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CGS CIMB |
CGS CIMB |
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Lendlease Global Commercial REIT Jem office sale to improve financial flexibility
■ 2HFY25/FY25 DPU of 1.8/3.6 Scts was below expectations at 45.6%/91.1% of our FY25F forecast. ■ Retail rental reversion stayed at a robust +10.2% in FY25, while divestment of Jem office would improve its financial flexibility. ■ Reiterate Add rating, with a lower DDM-based TP of S$0.67.
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DBS Group Staying NIM-ble
■ 1H25 core net profit of S$5.72bn (-0.3% yoy/+3.1% hoh) was in line at 50.8%/52.2% of our/Bloomberg consensus’ FY25F estimates. ■ Post analyst briefing, we remain positive on DBS’s ability to execute on its FY25F guidance, as well as clarity for its FY25F-27F capital return initiatives. ■ We keep our estimates unchanged and reiterate Add with a higher GGMbased TP of S$54.90 on lower COE assumptions.
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UOB KAYHIAN |
UOB KAYHIAN |
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Genting Singapore (GENS SP) 2Q25: Short-term Weakness From Early Adaptation To RWS 2.0 Transformation
GENS’ weaker 2Q25 results reflect softening RWS footfall, impacted by several major renovations. Profitability margins also contracted on higher staff costs following the launch of new attractions under the RWS 2.0 blueprints. While 2H25 margins may remain under pressure before these new facilities achieve better operating efficiencies, we remain positive on GENS’ mid-long-term outlook, bargain valuations and lush dividend yield (5.3%). Maintain BUY with a lower target price of S$0.89.
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CSE Global (CSE SP) Expect Positive Catalyst From More Order Wins; Raise Target Price By 39%
CSE released a 2Q25 business update ahead of its results on 14 August. 1H25 revenue met expectations at 51% of our full-year forecast. Order intake rose 3.8% yoy to S$211.3m, with a stronger growth of 7.8% yoy on a constant currency basis. The electrification and communications segments led the growth, supported by data centre demand. We expect stable 1H25 earnings with more lumpy order wins in 2H25. Maintain BUY with a 39% higher PE-based target price of S$0.85.
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| MAYBANK KIM ENG | MAYBANK KIM ENG |
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United Overseas Bank (UOB SP) Limited near-term catalysts
Turnaround in weak delivery may take a while. HOLD UOB’s 1H25 core-earnings were behind MIBG and Street expectations. Sharply falling policy rates, weak regional loan growth, an under-invested wealth platform are driving negative growth momentum across pillars. Asset quality and risk management remains strong. Capital returns momentum is set to decelerate in FY26E and ROE expansion could lag as the Group’s investments gather steam. Share buybacks till FY27E could give downside support. We raise TP to SGD38.36, but maintain HOLD.
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Venture (VMS SP) Outlook more stable
More contact wins, U/G BUY, raising TP to SGD13.90 U/G to BUY from HOLD due to a better outlook. 1H25 NPAT of SGD113m beat our estimate by 23%. Net margin remained steady at 8.9% and we expect this to continue. Management remains cautiously optimistic and sees increasing momentum in business wins across multiple technology domains. We revise up our FY25/26 NPAT forecasts by 27%/25%, resulting in a higher TP of SGD13.90, based on a higher blended 17x FY25/26E P/E. A special interim dividend of SGD0.05 was declared, bringing potential FY25 dividend to SGD0.80 (6.3% yield).
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