|
UOB KAYHIAN |
UOB KAYHIAN |
|
REITs Beneficiaries Of Inflows From iEdge Next 50 Index
Highlights • The iEdge Singapore Next 50 Index tracks the next 50 largest companies listed on the SGX Mainboard that fall just outside the top 30 STI constituents. • S-REITs account for 15 out of the 50 constituent stocks of the Next 50 Index, and carry a total weightage of 42.6% in aggregate. • Maintain OVERWEIGHT. BUY constituents of the Next 50 Index: CLAS (Target: S$1.56), KREIT (Target: S$1.18), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and FEHT (Target: S$0.81).
|
Geely Auto (175 HK) Takeaways From Geely NDR
Highlights • Geely has completed Phase 1 of EV transition (55% penetration) and is now entering Phase 2, focusing on intelligent mobility and brand integration. • Geely’s earnings will be driven by volume growth from a robust product cycle, margin expansion through a premium sales mix, overseas penetration, and long-term efficiency gains from brand integration. • We maintain our 2025-27 net profit forecasts. Maintain BUY. Target price: HK$42.00.
|
|
MAYBANK KIM ENG |
MAYBANK KIM ENG |
|
Sanli Environmental (SANLI SP) Prospects even brighter
We are more bullish on Sanli following Sep’25 NDR We are more bullish on Sanli than before following our NDR with management on 4 Sep’25. Sanli maintains a tender book valued between SGD600m and SGD800m. We are confident it will secure an additional SGD200-300m in projects by the end of Nov’25, increasing its orderbook to ~SGD500-600m. Having successfully completed the first polder project at Pulau Tekong, Sanli is among the few local companies with specialised polder expertise. This positions Sanli favourably to capitalise on the upcoming Long Island project, estimated at SGD100b, enhancing its growth prospects in the sector
|
Singapore Telecommunications (ST SP) Optus Outages: Contained Impact, Near-Term Risks
What happened and how it compares to past incidents Optus experienced 2 emergency call service outages on 18 and 28 Sep’25. The first outage, attributed to human error, tragically resulted in 3 casualties and was not linked to underinvestment. Both disruptions affected only emergency calls, leaving broader mobile and internet services operational. In 2022–23, Optus faced significant incidents, including a cyberattack and a network outage. Financial and subscriber impacts were limited, with churn concentrated in the first 10 weeks and minimal mobile revenue impact (Fig 1-2). Costs were contained— ~AUD70m cost for 2022 cyber-attack vs. AUD142m provisioned and AUD12m penalty for 2023 network outage vs AUD60m provisioned. The 2022 class action has not progressed.
|
| MAYBANK KIM ENG | DBS GROUP RESEARCH |
|
Wilmar International (WIL SP) Taking pause amid regulatory scrutiny; D/G to HOLD
Cut 2024 DPS by 44% to SGD7c; Trim TP by 18% We downgrade Wilmar to HOLD and cut our TP by 18% to SGD3.0. Following cooking oil related penalties, we reduce our 2025 DPS estimate by 44% to SGD7c and cut forward dividends by 31% to SGD13-14c. Besides cooking oil case, Wilmar faces multiple probes in Indonesia spanning rice mislabelling, plantations under review for forestry permit issues, and potential scrutiny of biodiesel subsidy allocations (media reports). While we see the financial impact as modest, regulatory overhang and reputation risks cap upside, in our view. Operationally, momentum is intact with 7%/13% FY24–27E revenue/NPAT CAGR, driven by resilient China demand and stable crush margins. Downside is further cushioned by attractive 10x FY1 P/E and 6% yield, with healthy balance sheet metrics.
|
Capitaland India Trust
A Tiger with wings What's New • Divestment of two older/legacy assets in CyberPearl and CyberValue at 3% higher than last valuation • Divestments create additional debt capacity (gearing to decline to c.36.8%); providing with much fuel to pursue accretive acquisitions and developments • DPU and NAV neutral deal ; estimates are maintained for now • BUY Call, TP SGD 1.50
|
