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CGS CIMB |
CGS CIMB |
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Elite UK REIT ELITE acquires 3 new UK properties
■ ELITE expands its portfolio value by 2.2% to £424.8m, post the purchase of the three new UK properties. ■ Management indicated acquisitions will result in a 0.6% accretion to proforma FY24 DPU, gearing to decrease to 43.2% post-private placement. ■ Reiterate Add rating, with an unchanged DDM-based TP of £0.35.
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Trip.com Leading OTA position should be intact
■ JD.com recently increased its subsidy level for its online travel agent (OTA) business. ■ However, we believe this should not challenge Trip.com’s leading OTA position, due to Trip’s extensive hotel coverage and good service driven by its call centre network. ■ We expect Trip’s 2Q25F revenue and non-GAAP net profit to grow by 14.5% and 0.3% yoy, respectively, with a non-GAAP NPM of 30.6%. ■ Management expects FY25F domestic/outbound/Trip.com revenue to increase by 10%/15%-20%/50%-60% yoy, with a non-GAAP OPM of 27.5%-28%. ■ Reiterate Add and unchanged DCF-based TP of HK$588.0 (WACC: 10.1%, TG: 3%).
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UOB KAYHIAN |
UOB KAYHIAN |
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Metals And Mining – China Copper: Trade Uncertainties Cloud 2H25; Decarbonisation Anchors Long-Term Bull Case
Copper prices rebounded on renewed US-China trade optimism, while demand remains under pressure from macro headwinds. Looser supply conditions have weighed on the Yangshan premium and spurred export activity. The near-term outlook remains neutral, with trade negotiations a key swing factor. A more constructive view emerges for 1H26, underpinned by green energy momentum and a global policy-driven recovery. Maintain OVERWEIGHT.
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ComfortDelGro Corporation (CD SP) Increased Taxi Competition Starting 2H25, Plans To Raise Overseas Exposure
With GrabCab’s impending entry into the domestic taxi street-hail segment, we expect the increased competition to have a slight negative impact on CD. CD recently announced that it would bid for an overseas rail contract in Melbourne which we estimate to be earnings accretive. With the recent weakness in share price, we reckon that CD is trading at attractive levels, underpinned by strong earnings growth and a decent 2025 dividend yield of 6%. We maintain BUY. Target price unchanged at S$1.71.
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| PHILLIP SECURITIES | KGI FRASER |
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Phillip Singapore Monthly – June25 Riding the rebound nervously
Singapore equities recovered almost half of last month’s losses with a 1.6% gain in May. Rebound in transportation and banks supported the recovery. Consumer and REITs were the weakest performers. Lowered US tariffs on China supported a 17% rebound in Singapore equitiesfrom 9 April. Economic data in Singapore is mixed, mainly with weak manufacturing and consumer data, but still on an uptrend for construction and property.
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Zixin Group Holdings Ltd More growth tailwinds ahead
• Replicating value chain into Hainan. Expansion into Hainan is underway. Zixin Group is actively extending its sweet potato value chain beyond Liancheng County, Fujian, into Lingao County, Hainan, through a revitalisation project spanning 8,961.33 hectares across 12 villages. The Hainan site is significantly larger than the Group’s original operations in Fujian, offering considerable potential for replication and scale. While the project remains in its early stages, Zixin anticipates majority of profit contributions beginning in late FY26 or early FY27. This marks the company’s first attempt to replicate its agricultural model outside Fujian, signalling its broader growth ambitions in the sector.
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