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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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CapitaLand Ascott Trust Stable DPU for 2026
▪ FY25 DPU of 6.10 Singapore cents was stable YoY, in line with our expectations. Income available for distribution rose 11% YoY to S$256.7mn, driven by stronger operating performance and portfolio reconstitution initiatives. After retaining S$23.2mn to fund asset enhancement initiatives (AEI) and working capital, total distribution to unitholders rose 1% YoY to S$233.5mn.
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Keppel DC REIT Record high DPU
▪ 2H25/FY25 DPU of 5.248/10.381 Singapore cents (+7.1%/+9.8% YoY) was in line with our expectations, forming 51%/102% of our FY25e estimates. The YoY growth was driven by the acquisitions of KDC SGP 7 & 8 and Tokyo DC 1 & 3, stronger contributions from contract renewals and escalations, and lower finance costs.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Nordic Group Recurring maintenance meets capex upcycle
• Customer capex is accelerating across Nordic’s markets such as marine, defence, and infrastructure. The book-to-bill ratio is increasing consecutively: 0.71x (FY23), 1.09x (FY24), and 1.45x (FY25e). Orders are growing faster than billings, signaling expanding backlog and future revenue growth. Future opportunities include P86/P87 FPSO tenders, Paya Lebar Air Base relocation opportunities, and Starburst's shooting range pipeline.
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Strategy Alpha Picks: Reallocating Into Higher-Conviction Names
Highlights • Our Jan 26 Alpha Picks outperformed the STI on a price-weighted and market cap-weighted basis • For Feb 26: Add CAO, RGL, HLA, PROP; remove CLAR, KEP, MPM, RSTON. • Feb 26 Alpha Picks: ASL, CAO, CIT, CSSC, CSE, DFI, FEH, HLA, LREIT, OCBC, PROP, RGL, SATS, UGAI and VALUE.
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| UOB KAYHIAN | MAYBANK SECURITIES |
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Banking Domestic Interest Rates Recover As Safe Haven Assets Retreat
Highlights • The appointment of Kevin Warsh as the new Fed Chair has strengthened the Fed’s credibility in fighting inflation, leading to an abrupt unwind for safe haven assets. Liquidity exiting safe haven assets, such as the Singapore dollar, could lead to firmer domestic interest rates in 2026. • Maintain OVERWEIGHT. The Fed regaining its credibility is supportive of our thesis that banks benefit from the Goldilocks economy. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.5%. We are excited to hear the new CEO’s strategy, priorities and vision for OCBC.
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Coliwoo Holdings (COLIWOO SP) Expansion on the way
First major acquisition post-listing; maintain BUY Coliwoo’s subsidiary has entered into a put & call option agreement with Perpetual (Asia) Limited (as trustee of Viva Trust, a wholly owned sub-trust of ESR REIT), to purchase a hotel strata lot at 2 Changi Business Park Avenue 1 for SGD101m (excluding GST). We believe this deal is in line with the Group's core strategy of converting mature hotel/commercial properties into higher-yielding and specialised co-living assets to fulfil their full economic potential. Maintain BUY and TP of SGD0.74.
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