestments receive green light
▪ 2Q26/1H26 DPU of 0.48/0.98 Singapore cents (-12.7%/-13.3% YoY) came in below our estimates, forming 21%/43% of our FY26e forecast. The decline was due to the depreciation of the IDR (-9.3% YoY) and JPY (-9.8% YoY) against the SGD, as well as the divestment of Imperial Aryaduta Hotel & Country Club. Excluding the divestment, revenue would have declined 6.6% on a like-for-like basis.
|
