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CCS INTERNATIONAL |
CGS INTERNATIONAL |
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Wilmar International Earnings set to accelerate
■ Core operations are improving on higher sales, stronger soybean crushing margins in China, and firmer CPO prices. ■ We expect FY26/27F net profit to rise 19%/11% yoy, supported by food products sales growth, feed & industrial margins, and lower interest rates. ■ Reiterate Add with a higher target price of S$3.60, factoring in slightly better feed and industrial segment margins and better commodity prices.
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Sheng Siong Group Expansion is priced in
■ SSG’s core PATMI growth in 3Q25 was largely driven by stronger-thanexpected sales growth of 14% yoy. ■ SSG is on track to open 11 stores by end-2025F. Its new outlet at commercial mall Leisure Park was secured at favourable rent terms, management said. ■ However, we think opex pressure will continue as evidenced by 9M25 operating margin decline of 0.2% pt to 11.6%. ■ Reiterate Hold on rich valuations. Our TP rises to S$2.40 as we roll forward to CY27F, still based on 22x fwd P/E.
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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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CapitaLand Ascendas REIT Stronger rent reversion guidance
■ CLAR’s portfolio fell qoq to 91.3% in 3Q, dragged by Singapore and the US. ■ 3Q25 rent reversion was +7.6%; management upped its reversion guidance to low double-digits for FY25F. ■ Reiterate Add, with a DDM-based TP of S$3.27.
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Keppel Ltd Asset management franchise building momentum
▪ Limited financials were provided, except that the 9M25 core net profit rose over 25% YoY. The growth rate is in line with 1H25 core net profit that climbed 29% YoY to S$444mn (excluding connectivity).
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Sheng Siong Group Ltd More stores, more growth ahead
▪ 3Q25 results were within expectations. 9M25 revenue and adjusted PATMI were 75%/76%, respectively, of our FY25e forecast. Adjusted PATMI (excluding gain on lease) rose 6.3% YoY to S$41.5mn. Pressuring net margins were higher wages, lower finance income, and a decline in wage grants.
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Suntec REIT Low interest hedge ratio supports DPU growth
• 3Q25 DPU of 1.778 Singapore cents rose 12.5% YoY, beating our expectations and forming 28% of our FY25e forecast (9M25: 78%). This outperformance was driven by lower finance costs (-44bps YoY), stronger operating performance from the Singapore portfolio, and a S$2mn reversal of withholding tax provisions for the Australia portfolio. Excluding the tax reversal, 3Q25 DPU was still 8% higher YoY.
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