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UOB KAYHIAN |
UOB KAYHIAN |
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Reclaims Global (RGL SP) 1HFY27: Healthy Results; Margins Remain Resilient
Highlights • 1HFY27 revenue of S$33.3m and earnings of S$3.8m formed 62% and 56% of our forecasts respectively, driven by stronger demand across all segments. • Its orderbook of S$25m, which comprises mostly earthworks projects, provides earnings visibility through 1H28. • Maintain BUY with an unchanged target price of S$0.27. Reclaims currently trade at 8.8x 2027F PE, representing a 15% discount vs peers.
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UI Boustead REIT (UIBREIT SP) On Track To Meet Forecast; Expect Higher Reversions In 2HFY27
Highlights • Management is confident of meeting FY27 IPO DPU forecast of 6.82 S cents due to a ramp-up in occupancy, lease renewals and stronger contributions from JVs, which offset the initial earnings shortfall in 1QFY27. • Leases representing 11.2% of gross rental income are due for renewal over the rest of FY27, with 78% under advanced negotiations. ALICE@Mediapolis and 351 Braddell Road could provide a rental uplift in 2HFY27. • Maintain BUY. Target price: S$1.16
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| UOB KAYHIAN | MAYBANK SECURITIES |
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GoTo Gojek Tokopedia (GOTO IJ) New Price Floor Today; Fintech Offsets The Take-Rate Hit
Highlights • Today marks the IDX’s implementation of a lower price floor, from Rp50/share to Rp1/share. Note that the last average negotiated price was Rp28/share, near the day-4 level if the stock trades limit-down. • On the bright side, GOTO has announced a treasury share cancellation (32b shares; 2.7% of total shares) amid its Rp3.5t buyback plan. The company had ample cash of Rp23.4t as of end-2Q26, implying about Rp20/share. • We maintain BUY but lower our target price to Rp60 (from Rp78).
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CSE Global (CSE SP) Large orders raining down – SGD190.5m
Maintain BUY and TP of SGD2.25 CSE secured 2 major contracts worth a total of SGD190.5m. The first is electrification works on a LNG project in Louisiana and the second is a follow up order for Wyoming’s Cheyenne Power Hub, also in the US. It provides power to the adjacent data centre. We expect 2H26 to be much stronger as the new facility has ramped up to a monthly run-rate of USD20- 23m. We also expect potential AWS orders of about USD250-350m to come by Dec. Lastly, we also see new data-centre clients by 1Q27. We remain bullish on CSE and maintain BUY with a TP SGD2.25.
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| LIM & TAN | LIM & TAN |
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City Developments Limited ($8.26, up 4cts) today announced the outcome of its Strategic Review and unveiled GET+, a three-year refreshed strategy for FY 2027 to FY 2029, aimed at delivering sharper strategic focus, stronger capital discipline and sustainable long-term shareholder returns. At $8.26, City Dev is trading at a discount of 23% to its NAV per share of $10.74, 54% discount to its RNAV value of $17.94 and 24% discount to consensus target price of $10.89. Market cap stands at $7.4bln, with a forward P/E of 16.9x and 0.7% dividend yield. City Dev has announced its Strategic Review, with a three-year executi on roadmap directed towards deploying capital, unlocking value through divestments, and scaling its fund management platform. The strategic review targets to help close these valuation gap and we continue to maintain an “Accumulate” on City Dev.
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Hafary Holdings (S$0.61, trading halt) has received a voluntary conditional cash offer from 23 Capital Pte. Ltd. at S$0.64 per share, with the offeror intending to privatise and delist the company from the SGX. The offeror is a special-purpose vehicle owned by Hafary’s existing promoters, namely Low Kok Ann, Low See Ching and Low Bee Lan, Audrey. The off er price is final unless a competing situation arises, and the transaction is structured with the intention of ultimately making Hafary a wholly-owned subsidiary of 23 Capital. Hafary’s market cap stands at S$262.6 mln and currently trades at 7.4x PE, with a dividend yield of 2.5%. Given that 89.96% of Hafary’s shares are already committed, the privatisation is likely to proceed, although minority shareholders should still await the IFA’s opinion. More importantly, the privatisation of a construction-related stock suggests insiders see further upside over the next few years, which we view as a positive read-through for Singapore’s construction sector. |
