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UOB KAYHIAN |
UOB KAYHIAN |
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Beng Kuang Marine (BKM SP) 3Q26: Higher Offshore Activities Drive Robust Growth
Highlights • 9M26 revenue of S$84.3m and PATMI of S$7.8m met 77.3% and 76.6% of our 2026 forecasts respectively, slightly ahead of expectations. • 3Q26 gross margin recovered and jumped to 38.1%, while S$71.2m of remaining contracted work supports revenue visibility beyond 2026. • Maintain BUY with a lower S$0.70 target price on 13.1x 2027F PE, 1.0 SD above its historical mean, representing an 84% upside.
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Capitaland Investment (CLI SP) 2Q26: Growth Driven By Fee Income
Highlights • CLI’s 9M26 revenue dipped 3% yoy to S$1.5b due to a 23% yoy decline in real estate investment business (REIB) income, largely offset by higher contributions from its stakes in listed and private funds and strong expansion in fee income (+15% yoy to S$1.035b). Fee-related business (FRB) revenue was mainly lifted by a 30% yoy growth in listed fund management fees and a 32% higher private funds management income. • CLI established FeeCo and AssetCo to sharpen growth focus. FeeCo aims to scale a dual growth engine from listed and private funds to grow recurring income and leverage on commercial and lodging management business to drive fees and asset performance. AssetCo would focus on monetisation through capital recycling platforms including C-REITs, P-REITs and RMB Master Funds as third party sales and to pursue longer-term strategic pathways for China AssetCo. Maintain BUY. Target price: S$3.80.
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| UOB KAYHIAN | PHILLIP SECURITIES |
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SIA Engineering (SIE SP) 1HFY27: Results In Line; Steady Earnings Despite Expansion-related Gestation Costs
Highlights • 1HFY27 net profit of S$81.9m (-1.7% yoy) is in line with our expectations, forming 48% of our full-year forecast. • Underlying earnings growth was masked by higher gestation costs at its engine JV SAESL. Excluding the gestation costs for SAESL, we estimate that SIAEC’s earnings would have improved by close to 20% yoy. • SIAEC continues to push capacity and regional expansion, which come with near-term gestation pains. That said, gestation costs are expected to peak in FY27 and taper from FY28 onwards, driving a medium-term earnings growth. • Maintain BUY, with a slightly lower target price of S$3.60, based on 21.3x FY28F PE (pegged to its historical mean).
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United Overseas Bank Limited Deposit costs push NIM below guidance
SINGAPORE | BANKING | 3Q26 RESULTS ▪ 3Q26 earnings of S$1,250mn were below our estimates, with 9M26 at 71% of our FY26e forecast on lower-than-expected NII and trading income. Competition for deposits raised funding costs, and volatile markets reduced trading gains on the bank’s own positions. A one-off overseas tax adjustment also raised the tax rate. The S$2bn buyback is 42% complete at S$845mn.
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| DBS GROUP RESEARCH | |
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Centurion Accommodation REIT (CAREIT SP):
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