|
UOB KAYHIAN |
UOB KAYHIAN |
|
Sasseur REIT (SASSR SP) Sasseur Site Visit: Value Hunters Keep Chongqing Busy
Highlights • Our recent visit to Sasseur's Liangjiang and Bishan retail outlets confirmed its leadership in Chongqing's retail outlet market. • Both outlets continued to see strong occupancy of 100% at Liangjiang and 98.9% at Bishan, supporting Sasseur’s 1H26 sales growth. • Sasseur REIT trades at 0.77x P/NAV, with an annualised yield of 10.6%. Its double-digit yield and resilient outlet sales are balanced against China risks. Within S-REITs, we prefer CICT, NTTDCR and UIB REIT.
|
Top Glove (TOPG MK) 4QFY26: Accelerating Earnings Growth, But Challenges Persist
Highlights • 4QFY26 earnings were lifted by margin expansion and much higher ASP due to the Middle East tensions. FY26 results are above expectations (149% and 156% of our and the Street’s forecasts). • Despite stable demand and improving efficiency anticipated in FY27-28, intensifying China competition and higher production costs (from natural gas tariffs and minimum wage hike) remain a threat for mid-term earnings. • Risk-reward appears neutral following yesterday’s share price action (+12%). Maintain HOLD with a higher target price of RM0.85 (from RM0.75).
|
| LIM & TAN | LIM & TAN |
|
Following the successful naming and sail away of LNGT Türkiye, Seatrium Limited ($1.98, down 0.01) and its strategic partner Karpowership are advancing their long-standing collaboration with the ninth Floating Storage Regasification Unit (“FSRU”) conversion project, LNGT Akdeniz.
|
Synectix Pte. Ltd. has announced a voluntary conditional cash partial offer for LHT Holdings Limited at S$0.75 per share, with the intention of increasing the Offeror and its concert parties’ combined stake from 25.96% currently to 51.00%, thereby obtaining statutory control of LHT while maintaining the company’s SGX listing. LHT’s market cap stands at S$41mln, is currently loss making and currently trades at 1.0x PB, with a dividend yield of 6.6%. Despite the weak near-term earnings profile, the proposed partial offer highlights the strategic value of LHT’s underlying operations and assets, with the Li family seeking to raise its effective stake to 51% and obtain statutory control of the company. While the S$0.75 offer price is broadly in line with LHT’s recent trading price, it remains at a sizeable discount to its six- and 12-month historical VWAPs. We believe the transaction reflects the controlling shareholders’ confidence in LHT’s longer-term prospects, although the partial nature of the offer means minority shareholders will continue to retain exposure to the company following completion. |
| PHILLIP SECURITIES | MAYBANK SECURITIES |
|
JEP Holdings Ltd From aerospace to semiconductor metal to plastic
▪ JEP is partnering with a major front end semiconductor customer to supply specialised plastic components. We believe the plastic components are used in wet etch, deposition and plating processes of advanced semiconductor packaging for nextgeneration AI chips. JEP has invested in new capacity ahead of what we expect to be a multi-year ramp. We expect net profit to almost quadruple from FY25 to FY27e.
|
Singapore Telecommunications (ST SP) Singapore mini corporate day – key takeaways
FY27 guidance looks increasingly conservative Management noted that FY27 guidance incorporates some conservatism given lingering macro and geopolitical uncertainties, while 1Q has started better than initially anticipated. Optus remains on a positive earnings trajectory, while NCS and Digital InfraCo continue to scale. Singapore remains the key drag, although we see rising sector investment requirements for network resilience and cybersecurity supporting some near-term competitive stabilisation; eventual market consolidation would provide further upside. With broadening earnings momentum and further capital-recycling optionality, we reiterate BUY on Singtel.
|
