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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Singapore Strategy Uplifting momentum from EQDP continues
■ MAS appoints six more asset managers, injects another S$2.85bn of liquidity into Singapore equities. ■ New initiatives to establish cross-border partnerships and value unlocking steps could broaden investor base and confidence, in our view. ■ We see SGX as a continued beneficiary of the virtuous EQDP cycle. Current conviction picks include CICT, CLAR, iFAST, KEP, SATS, SCI and YZJSGD.
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Food Empire Holdings Ltd Takeaways from NDR
■ We hosted FEH for a 1-day NDR on 18 Nov 2025 to meet four fund managers physically in Singapore. ■ Management updated fund managers on its performance and expansion plans (released publicly on SGX) while taking in fund managers’ feedback. ■ We reiterate our Add rating with a TP of S$3.18.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Phillip Singapore Strategy Liquidity Boost Part Deux
▪ MAS will place the 2 nd batch of the Equities Market Development Programme (EQDP) worth S$2.85bn to six asset managers. The next phase of allocation (S$1.05bn) is expected in 2Q26. Under EQDP, asset managers with higher allocation to small and midcap stocks are preferred.
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Centurion Corp (CENT SP) Big Bucks From Beds
Highlights • CENT delivered a solid 9M25 business update that beat our expectations. • CAREIT’s listing was the key highlight in 3Q25, which should provide CENT with more than enough financial firepower to execute its ambitious growth plans over the next 3-5 years. • Maintain BUY with a 12% higher target price of S$1.90.
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| CGS INTERNATIONAL | DBS VICKERS |
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Trip.com 3Q25 bottomline higher than our estimate
■ 3Q25 total revenue reached Rmb18.4bn (+15.5% yoy), in line, driven by 18% yoy growth in its accommodation unit and 12% growth in its transportation business. ■ 3Q25 non-GAAP net profit increased 221.2% yoy to Rmb19.2bn, above our expectation, mainly due to one-off investment gain. ■ We expect 4Q25F revenue and non-GAAP net profit to grow by 16.5% and 13.8% yoy, respectively, with non-GAAP NPM of 23.3% (-0.6% pt). ■ We reiterate Add with a higher TP of HK$690.0.
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Singapore’s next upswing: New catalysts driving SMCs and selected large caps
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