|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
SingTel 1H26 NP in line; Bharti to drive valuations
■ We reiterate our Add call on SingTel post its in-line 1HFY26 results, with a higher RNAV-derived TP of S$5.20 as we raise Bharti’s monetisation value. ■ Improving earnings and cashflows provide room for higher payout ratios, while asset recycling provides room for VRD at higher-end of 3-6-Sct range. ■ We value SingTel at 23.7x FY27F P/E, supported by its asset monetisation agenda before medium-term earnings take over in our view.
|
ComfortDelGro UK at the wheel
■ 9M25 core net profit came in within expectations, at 71% of our full-year estimates, with higher overseas contribution mainly from UK public transport. ■ We expect higher qoq 4Q25 core net profit, with stronger contribution from its acquisitions with larger earnings base and higher seasonal traffic. ■ We expect more global tenders in the pipeline to boost growth. Reiterate Add, with an unchanged TP of S$1.70 (based on 16x FY26F P/E).
|
|
CGS INTERNATIONAL |
UOB KAYHIAN |
|
ST Engineering Satcom house-cleaning
■ We are positive that STE is preparing a way to explore strategic options for its loss-making iDirect, which was one of our previous key catalysts. ■ The non-cash impairment of S$667m on iDirect results in a c.S$50m amortisation p.a., with potential further savings of >S$89m p.a if divested. ■ We see potential share price weakness from iDirect impairment as an opportunity to buy. Upgrade to Add from Hold. ■ TP raised to S$9.50 as we roll forward our valuations, still based on 28x P/E.
|
ComfortDelGro Corporation (CD SP) 3Q25: Largely In Line; Powered By Overseas Gains
Highlights • CD’s 9M25 results were largely in line with expectations, with revenue (+14% yoy) and core PATMI (+1.5% yoy) forming 75%/71% of our full-year forecasts. • Overseas strength offset domestic softness as UK contract renewals, new Manchester/Victoria franchises and CMAC drove higher operating profit. • Maintain BUY with a higher target price of S$1.76 (S$1.70 previously) after rolling our valuation base to 2026. CD offers a decent 5.5% yield for 2025.
|
| UOB KAYHIAN | |
|
Food Empire Holdings (FEH SP) 3Q25: Record Quarter Reinforces Multi-Market Growth Momentum
Highlights • FEH’s 3Q25 revenue surged 28% yoy and 11% qoq to a record US$153m, lifting 9M25 sales to form 81% of our forecast and exceed expectations. • Strong double-digit yoy growths across its core markets underpin sustained demand. We raise our 2025-27F revenue forecasts by 2-3%. • Maintain BUY with an unchanged target price of S$3.00. FEH trades at 16.5x 2026F PE, a deep 35% discount to regional peers’ average of 24.7x.
|
