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MAYBANK KIM ENG |
CGS CIMB |
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Malaysia Banking Stable loan growth in Aug 2025
NEUTRAL on sector Generally, the bank stats for August point to a stable operating environment for the banks, with fairly decent loan growth thus far of 5.4% YoY, and stable asset quality. Deposit growth, however, continues to lag loan growth, but that CASA growth is faster than deposit growth, is encouraging. BUYs maintained on HLBK, AMMB, PBK and HLFG.
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Singapore Strategy Singapore in 5 – Sep 2025
■ The MSCI Singapore Free SGD index (SIMSCI) ended Sep 2025 at 446.45 pts, up 2.02 pts (0.55%) mom. ■ It was lifted by the robust share price performance of GRAB and STE. ■ We maintain our SIMSCI target at 463.8 pts, based on 15.5x forward P/E
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LIM & TAN |
LIM & TAN |
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CapitaLand Investment ($2.69, up 1 cent) and SC Capital Partners have launched an industrial development fund focused on the Gulf Cooperation Council (GCC) region, comprising Saudi Arabia, the United Arab Emirates (UAE), Bahrain, Oman, Qatar and Kuwait. CLI’s market cap stands at S$13.4bln and currently trades at 20.5x forward PE and 1.1x PB, with a dividend yield of 4.5%. Consensus target price stands at S$3.40, representing 26.4% upside to current share price. We remain constructive on CLI given its ongoing monetisation efforts to reduce matured assets and re-cycle capital into faster growing platforms to help generate recurring and higher ROE income streams. Coupled with a dovish environment, we maintain BUY on CLI.
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LHN’s ($0.93, down 0.5 cents) co-living business Coliwoo has lodged a preliminary prospectus for a listing on the mainboard of the Singapore Exchange. LHN’s market cap stands at $397.5mln and currently trades at 10.6x forward PE and 1.5x PB, with a dividend yield of 2.2%. Consensus target price stands at S$1.15, representing 23.7% upside from current share price. We understand that despite the spin-off of Coliwoo, management remains confident that the income loss from the spinoff can be off set by contributions from the new openings of LHN’s Middle Road property as well as the resort-style Loyang properties near “Down-Town East”. The newly raised funds from the IPO of Coliwoo would also come in handy to power up the future growth prospects of LHN and finally, we think that the proactive stance of management suggests further rewards for shareholders in terms of higher normal dividends and also potential special distributions from the spin-off of Coliwoo. We maintain an “Accumulate” rating on LHN due to its still robust prospects ahead and unlocking of value for shareholders. |
| DBS GROUP RESEARCH | DBS GROUP RESEARCH |
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Singapore Property
Value in homes within Core Central Region (CCR) • Overall price quantum remains a key consideration for projects within or near the CCR • Psf premium for CCR properties vs. RCR & OCR has narrowed over the years; however, we believe this is not sustainable in the long run • Opportune time for long-term buyers and investors to consider CCR properties, with exciting new projects emerging in prime districts such as Holland, River Valley, and Bukit Timah • Potential strong uptake in upcoming launches, including Skye at Holland and Zyon Grand, expected to drive positive news flow for developers UOL and CDL
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Raffles Medical Group Ltd
Strong capital management signal What's New New CFO appointed, after post vacant for 10 months Ms Woo Yeng Yeng brings over 20 years’ experience Appointment welcomed, to drive strategic initiatives and China profitability amongst others Maintain BUY, TP: SGD1.32 with support from share buyback, stable operations.
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