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CGS INTERNATIONAL |
CGS CIMB |
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Food Empire Holdings Ltd Brand power driving revenue growth
■ 9M25 revenue formed 82%/79% of our/Bloomberg consensus full-year revenue forecasts and was above expectations. ■ 9M25 revenue grew by 24% yoy to US$427m, with all geographical segments registering double-digit revenue growth yoy. ■ Reiterate Add. Given the revenue beat, we raise our FY25-27F forecasts, leading to a higher S$3.18 TP.
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Sasseur REIT A robust pick-up in 3Q25 tenant sales
■ 3Q/9M25 EMA rental income of S$30m/S$91.3m is broadly in line, at 70% of our FY25F forecast ■ 3Q25 tenant sales grew by 10.8% yoy, thanks to successful marketing campaigns in Chongqing outlets and completion of AEIs at Hefei outlet. ■ Maintain Add, with an unchanged DDM-based TP of S$0.90.
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CGS CIMB |
UOB KAYHIAN |
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SATS Ltd Another record quarter propelled by cargo
■ 1HFY3/26 PATMI grew 17.5% yoy to S$149.8m, slightly ahead at 56.3%/54.9% of our/Bloomberg consensus’ FY26F estimates. ■ SATS’s revenue and PATMI growth continues to be driven predominantly by its cargo handling business that is growing ahead of global demand. ■ We reiterate our Add call as we remain positive on SATS’s double-digit EPS CAGR over FY26F-28F with a higher DCF (WACC: 11.5%) TP of S$4.05.
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First Resources (FR SP) 3Q25: Results Beat Estimates; 4Q25 Production Peak Expected
Highlights • First Resources (FR) reported 9M25 earnings of US$240m (+58% yoy), exceeding expectations at 86%/84% of ours and consensus forecasts. • 3Q25 earnings came in flattish at US$87.5m (+2% qoq) despite higher production, mainly on increased fertiliser application. • We raise our 2025 earnings forecast by 18% after the results announcement. • Maintain BUY with a higher target price of S$2.30 (from S$1.97), based on 10.0x 2026F PE (from 8.5x previously).
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Centurion Corporation Limited Portfolio expansion drives longer-term growth
▪ Centurion Corporation Limited (CCL) released 3Q25 update with limited financials. 3Q25 revenue is within our expectations, and 9M25 revenue is 74% of our FY25e forecast. Singapore purpose-built worker accommodation (PBWA) remains the main growth driver as its 3Q25 revenue increased 10% YoY to S$49mn, driven by positive rental revisions that we estimate ~5% YoY, which we believe will moderate to ~2% in 2026e.
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Singapore Telecommunications Ltd More divisions start to shine
▪ 1H26 results were within expectations. Revenue/EBITDA/underlying PATMI were 48%/50%/52% of our FY26e forecast. Underlying net profit rose 14% YoY to S$1.35bn, supported by 12% growth in regional associates and 23% jump in subsidiaries. Interim dividend rose 17% YoY to 8.2 cents.
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