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CGS CIMB |
CGS CIMB |
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Wilmar International Weak refining margins weigh on results
■ 2Q25 core net profit came in within our estimates, but below Bloomberg consensus. ■ Lower qoq and yoy 2Q25 results mainly dragged by compressed margin from the Feed & Industrial Products segment. ■ We expect 2H25F earnings to be higher hoh on the back of higher commodity prices, but tropical oil business remains challenging. ■ Reiterate Reduce, TP: S$2.70, on the back of uncertainties in Indonesia on the land confiscation issues and ongoing investigation on alleged cases.
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Propnex Ltd Going from strength to strength
■ 1HFY25 EPS of 5.71 Scts was above expectation at 67.3% of our FY25F forecast, due to stronger-than-projected project marketing contributions. ■ PROP’s FY25F earnings trajectory likely to be underpinned by higher new home sales volume yoy, in our view. ■ It expects private and HDB resale prices to rise by 3-5% in 2025F. ■ Reiterate an Add rating with a higher TP of S$1.77.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Centurion Corporation Limited Still strong in all segments
▪ Centurion Corporation Limited (CCL)’s 1H25 revenue/adj. PATMI were within our expectations, at 52%/48% of our FY25e forecasts. CCL’s Singapore purpose-built worker accommodation (SG PBWA) has experienced positive rental revisions and occupancy remains full at 99% for the sixth quarter since 1Q24. UK and Australia’s purpose-built student accommodations (PBSAs) are still experiencing positive rental revisions due to the persistent shortage of beds.
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Singapore Banking Monthly NIMs decline across the board
▪ July’s 3M-SORA was down 24bps MoM to 1.93%, the lowest since Sep 2022 and fell by 171bps YoY. Singapore loan growth has continued to climb (Jun 25: 6%), but we expect a slight slowdown due to the trade war. Banks are guiding low to mid-single digit. CASA ratio was stable (Jun25: 19.2%), and rising CASA of 11% would provide a tailwind for the banks from lowered funding costs.
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| UOB KAYHIAN | LIM & TAN |
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SEA (SE US) 2Q25: Outperforms Expectations; Growth Momentum To Accelerate In 2H25
SEA beat our expectations with 2Q25 revenue of US$5,259m (+38% yoy) and core net profit of US$406m (+396% yoy), bringing 1H25 to account for 54% of our full-year forecasts. Shopee posted record order volume, GMV and revenue, Monee nearly doubled its loan book, and Garena’s bookings rose 23% yoy on a strong Free Fire performance. 2H25 outlook remains upbeat with a likely GMV beat, faster loan book growth and raised bookings guidance. Maintain BUY. Raise target price to US$204.85.
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Capitaland Investment Limited / CLI ($2.75, down 2 cents) a global real asset manager, has signed a Memorandum of Understanding (MoU) with the Maharashtra Government, indicating its plans to invest over INR19,200 crores (S$2.83 billion) by 2030 to drive its growth in Mumbai and Pune. The announcement was made at the launch of CLI’s first data centre in India, located in Navi Mumbai. The launch was graced by Mr Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry; Mr Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance; and Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra. Mr Manohar Khiatani, Chairman, CapitaLand India Trust (CLINT) and Senior Executive Director, CLI; Mr Sanjeev Dasgupta, Chief Executive Officer, CLI India; senior government dignitaries; and CLI partners and staff also attended the event. CLI’s market cap stands at S$13.7bln and currently trades at 19.6x forward PE and 1.0x PB, with a dividend yield of 4.4%. Consensus target price stands at S$3.42, representing 24.4% upside from current share price. We remain constructive on CLI given its on-going monetization efforts to reduce matured assets and re-cycle capital into faster growing platforms to help generate recurring and higher ROE income streams, such as the latest investment into India. Maintain BUY on CLI. |
