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CGS CIMB |
CGS CIMB |
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SEA Ltd Reinvestment for growth
■ Shopee entered a reinvestment phase and Monee expanded its loan portfolio, which could drag near-term margins but support long-term growth. ■ 3Q25F adj EBITDA likely fell qoq with lower margins from e-commerce and digital financial services amidst solid bookings revenue from Garena. ■ We expect short-term share price weakness but upgrade to Add with a higher TP of US$185 on anticipated margin improvement in FY26-27F.
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Mapletree Pan Asia Commercial Trust Facing headwinds from overseas operations
■ 2Q/1HFY3/26 DPU of 2.01/4.02 Scts was in line at 25.2%/50.4% of our FY3/26F forecasts. ■ VivoCity remained the portfolio’s best performing asset, even as MPACT’s overseas operations continue to face challenges. ■ Reiterate Add with a slightly higher TP of S$1.52.
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LIM & TAN |
LIM & TAN |
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Frasers Centrepoint Trust / FCT ($2.44, down 0.01), reported a DPU of 6.059 cents for the six-month period from 1 April 2025 to 30 September 2025 (“2H25”). This brings the total DPU for the financial year ended 30 September 2025 (“FY25”) to 12.113 cents. The books closure date for the 2H25 DPU is 5.00 p.m. on 3 November 2025, and the payment date is 28 November 2025. FCT is capitalized at $5.0bln, dividend yield is 5%& price to book is 1.1x. While we like the defensive and in-elastic demand profile of FCT’s client base-load, Bloomberg consensus target price of $2.56, upside potential is only 5%, coupled with its 5% dividend yield, we believe FCT justifies us maintaining a HOLD recommendation on the stock with a total expected 1 year return profile of 10%.
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Mapletree Pan Asia Commercial Trust (S$1.46, unchanged) announced its financial results for 2Q FY25/26 and Financial Period from 1 April 2025 to 30 September 2025. Performance across both periods was anchored by Singapore’s continued strength, strategic portfolio optimisation and proactive debt reduction, further supported by favourable interest rate conditions, cushioning overseas headwinds. MPACT’s market cap stands at S$7.7bln and currently trades at 19.2x forward PE and 0.8x PB, with a 5.4% dividend yield. Consensus target price stands at $1.52, representing 4.1% upside from current share price. We have a HOLD recommendation MPACT. |
| MAYBANK KIM ENG | DBS GROUP RESEARCH |
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Sanli Environmental (SANLI SP) Multi-year growth story intact
Raise TP to SGD0.50 from SGD0.38 Sanli said its joint venture (JV) with China Railway secured a maiden project with Singapore’s Land Transport Authority (LTA) valued at SGD281m. This is the largest contract secured to date and will significantly boost its orderbook to SGD614.9m, a record high. We view this as public sector validation of its capabilities and track record in the maintenance and equipment (M&E) space for large-scale projects. We also believe that Sanli has a good opportunity to add SGD205m to its orderbook by end-2025 through the Public Utilities Board (PUB) tender it participated in July, which could boost its orderbook to SGD800m. We lift our FY26/27E PATMI estimates by 11% and 14.8%, respectively, resulting in a new TP of SGD0.50 based on 16x FY27E P/E. Maintain BUY.
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Mapletree Pan Asia Commercial Trust
Riding the interest rate tailwinds Investment Thesis: Attractively valued large-cap REIT. Mapletree Pan Asia Commercial Trust (MPACT) is an undervalued quality S-REIT, trading at c.0.8x price-to-book. Its two prized jewels in Singapore – VivoCity (a dominant mall) and Mapletree Business City (MBC) (among the top quality business parks), anchor c.54% of MPACT’s income – offering income visibility to offset weakness in overseas assets. Both assets should further benefit with the completion of the Circle Line loop in 2026.
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