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UOB KAYHIAN |
LIM & TAN |
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China Sunsine Chemical (CSSC SP) 1H26: Lacklustre Environment Offset By Decent 5% Yield
Highlights • Sunsine’s 1H26 revenue of Rmb2.01b (+19% yoy) and PATMI of Rmb254.3m (+5% yoy) were ahead of expectations. • Record volumes (+9% yoy), driven by strong growth in accelerators and insoluble sulphur as well as increase in international volumes (+17% yoy). • Operating environment is expected to remain challenging from intense competition. Maintain HOLD with a 1.4% higher target price of S$0.71.
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IREIT Global/IREIT ($0.168, up 0.3c), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the “Manager”), whose sponsors are Tikehau Capital, a global alternative asset manager, and City Developments Limited (“CDL”), are pleased to announce that Berlin RE(O Campus has secured a landmark 25-year lease agreement with Berliner Verkehrsbetriebe (“BVG”), Berlin’s main public IREIT Global is managed by IREIT Global Group Pte. Ltd, which is jointly owned by Tikehau Capital and City Developments Limited. The strong leasing momentum suggest that IREIT Global’s 7-8% div yield is attractive while its 0.36x book also suggests undervaluation. With consensus target price at 30cts, we see an opportunity to “Accumulate |
| MAYBANK SECURITIES | PHILLIP SECURITIES |
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Marco Polo Marine (MPM SP) Signs definitive agreement for spinoff
RTO provides a platform for growth; Maintain BUY MPM signed a definitive agreement for an SGD139m reverse takeover (RTO) of Fuji Offset Plate Manufacturing Ltd, which will be renamed MPSE Ltd upon completion. MPM will hold a 74.1% stake, rising to 76.8% upon the full issuance of deferred-consideration shares. We believe the transaction will be positive for MPM, providing a transparent platform for future growth and enabling the company to recognise revenue from intergroup projects. Maintain BUY and target price of SGD0.24, as we believe MPM is entering a rapid-growth phase from FY26E to FY30E. Our target price is based on an unchanged 23x FY27E P/E.
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iX Biopharma Ltd
Gaining altitude with significant approvals
▪ The US Government published on 3 September 2026 that the Secretary of Health and Human Services (HHS) declared the Emergency Use Authorisation (EUA) of the use of drugs to treat moderate-to-severe acute pain in military injuries or casualties. The drugs are to address an unmet medical need identified and supported by the Department of War (DOW).
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China / Hong Kong Market Focus 1) Accumulate AI infrastructure-linked stocks which benefit from long-term AI computing demand amid market consolidation, including GPU names such as Biren (6082 HK, NR), cloud plays such as Alibaba (9988 HK) and DC company VNET (VNET US).
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