|
CGS CIMB |
CGS CIMB |
|
Centurion Corporation Ltd Charting its next growth chapter
■ CENT’s 1H25 core PATMI of S$58m grew 19% yoy, driven by strong rental reversions, while reported PATMI declined 38% on reduced fair value gains. ■ CAREIT’s planned FY25F listing remains on track, with IPO proceeds earmarked to support CENT’s capital recycling and AUM expansion strategy. ■ Supply-demand dynamics for PBWA and PBSA continue to favour CENT; reiterate Add with unchanged TP of S$2.05.
|
Singapore Exchange Balancing growth and shareholder return
■ 2HFY6/25 PATMI of S$308.0m was in line with expectations; FY25 PATMI formed 97.6%/101.2% of our/Bloomberg consensus FY25F estimates. ■ SGX proposed a 4QFY25 DPS of 10.5 Scts (3QFY25: 9.0 Scts) as well as 0.25 Sct increment for each of the next 12 quarters over FY26F-28F. ■ Reiterate Add; TP lowered to S$17.70 after trimming our FY26F-27F estimates due to lower treasury income.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Banking – Singapore 2Q25 Round-up: Delivers Resilient Earnings Despite NIM Compression
Banks delivered resilient earnings in 2Q25 (DBS: +0.7% qoq, OCBC: -6.6% qoq) despite severe NIM compression. The downdraft from NIM compression should moderate in 2H25. Asset quality remains relatively stable, unruffled by uncertainties from reciprocal tariffs. Banks provide an attractive dividend yield of 5.9% for 2025. BUY OCBC (Target: S$20.15) for its low 2025F P/B of 1.26x. HOLD DBS (Target: S$52.80) for its 2025 yield of 6.9%. Maintain OVERWEIGHT.
|
Lendlease Global Commercial REIT (LREIT SP) 2HFY25: Sharpening Competitive Advantage By Focusing On Singapore
LREIT achieved DPU growth of 1.8% yoy in 2HFY25 despite provisions of S$2m for the outstanding rental from Cathay Cineplexes. It maintained positive rental reversion of 10.2% and almost full occupancy for 313@Somerset and Jem in FY25. LREIT plans to sharpen its competitive advantage by focusing on Singapore. Its new CEO intends to continue pursuing asset recycling to further reduce gearing. LREIT provides an FY26 distribution yield of 6.7%. Maintain BUY. Target price: S$0.79.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
Sembcorp Industries (SCI SP) 1H25: Curtail The Worry – Focus On Defensive Earnings And Dividend Lift
SCI’s 1H25 results were resilient with net profit of S$536m in line with forecasts. Strengths include higher dividends, renewables growth, Senoko’s earnings accretion from 2H25, and a robust balance sheet with long-dated, fixed-rate debt. China renewables curtailment risk is modest, while India and new projects boost profitability. Share price weakness is overdone in our view, offering an attractive entry for patient, yield-focused investors. Maintain BUY. Target price: S$7.90.
|
Singapore Exchange (SGX SP) FY25: Results In Line; Upbeat Outlook With New Dividend Policy A Key Positive
SGX’s FY25 core net profit of S$609.5m (+15.9% yoy) is in line with our expectations, at 99% of our forecast. SGX saw broad-based growth across all business segments in FY25. FY26 outlook remains upbeat, with the cash equity business to be bolstered by the MAS EQDP, and the derivative business driven by risk management demand amid heightened global uncertainties. Maintain HOLD with a higher target price of S$16.66. Its new dividend policy is a key positive. Accumulate on share price dips.
|
