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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Coliwoo Holdings Limited More rooms, more returns
■ Coliwoo captures Singapore’s undersupply of affordable central rentals for non-residents, with c.20% market share and key growth beating most peers. ■ Expanding pipeline supports c.24% core PATMI CAGR through FY28F, with recurring cash flows, high occupancies and a proven ROE-accretive model. ■ Trading at c.9.4x CY27F P/E (c.40% discount to global peers) despite 11.8% ROE, Coliwoo offers upside from portfolio expansion and capital efficiency.
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Haidilao Table turnover rate likely flat yoy in 4Q25F
■ We expect Haidilao’s table turnover rate was flattish yoy in 2H25F, vs. -9.5% yoy in 1H25, due to improved product offering and marketing campaigns. ■ In 2H25, Haidilao opened 40+ outlets under newly-acquired Jugaogao, a self-service conveyor-style hotpot restaurant chain which has received good market feedback. ■ Due to the higher lamb and beef prices, we expect some GPM pressure in 2H25F, and hence forecast 2H25F revenue grew 2.9% yoy but net profit declined 4.7% yoy. ■ Reiterate Add, with a lower DCF-based target price of HK$17.5.
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UOB KAYHIAN |
UOB KAYHIAN |
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China Aviation Oil (CAO SP) Riding The Tailwinds Of Travel Demand And Potential Special Dividend
• CAO is the largest physical jet fuel trader in Asia and is expected to be a key beneficiary of the sustained recovery in global air traffic. • Continued strong growth in travel volume will boost CAO’s trading volume and contributions from associated companies. • Initiate coverage with BUY and a target price of S$2.09. Catalysts are special dividend and positive restructuring outcome at the parent level. High net cash of >40% market cap is overlooked, putting CAO at only 7x ex-cash 2026F PE.
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JD.com (9618 HK) 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q26 Outlook Fuelled By National Subsidy Programme Roll-out
Highlights • JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. • However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic on 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. • Maintain BUY with a lower target price of HK$155.00 (US$41.00).
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| LIM & TAN | LIM & TAN |
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MoneyMax Financial Services Ltd / MoneyMax ($0.50, up 1⁄2 cent), and together with its subsidiaries, the “Group”), a leading financial services provider, retailer and trader of luxury products in Southeast Asia, had on 14 January 2026, announced the submission of an application to the Singapore Exchange Securities Trading Limited for the proposed transfer of its listing from Catalist to the Main Board of the SGX- ST. At 50 cents, Moneymax is capitalized at $442mln, annualized PE is 7.3x, dividend yield is 1.4% while price to book is 2.2x. There is currently no consensus target price on the stock, but if history is a guide, looking at how strong recent mainboard aspirants such as Ley Choon Holdings price have done, we believe Moneymax share price will similarly see a robust performance in the market today.
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OKP’s market capitalisation stands at approximately S$388.6 |
