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CGS INTERNATIONAL |
UOB KAYHIAN |
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Frencken Group Ltd Semicon segment growth could moderate
■ Frencken’s 9M25 revenue of S$642.8m (+12.5% yoy) was above at 77%/76% of our/Bloomberg consensus full-year forecast. ■ 9M25 net profit rose 9.1% yoy to S$29.8m, below at 71% of our FY25F due to lower gross margin but in line with Bloomberg consensus at 75% of FY25F. ■ Reiterate Add with a lower TP of S$1.72 as growth in its semicon segment could slow in FY26-27F.
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XPeng Motors (9868 HK) 3Q25: Results In Line; Bottom Line On Track For A Turnaround By 4Q25
Highlights • 3Q25 results met our and consensus estimates, with revenue growing 102% yoy/11.5% qoq and core net loss narrowing 90% yoy/61% qoq. • XPeng is set to turn around by 4Q25, with its monthly deliveries exceeding 40,000 units ever since Sep 25, driven by new models. We keep our 2026-27 bottom-line forecasts.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Public Bank (PBK MK) 3Q25: Strong Recovery In Non-Interest Income
Highlights • 3Q25 earnings are in line, with 9M25 earnings representing 74%/75% of our/consensus full-year estimates. • 3Q25 earnings rose 5% qoq despite an 8bp NIM compression after July’s 25bp OPR cut. Growth was driven by a 19% qoq rise in non-interest income - unit trust (+17%) and trading (+21%) - and lower net credit cost of 1bp, with asset quality remaining benign • Maintain BUY and target price of RM5.25 (1.66x 2026F P/B, ROE: 12.6%). We remain positive on Public Bank, with its valuation near pandemic lows (- 1.5SD below historical mean P/B) supported by potential provisions writebacks and capital management upside.
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Sea Ltd (SE US) Thoughts on USD1b share repurchase program
What’s new? Sea Ltd announced a USD1bn share repurchase authorisation, signalling confidence in its long-term outlook. The company may buy back ADSs via open-market trades, private deals, block trades or derivatives. The timeline for the buyback was not disclosed. Given the stock’s market cap of USD90b and average daily trading value of ~USD700m, the program is meaningful but not large relative to market cap and liquidity (1.1% of market cap and 1.4x of average trading value). Retain HOLD rating and USD156.0 TP.
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| LIM & TAN | DBS GROUP RESEARCH |
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City Developments Limited / CDL ($7.31, down 4 cents) delivered a mixed but broadly resilient performance in Q3 2025. In Singapore, property development sales moderated due to the absence of new launches, with 88 units sold versus 321 a year ago. However, sales for the first nine months remained strong at 990 units worth $2.5 billion, driven primarily by the successful launch of The Orie, which is now 94% sold CDL’s market cap stands at S$6.7bln and currently trades at 33.5x forward PE and 0.7x PB, with a dividend yield of 1.1%. Consensus target price stands at S$8.51, representing 16.4% upside from current share price. Given that share price has done well recently, we maintain a HOLD on CDL.
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Nam Cheong Ltd Undervalued Gem, Ready to Set Sail
• A leading OSV builder-turned-owner operating the youngest fleet in Malaysia • Long-term charters offer strong earnings visibility, with sequential improvements in utilisation and fleet expansion expected to drive double-digit growth • Prime beneficiary of potential revival of OSV newbuild orders, which saw minimal activity over the past decade • Unwarranted 40%-60% discount to peers; TP of SGD1.25 (8x PE) yet to factor in potential accretion from idling workboats and OSV newbuilds (SGD0.13-1.15/share).
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