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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Marco Polo Marine (MPM SP) Rapid growth mode
Maintain BUY, raising TP to SGD0.20 from SGD0.13 MPM secured a SGD198m contract to build a 4,000 gross tonne oceanographic research vessel over 4 years, which will add ~SGD50m in shipbuilding revenue pa and SGD4m in profit pa at an 8% net margin. The company will also add 2 AHTS vessels by the end of FY26, as well as begin building its CSOV Plus vessel in 2Q26. As a result, we lift our FY26/27E NPAT forecasts by 14.9% and 14.2%, respectively, and raise our TP to SGD0.20, based on a higher 20x FY26/27E P/E (from 14x). Maintain BUY as we believe MPM is entering a rapid growth phase from FY26E to FY30E.
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Critical Holdings (CHB MK) Pure play on Malaysia’s Critical Facilities Build-Out
Beneficiary of Malaysia’s high-tech build-out Malaysia’s third investment upcycle offers a compelling backdrop for Critical Holdings (CHB), supported by policy-driven industrialisation under NIMP 2030, NSS and sizeable data centre (DC) led capital flows. These policies reinforce steady demand for critical facilities, which are CHB’s core strengths. We initiate BUY on CHB with a TP of MYR1.14 based on 15x FY6/26 EPS.
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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Gamuda (GAM MK) Season’s greetings from Australia
Maintain BUY and MYR5.79 SOTP-TP 18 Dec 2025 will go down in GAM’s history when it secured a whopping MYR8.0b of job wins from Australia in a single day. Save for the Klang Valley Mass Rapid Transit Line 2 Elevated Works package, they constitute the largest job wins that GAM secured. These wins bring FYTD job wins to MYR13.3b or 53% of our FY26E forecast. Current orderbook stands at a record MYR45.9b. We maintain our BUY call, earnings estimates and SOTPTP of MYR5.79.
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Sunway Construction Group (SCGB MK) Broke the dry spell but more job wins needed
Maintain HOLD call and MYR5.63 TP Positively, SCGB secured its first major job win of MYR0.57b after a dry spell of almost 7 months. YTD job wins stand at MYR4.6b or 92% of our FY estimate and orderbook stands at MYR6.1b. SCGB hopes to bag 2 more data centre jobs and 1 more internal job before FY25E is through. We maintain our earnings estimates, HOLD call and MYR5.63 TP on 24x FY26E P/E pending more job wins.
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| LIM & TAN | LIM & TAN |
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Coliwoo Holdings Limited ($0.55, down 0.01), a leading co-living operator in Singapore, announced that it has entered into a sale and leaseback agreement involving the disposal of its 80% interest in its subsidiary, Coliwoo PP Pte. Ltd. (the “Transaction”), which manages the Coliwoo Hotel Pasir Panjang, a premium co-living hotel property at 404 Pasir Panjang Road. Under the terms of the Transaction, the Group will dispose of its 80% interest in Coliwoo PP Pte. Ltd. while simultaneously entering into a leaseback arrangement. This structure allows Coliwoo to continue operating the co-living hotel property, thereby maintaining its portfolio of keys under management. At its last traded price of 55 cents, Coliwoo is capitalized at $264mln and it trades at about 10x forward PE, 3.6% dividend yield (2 cents/ share). We continue to maintain a constructive view on Coliwoo as management executes on its growth strategy to increase its room count from 3,000 last year to 4,000 in the year ahead and 10,000 rooms by 2030. The recent $100mln fund raise from its IPO would come in handy to fund their growth strategy. We maintain Accumulate.
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Singtel’s market cap stands at S$74.7bln and currently trades at 24x forward PE and 2.9x PB, with a dividend yield of 4.0%. Consensus target price stands at S$5.18, representing 14.3% upside from current share price. Notwithstanding the short term negative impact from the negative news from Optus, we believe the medium to longer term investment thesis of Singtel remains intact and we remain constructive on Singtel as management continue to execute on the monetization of their non-core assets to focus on their growth strategy going forward as they invest into growth assets that will future proof their growth prospects in the next few years. While awaiting for growth resumption, investors can benefit from both their core dividends as well as asset-realization dividends. We thus maintain an “Accumulate on Weakness” rating on Singtel. |
