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CGS INTERNATIONAL |
UOB KAYHIAN |
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City Developments Portfolio rejuggling to yield long-term returns
■ Reiterate Add with TP of S$12.11 (25% discount to RNAV) as we expect the outcome of CDL’s strategic review to accelerate asset value crystallisation. ■ CDL expects to reduce its net gearing by 20% pts by FY29F, realise S$1bn in divestment gains, and invest more in the well-performing Singapore market. ■ This comes at the expense of the underperforming UK and Australia markets.
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Alibaba Group (9988 HK) APSARA Conference 2026 Key Takeaways
Highlights • Alibaba Cloud held its 2026 Apsara Conference on 22-24 Sep 26 and framed AI as a long-term scaling opportunity spanning models, cloud infrastructure and proprietary compute. Key takeaways include: a) continued scaling of its model roadmap toward 5-10T parameters, alongside new multimodal model launches; b) further expansion of its proprietary compute stack with the Zhenwu V900, Yitian CPU roadmap and Panjiu supernode; and c) expansion of global DC capacity to 20GW by 2032 (10x vs 2022), and accelerating the deployment of proprietary chips. Maintain BUY with an unchanged target price of HK$188.00 (US$192.00).
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| CGS INTERNATIONAL | UOB KAYHIAN |
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Plantations Biodiesel uptake supports further destocking
■ Jul 26 palm oil stocks fell 3.0% mom as combined domestic consumption and exports exceeded production, supported by higher biodiesel use. ■ Agrarian reform’s impact depends on recognition of existing plasma schemes and outstanding land obligations, with implementing rules pending. ■ Reiterate sector Overweight, with DSNG and TAPG as our top picks.
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Sunny Optical (2382 HK) NDR Takeaways: 2026 Guidance Reiterated With Pan-IoT And AR Glasses Driving Growth
Highlights • At the non-deal roadshow for Sunny held in Taipei last week, investors’ key focuses were primarily related to Sunny’s progress in optical interconnect components, share gains and design wins from the US smartphone client, concerns about Android businesses, as well as opportunities from the fastgrowing pan-IoT business. • Sunny is upbeat on the edge-AI driven Pan-IoT business, expects the XR business to recover in 2027 and targets stable growth in the automotive business. The smartphone business will continue to face headwinds but targets flattish yoy growth in 2026-27 on share gains and specs upgrades. • Maintain BUY and target price of HK$106.00, pegged to 21.1x 2027F PE.
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| DBS GROUP RESEARCH | |
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Pan-United Corporation
Singapore construction cycle is not yet at the peak. Despite record-high BCA project demand, management expects contract awards to remain elevated over the next 4–5 years, supported by a substantial infrastructure pipeline.
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