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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Soilbuild Construction Group S$1bn order book target by end-2026F
■ Key positive takeaways from SBCG at our Value-Up Conference in KL are: 1) tender book at c.S$1bn, 2) PSA project could complete ahead of time. ■ Construction project awards slowed hoh in 4Q25 as capex plans by MNCs were pushed on rising costs and geopolitical concerns. ■ However, we keep our FY25F order win assumption of c.S$530m, as precast orders could still be backed by HDB BTO execution. ■ Maintain Add and higher TP of S$1.20 as we roll forward to 10x FY27F P/E.
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JD.com Inc Profit likely bottomed out in 4Q25F
■ We estimate revenue rose 12.3% in FY25F, implying a 0.5% yoy dip in 4Q25F, and non-GAAP net profit fell 53.4% in FY25F, implying a 92.7% yoy plunge in 4Q25F. ■ We estimate JD Retail sales declined 5.0% yoy and operating profit slumped 27.3% yoy in 4Q25F, mainly due to a high base effect caused by government subsidies. ■ We estimate food delivery losses narrowed to Rmb8bn in 4Q25F, driven by improving subsidy ROI, higher AOV, and increased delivery efficiency. ■ Reiterate Add, with an unchanged DCF-based target price of HK$140.0.
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UOB KAYHIAN |
UOB KAYHIAN |
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Strategy – Small/Mid Caps Positive Takeaways from Singapore Equities Forum
Highlights • We presented at the Singapore Equities Forum organised by the Securities Association of Singapore (SAS) and SGX on 9 Jan 26. • The forum hosted speakers from several brokerages to cover a broad range of topics including the construction and property industries, as well as the small- and mid-cap sector. • Stocks mentioned included DFI, FCT, FEH RSTON, VALUE, MPM, CSE, SANLI, ADDV and PRIME. Our small- and mid-cap top picks are FEH, VALUE, CAO and RSTON.
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Bumitama Agri (BAL SP) Attractive Entry Point Backed By Appealing Yields
Highlights • BAL is expected to deliver stronger sequential 4Q25 earnings of Rpb865b (+44% qoq) underpinned by peak production output as well as sales recognition of 3Q25’s built-up inventories. • Despite slightly lower CPO prices forecasted for 2026 coupled with the recent announcement of Indonesia’s palm export levy hikes, its earnings base should remain relatively resilient on account of volume expansion by both internal and external FFB sources. • Following the recent share price correction, we see an attractive entry point for the stock, backed by high dividend yields of 6-7%. Upgrade to BUY with a higher target price of S$1.45 (from S$1.40), based on 11x 2026F PE.
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| UOB KAYHIAN | DBS GROUP RESEARCH |
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First Resources (FR SP) Accumulate On Weakness
Highlights • FR is expected to deliver stronger sequential 4Q25 earnings of US$95m (+9% qoq) backed by higher sales volume and expansion in downstream earnings contribution. • FR’s earnings outlook in 2026 remains relatively resilient despite negative developments in Indonesia recently impacting CPO prices and taxation exposure. • We see an attractive entry point for FR after its recent correction, given its resilient earnings base and dividend yields of 6%. Maintain BUY with a higher target price of S$2.50 (from S$2.30), based on 10x 2026F PE.
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City Developments Ltd
Just halfway through the sprint Investment Overview Pioneer in Singapore real estate. City Developments Limited (CDL) has a solid track record in developing homes and has built up a sizable recurring income portfolio, with total assets of SGD26bn (commercial portfolio carried at cost). The group focuses on value extraction through recycling, redeveloping “legacy assets”, and divesting non-core assets to enhance capital efficiency.
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