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CGS INTERNATIONAL |
UOB KAYHIAN |
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SEA Ltd Margin recovery in sight
■ SE is increasingly embedding AI across its ecosystem; we see this as a structural driver of efficiency gains and long-term monetisation uplift. ■ Our positive FY26F expectations: a) e-commerce margins improve as reinvestment bears fruit; b) financial services grow with loan book expansion. ■ Reiterate Add, with an unchanged TP of US$195. Attractive entry point with upside skew after 42% share price correction since Sep 25 peak, in our view.
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NTT DC REIT (NTTDCR SP) 3QFY26: Leasing Momentum Generates Uptrend In Occupancy
Highlights • NTTDCR signed 2,400kW of new leases across CA1 (1MW), CA3 (1MW) and SG1 (200kW) in 3QFY26. Portfolio occupancy would increase by 2.7ppt to 97.3% if we include these new leases committed in 3QFY26. Rental reversion rose to 9.2% in 9MFY26 (1HFY26: 5.1%). • The new leasing incentive scheme funded by the sponsor started in Jan 26 and has already contributed to new leases signed at CA1 and CA3. • Maintain BUY. Target price: US$1.42.
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UOB KAYHIAN |
PHILLIP SECURITIES |
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CapitaLand Investment (CLI SP) Not Deal Junkies: CLI’s Recurring Income Story Holds Firm
Highlights • The headline profit decline was driven by non-cash China revaluation losses, masking resilient operating performance. • Fee-related businesses and private funds supported recurring income growth, while lodging expansion strengthened long-term visibility. • Maintain BUY with a higher target price of S$4.05, implying a 32% upside.
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Singapore Construction Quarterly Government projects anchor sector growth
▪ Construction-related companies rose on average 26% over the past three months till 11 Feb 2026, with Lum Chang Creations (+74%) as the biggest gainer due to its positive CY2H25e profit guidance. Infrastructure companies (+35%) led the construction sector over the past three months, as investors rotated into relatively undervalued stocks with lower PE ratios than their peers. Infrastructure companies are trading at a PE of 11.9x, compared to its peers’ average of 18x.
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| PHILLIP SECURITIES | MAYBANK KIM ENG |
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ELITE UK REIT Near-term lease expiry risk resolved
• 2H25/FY25 DPU of 1.49/3.03 pence rose 1.4%/5.6% YoY, forming 49%/100% of our FY25e forecast. The increase was driven by interest savings from a lower cost of debt (FY24: 4.9% vs FY25: 4.7%) and contributions from the newly acquired assets, resulting in 7.4% YoY growth in distributable income in FY25 to £18.3mn.
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Thomson Medical Group (TMG SP) Multi-year transformation
Near-term headwinds persist, maintain HOLD TMG narrowed net loss to SGD10.2m (-20.6% YoY) in 1HFY26 due to lower net finance costs and steady operating performance, even as the group continues to make heavy investments in specialist services, clinical talent and digital initiatives across its key markets. We cut our FY26-27E EPS forecasts, as these expenses are expected to weigh on its near-term profitability, Maintain HOLD, but raise our SOTP-based TP to SGD0.062 to better reflect the underlying values of its land bank in Johor.
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