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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Coliwoo Holdings Limited Asset monetisation to spur room growth
■ Coliwoo aims to turn more paper gains into cash; Midtown was the opening act to sell all owned assets for master leases and development projects. ■ Coliwoo expects to close FY9/26F at c.4,000 keys, with one more key project in the pipeline; c.800-room-p.a. growth target remains intact. ■ Reiterate Add, with a lower TP of S$0.69, as Coliwoo Midtown leaseback dilutes FY27F-28F EPS, though capital recycling supports growth ahead.
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SingTel SingTel Investor Day– positive momentum
■ SingTel is well on track to achieve its SingTel28 goals on improving business performance, active capital management and sustained value realisation. ■ Standouts from its Investor Day include added opportunities for further asset recycling and earnings upside from its Optus and data centre ventures. ■ Reiterate Add with an unchanged RNAV-derived TP of S$5.16, supported by 4.9% FY27F dividend yield and 16.8% FY26-29F EPS CAGR.
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| CGS INTERNATIONAL | UOB KAYHAIN |
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Sembcorp Industries India IPO could drive SOP re-rating
■ We estimate an IPO valuation of 14-18x FY3/28F EV/EBITDA for SCI’s India business (vs. 9x implied by current share price); provides scope for re-rating. ■ Full earnings impact for SCI should start from CY28F, upon interest cost savings of c.S$30m from debt repayment from IPO proceeds. ■ Reiterate Add on potential SOP re-rating and c.6% dividend yield.
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Marco Polo Marine (MPM SP) 3QFY26: Broad-based Growth; Long-term Visibility Remains Solid
Highlights • 9MFY26 revenue/gross profit of S$109.7m/S$46.4m (+30% yoy each) were in line, forming 66%/70% of our FY26 forecasts respectively. • Ship chartering and shipyard revenues increased in 3QFY26 and 9MFY26, supported by higher fleet utilisation and stronger ship repair activity. • Maintain BUY with a 25% lower target price of S$0.173 due to sector derating in the oil and gas industry.
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| UOB KAYHIAN | DBS GROUP RESEARCH |
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Sunny Optical (2382 HK) 1H26: Solid Beat, AIoT Products Emerge As Key Growth Driver
Highlights • 1H26 revenue rose 11.5% yoy to Rmb21.9b and net profit grew 9.9% yoy to Rmb1.81b, beating consensus by 8.2% and 17.6% respectively. • AIoT products are emerging as a major growth driver through 2026-28, offsetting the sustained deterioration in the handset business. • Maintain BUY. Lower target price to HK$106.00, based on 21.1x 2027F PE.
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Sembcorp Industries Ltd Unlocking Green Value Long-awaited SGI IPO lodged, potentially raising up to INR37.5bn (c.SGD500mn), with proceeds primarily for debt repayment Operational capacity could more than double from 3.6GW over the next two years; net profit could exceed SGD100mn and EBITDA reach c.SGD500-600mn At 11x EV/EBITDA, SGI could be worth over SGD5.5bn in enterprise value and c.SGD1.5- 2.0bn in equity value, crystallising 5-10% upside to SCI’s group valuation IPO could unlock c.SGD400-500mn for capital recycling; maintain BUY and TP SGD7.30, with c.5% yield and any selling pressure on MSCI deletion presenting a buying opportunity
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