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CGS CIMB |
UOB KAYHIAN |
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UOL Group 1H25 powered by strong residential performance
■ 1H25 EPS of 24.33 Scts was above, at 61.1% of our FY25F forecast. ■ Robust residential development and rental revenue performance in 1H25 offset the slight dip in hospitality revenue. ■ Reiterate Add, with an unchanged TP of S$8.20 (40% discount to RNAV).
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City Developments (CIT SP) 1H25: Strong Divestment Momentum Offsets Operational Headwinds
1H25 PATMI fell 4% yoy to S$91m due to forex losses and higher interest costs, though excluding forex impact, profit would be stronger. Divestments exceeded expectations, with proceeds earmarked for a special dividend in Feb 25. Property development surged on strong sales, while hotels and investment properties saw weakness from forex and cost pressures. High gearing persists but planned asset sales may stabilise the balance sheet. We upgrade to BUY with a higher target price of S$8.50.
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UOB KAYHIAN |
UOB KAYHIAN |
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Singapore Telecommunications (ST SP) 1QFY26: Results In Line; On Track To Deliver Singtel28
Singtel’s 1QFY26 underlying net profit grew by 14% yoy, driven by EBIT improvement from Optus and NCS and stronger Airtel and AIS contribution. Optus and NCS EBITDA rose 9% yoy and 15% yoy on a constant currency basis. Management is on track to achieve double-digit ROIC and deliver its Singtel28 growth plan. Digital Infraco is expected to deliver stronger earnings with the eventual completion of data centre in Thailand and Singapore. Maintain BUY with an SOTP-based target price of S$4.58.
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UMS Integration (UMSH SP) 2Q25: Strong Core Earnings Growth And Positive Outlook; Exploring Bonus Issue
UMS’ 2Q25 earnings of S10m (+10 yoy/+5% qoq) are in line with expectations. 2Q25 revenue grew by 20% but a forex loss of S$3m offset some growth. Excluding forex, core earnings grew 45% yoy. UMS expects to benefit from the AI-driven global chip sector rebound and rising shift of global semiconductor supply chains. UMS has won a new project with its first key customer and is exploring a bonus issue to reward shareholders and improve liquidity. Maintain BUY and target price of S$1.73.
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| UOB KAYHIAN | MAYBANK KIM ENG |
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United Hampshire US REIT (UHU SP) 1H25: Second Consecutive Quarter Of DPU Uptrend
UHU generated DPU growth of 4% yoy in 1H25 due to organic growth from new leases and rental escalation and a drop in finance costs of 10.6% yoy. The owner of strip centres provides sustainable growth through accretive acquisition of Dover Marketplace and a second AEI at St Lucie West. UHU trades at an attractive 2026 distribution yield of 10.2% (Kimco Realty: 4.7% and Regency Centers: 3.9%) and P/NAV of 0.65x. Maintain BUY. Target price: US$0.70.
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ComfortDelGro (CD SP) Still on track
No surprises in 2Q25 results; retain BUY and TP 2Q25 PATMI of SGD58m and interim DPS of 3.91 cents (or payout ratio of 80%) was spot on with our results preview dated 25 July. For 1H25, net profit of SGD106m (+11% YoY) formed c.46%/45% of MIBG/consensus fullyear forecasts. We see a stronger 2H on the back of continued margin improvement in its London public bus contract renewals, while Other Private Transport UK/EU revenues will increase with the recently awarded On The Beach contract over the summer travel season. As such, we leave our FY25-27E forecasts and DCF-based TP of SGD1.70 unchanged. BUY.
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