CGS-CIMB

Frasers Property Limited
Proposes to take FHT private

■ FPL is proposing to acquire all FHT units it does not own, excluding units
held by TCC Group.

■ The scheme consideration of S$0.70 per FHT unit implies 1.07x P/NAV and
is at a 43.8-48.5% premium to FHT's 1-12-month VWAP.

■ Reiterate Add, with an unchanged TP of S$1.41.

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Sembcorp Marine
Defence contract confirmed

■ SMM secured its first EPC contract of the year from the Brazilian Navy. We
think this contract enhances SMM’s competitiveness against Korean peers.

■ The vessel, NApAnt, is worth US$150m (c.S$200m). SMM expects to
complete the vessel in 3Q25.

■ We estimate YTD order wins to be at S$800m-915m, following the WTIV
contract secured in Mar 22. We reiterate Hold and TP of S$0.09

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