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UOB KAYHIAN |
UOB KAYHIAN |
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Seatrium (STM SP) An Ocean Of Opportunities
STM’s significant exposure to Brazil comes from its construction of eight out of the 11 FPSOs that Petrobras will be putting to work from 2H24 to 2028. We believe there are seven (and possibly up to 11) other FPSOs that could be contracted in the next 12-24 months if Petrobras’ production targets for 2029-31 need to be met.
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Automobile – China Weekly: PV Sales Rebound By 10% yoy; Beat Expectations
China’s PV insurance registrations rebounded 10% yoy and 13% wow to 514,134 units in 26 Aug-1 Sep 24. PEV market share dropped to 49.6% from 53% in the previous week. However, Li Auto saw a wow sales decline during the week.
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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Singapore REITs Accelerating recycling
Win-win accretive deal; positive sector read through CICT will acquire a 50% stake in ION Orchard, a prime retail mall, from sponsor CLI. The deal deepens CICT’s presence in the city centre, brings in new tenants and is accretive while keeping gearing capped.
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CSE Global (CSE SP) Electrifying our conviction
Visit to electrification business in Houston We visited CSE’s electrification business (Volta) in Houston, US to gain a better understanding of its business and came away more convicted on its mid-term outlook. We believe that its electrification business is in the midst of a rapid expansion phase, driven by strong demand from data centres, LNG terminals as well as infrastructure projects, and this will likely persist for the next few years.
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| UOB KAYHIAN | MAYBANK KIM ENG |
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STRATEGY – THAILAND The Policies Of Paetongtarn’s Government
There is no surprise in the policies of the new government, which align with the policies of the previous government and the vision of former PM Thaksin Shinawatra. The key focus of the new government is to revive the grassroots economy, stimulate the domestic market, invest in infrastructure and reform the tax structure. These policies will benefit the overall market, particularly the finance, banking, retail, tourism and construction sectors. Our top picks are AOT, CK, CPALL, KBANK, MTC and WHA
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Gamuda (GAM MK) Firms up Upper Padas HEP, but set-back at Rasau
Positive on Upper Padas HEP, but set-back at Rasau We are positive on Gamuda’s involvement in the Upper Padas HEP based on its experience in dam and related infra E&C, alongside a 40-year PPA which gives recurring earnings. ESG wise, this represents a big step in its clean energy growth plan which comprises the development of >800MW of RE assets. Separately, initial assessment at the Rasau site indicates that the overall project completion date is still intact. We make no change to our earnings est. but raise our RNAV-TP to MYR8.00 (+75sen). Maintain BUY.
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