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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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City Developments Limited Divestment momentum continues
▪ No financials were provided for the 3Q25 operational update. Asset divestments remain a key focus, with momentum continuing following the completion of the South Beach sale on 1 Sep 2025, followed by the sales of Piccadilly Galleria (S$65.5mn or S$3,250 psf) and 1250 Lakeside, Sunnyvale, a US multifamily asset, for US$143.5mn (c.S$186.8mn).
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TeleChoice International Ltd
568% earnings jump, growth in all segments ▪ 3Q25 revenue was within expectations, but PBT exceeded. 9M25 revenue/PBT were 76%/80% of our FY25e forecast. 3Q25 PBT surged 568% YoY to S$3.3mn. Contribution from U-Mobile 4PL services and turnaround in the ICT business drove the growth.
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UOB KAYHIAN |
CGS CIMB |
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China Sunsine Chemical (CSSC SP) 3Q25: Earnings In Line; Dividend Policy Sparks Re-Rating
Highlights • Sunsine’s 3Q25 earnings of Rmb88m are in line with our expectations, with resilient sales volumes (+0.4% yoy) despite softer ASPs. • Management has adopted a new 40% minimum dividend payout policy, signalling strong confidence in its future prospects. • Valuation remains attractive at 5x ex-cash 2026F PE. Maintain BUY with a 27% higher target price of S$0.95 (S$0.75 previously).
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Link REIT Soft rental trends offset by cost savings ahead
■ Link’s 1HFY26 DPU fell 6% yoy on negative rental reversion in HK (China) and China. We expect the trend to persist and FY26F DPU to fall 7% yoy. ■ Nevertheless, we expect the DPU decline to narrow to 2% in FY27F on further rate cuts and effective cost saving measures despite lower revenue. ■ We cut our FY26F-28F DPU by 4-7% and lower TP to HK$41.0. Reiterate Add.
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| MAYBANK KIM ENG | DBS GROUP RESEARCH |
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Singapore Market Reforms IV Positive Review
Final MAS Review can add to market re-rating The recommendations from the final report of the MAS Equity Market Review Group builds on the positive momentum created by earlier reforms. Collectively, these should support increased retail participation, higher institutional flows, broader sector offerings and higher valuations for Singapore public equities over the medium term. Strong and clear implementation of these recommendations is now the most critical success factor. Immediate beneficiaries include SGX, OCBC, UOB, DBS, iFAST, CSE, Food Empire, Marco Polo, ComfortDelGro, Sanli.
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Yangzijiang Financial Holding Ltd
Unlocking value via maritime spin-off • Dividend-in-specie of YZJ Maritime completed with listing took place on 18 Nov • Annualised FY25E ROE for YZJFH is 5% and for YZJ Maritime is 9%, both of which are anticipated to increase • Fair value for YZJFH is estimated at SGD0.48 (0.9x PB), and for YZJ Maritime at SGD0.85 (1.4x PB)
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