buysellhold july.23

 

CGS CIMB

UOB KAYHIAN

REIT

Yielding outperformance

 

■ We expect continued interest cost savings momentum, robust operating metrics and accretive acquisitions supported DPU performance in 3QCY25F.

■ We have raised our DDM-based TPs by 0-15% across our coverage universe, underpinned by the declining Singapore 10-year bond yield trend.

■ Reiterate sector Overweight. Our sector top picks – CLAR, CICT, LREIT

 

 

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Riverstone Holdings (RSTON SP)

AI-Related Demand To Drive Sequential Improvement, Leaving The Worst Behind Us; Upgrade To BUY

 

Highlights

• Sequential improvement in 3Q25 expected, driven by 10% cleanroom volume growth from AI-related customers and softer input costs.

• With >100% payout and robust RM602m net cash, dividends remain attractive at an estimated 2026F yield of 7.3%, offering a good entry level.

• Upgrade to BUY with a 38% higher target price of S$0.98 (up from S$0.71). Riverstone’s 15x 2026F PE is trading at more than 40% discount vs its peers.

 

 

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LIM & TAN

LIM & TAN

Netlink Trust ($0.96, up 0.5 cents) officially opened the Seletar Central Office (“Seletar CO”), a $110 million investment that enhances the resiliency of Singapore’s Nationwide Broadband Network (NBN).

Netlink Trust’s market cap stands at S$3.7bln and currently trades at 37x forward PE and 1.6x PB, with a dividend yield of 5.6%. Consensus target price stands at S$1, representing 4% upside from current share price. We continue to like Netlink Trust for it’s steady, defensive and easy to understand business that operates in a increasingly dovish environment. However, given the low upside potential, we recommend an Accumulate on weakness recommendation on Netlink Trust.

 

 

Medtech company Forefront Medical Technology is a whollyowned subsidiary of Vicplas International (S$0.088, down 0.3 cts). Vicplas designs and manufactures medical devices through Forefront Medical, as well as manufactures and distributes piping systems through Vicplas Pipes. Market cap stands at S$45.0mln, the company is loss-making, trades at 0.6x P/B and does not pay dividends. Profitability from its pipes segment due to robust construction activities is offset by losses from its medical devices segment due to start-up costs at its new Mexico plant and Changzhou plant extension. There is currently no analyst coverage on Vicplas International.

 

 

 

 

 

 

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