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CGS CIMB |
CGS CIMB |
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Far East Hospitality Trust A mixed picture in 1Q25
■ 1Q25 revenue/NPI of S$25.2m/S$23.0m were below, at 21%/21% of our FY25F forecasts. ■ Interest savings partially cushioned weaker operating performance; 2Q25 forward booking suggests stable performance yoy. ■ We lower FY25-27F DPU estimates by c. 0.1%-5% and trim our DDM-based TP to S$0.74.
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Wilmar International 2H25F earnings subject to global uncertainties
■ 1Q25 results came in broadly in line. Core net profit was down slightly qoq, mainly due to lower sales volume from feed and industrial segments. ■ While we expect good soybean crushing margin and better soybean meal demand, 2H25F earnings may be uncertain due to rising volatility globally. ■ Maintain Hold, amid the current uncertainties from Indonesia and rising volatility from the introduction of tariffs by US.
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CGS CIMB |
CGS CIMB |
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Capitaland Investment Business as usual in 1Q25
■ Capitaland Investment’s (CLI) 1Q25 revenue of S$496m was broadly in line, at 23% of our FY25F forecast. ■ FRB revenue in 1Q25 was lifted by listed funds, lodging and commercial management segments. ■ Maintain Add rating, with an unchanged TP of S$4.30.
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Sheng Siong Group Scaling up with resilience
■ 1Q25 PATMI of S$38.6m (+6% yoy) was slightly ahead of our 1Q25F estimate of c.S$36m on strong new store sales growth (+6% yoy). ■ We expect 10 store openings in FY25F, but operating overheads could pressure near term profitability as revenue ramps up. ■ Reiterate Add as we see steady earnings growth over FY25F-27F. Our TP is unchanged at S$1.90, based on c.19x FY26F P/E.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Elite UK REIT Cost of borrowing trending downward
• 1Q25 DPU climbed by 9.6%YoY to 0.76 pence, in line with our expectation and forming 26% of our FY25e estimates. The improvements were underpinned by a 24.4% YoY surge in NPI and several one-off items, including dilapidation settlements.
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Far East Hospitality Trust Lower hospitality contribution due to high base effect
• 1Q25 revenue/NPI declined by 6.8%/8.3% YoY to S$25.2mn/S$23mn, which is in line with our expectations and forms 23% of our FY25e estimates. Due to the absence of major events compared to FY24, the lower contribution from the hospitality segment was the main factor behind the decline of the YoY performance
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