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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Ever Glory United Holdings 2H25F preview: earnings more than doubled
■ Revenue and profit more than doubled yoy in 2H25F due to Guthrie inclusion, stable margins and lower effective tax rate (~9-11%). ■ We keep FY25–27F base case order wins at S$370m–650m and FY-end order book at c.S$730m-1.5bn, supported by a S$4bn+ tender book. ■ We raise FY25F payout to 50% (from 0%), in line with management’s commitment to its pre-IPO three-year high dividend policy. ■ Retain Add with a TP of S$0.87, based on 12x FY27F P/E (sector average)
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SingTel Reinforcing growth strategy with STT-GDC
■ Reiterate Add on SingTel with a higher RNAV-derived TP of S$5.34 post acquisition of 25% stake in STT-GDC for S$740m announced on 4 Feb 2026. ■ Acquisition provides SingTel with a long-term earnings growth driver with nearer-term opportunities from selective monetisation of STT-GDC’s assets. ■ We raise our core net profit estimates for SingTel by 1.3%/1.7% for FY27F/ FY28F and lift our RNAV-derived TP by 2.7% to reflect the acquisition.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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Coliwoo Holdings Limited Steady growth
■ Coliwoo Holdings’ portfolio expands on new management contract wins, while occupancy remains resilient at c.97% in 1QFY9/26. ■ New Park Avenue Changi Hotel to add 368 keys in 2Q26F; we expect c.30% return on investment from 50% expansion in room count. ■ Reiterate Add, with an unchanged TP of S$0.74, as 24% core PATMI FY26- 28F CAGR remains intact and FY26F development pipeline on track.
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Frasers Logistics & Commercial Trust (FLT SP) 1QFY26: Excellence In Execution With Higher Occupancies At ATP And Blythe Valley Park
Highlights • FLT’s logistics properties in Australia, Europe and the UK maintained full occupancy of 100% in 1QFY26. Its logistics properties in New South Wales, Australia clocked strong positive rental reversion of 43.3%. • Occupancy at ATP improved 8.4ppt qoq to 86.3% after securing new ICT and healthcare tenants. Occupancy at Blythe Valley Park in the UK improved 6.8ppt qoq to 85.2% after securing a new technology tenant. • Maintain BUY. Target price: S$1.22.
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| MAYBANK SECURITIES | MAYBANK SECURITIES |
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Singapore Banks 4Q25: What to expect
Potential dividend surprises? Maintain POSITIVE DBS reports 4Q25 on 9 Feb, UOB 24 Feb and OCBC 25 Feb. We expect mixed sequential earnings with UOB posting growth off a low base, while DBS and OCBC are likely to be flat to negative. NII is likely to hold steady QoQ from higher loans momentum and liquidity inflows. NoII is likely to be slower QoQ from seasonally weaker wealth management. However, markets and loan related fees should give downside support. Costs and asset quality have low negative surprise risks. DBS and OCBC have higher upside risks for dividend surprises given strong capital buffers and write-backs.
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ESR REIT (EREIT SP) Income vacuum to be partially offset by organic growth
DPU stabilised EREIT reported FY25 DPU of 21.44c, +3.4% YoY. Growth was underpinned by 11.7% rental reversion, +3ppts YoY improvement in NPI margin, and inorganic contributions. Portfolio occupancy slid sequentially by 1.2ppts due to ongoing asset enhancement initiatives (AEI). Gearing declined on a pro-forma basis post divestments, while cost of debt eased following the grant of an investment-grade rating. We expect the income vacuum post divestment to be partially offset by higher occupancy, sustained midsingle-digit rental reversion, a potential Japan acquisition, and capital top-ups. We maintain BUY with an unchanged DDM-based TP of SGD3.00.
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