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PHILLIP SECURITIES |
UOB KAYHIAN |
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Keppel Ltd Earnings growth is more visible
SINGAPORE | CONGLOMERATE | 1Q25 UPDATE ▪ Limited financials were provided except 1Q25 net profit was up 25% YoY. Growth was driven by infrastructure and real estate. Not disclosed was the contribution of valuation gains in net profit.
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Mapletree Logistics Trust (MLT SP) 4QFY25: Risk From Protracted Trade War
Management cautioned that a protracted trade war could affect demand for warehouse space, thereby reducing occupancy and rental rates. China incurred a negative rental reversion of -9.4% in 4QFY25 and the weakness could potentially persist for the next four quarters. The pace of divestment is expected to slow down, as potential buyers turn more cautious. MLT has corrected 8.7% ytd and provides FY26 distribution yield of 6.8% (FLT: 7.3%). Maintain HOLD. Target price: S$1.31.
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UOB KAYHIAN |
CGS CIMB |
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Keppel (KEP SP) Profits Up, Monetisation Gains Traction And Infrastructure Delivers Stability
KEP announced a positive 1Q25 business update with net profit up 25% yoy and nearly S$350m in asset monetisation ytd. Key share price catalysts in the near term include newsflow for its asset monetisation programme such as a further S$550m in real estate deals, the sale of its legacy rigs, a partial distribution of the proceeds of the segregated account, and potential investments in long-distance fibre optic projects. Maintain BUY. Target price: S$9.25.
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Genting Singapore Muted read-through from MBS 1Q25 results
■ Marina Bay Sands (MBS) adjusted EBITDA (adjusted for win rate) reached US$605m in 1Q25 with record mass gaming revenue of US$775m. ■ We expect GENS to report 1Q25 adjusted EBITDA of S$315m (-14.8% yoy, +39.8% qoq), given lower room availability to capture mass gamers. ■ Reiterate Add with an unchanged TP of S$1.05; we expect GENS’s new attractions opening in 2H25F to drive hoh earnings growth in 2H25F.
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| CGS CIMB | LIM & TAN |
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Mapletree Logistics Trust Reversion resilience from portfolio diversity
■ 4QFY25 and FY3/25 DPU of 1.955 and 8.053 Scts, respectively, were in line at 24.4% and 100.6% of our FY25F forecast. ■ MLT achieved portfolio take-up of 96.2% in 4QFY25, with +5.1% reversion. ■ Reiterate Add rating, with a lower DDM-based TP of S$1.63.
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We initiate a BUY recommendation on Geo Energy Resources with a TP of S$0.60, based on DCF (WACC: 12.5%). Major tailwinds for the company include 1) expected increase in 2025 coal sales, 2) addition of coal reserves, 3) strategic infrastructure investment for long-term growth, and 4) attractive valuations with dividend returns. Our FY25F net profit estimate of US$63.0 mln (+68% yoy) results from Geo’s ability to improve production efficiency after incurring costs to strip out unwanted surface debris the previous year. Geo trades at just 5.9x forward P/E and 0.8x P/B with a FY25F/FY26F dividend yield of 5.1%/7.4% respectively, rendering the company an attractive stock to dive into at current levels. |
