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UOB KAYHIAN |
UOB KAYHIAN |
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Lendlease Global Commercial REIT (LREIT SP) 1HFY26: Maintaining Focus On Expansion In Singapore
Highlights • LREIT achieved a positive rental reversion of 10.9% in 1HFY26 (Jem: high single-digit, 313@Somerset: mid-single-digit and PLQ Mall: teens). Tenant sales turned around to +1.1% yoy on a same-store basis. • LREIT could acquire the remaining 30% stake in PLQ Mall. It could consider divesting Building 3 at Sky Complex in Milan, Italy. • LREIT provides an attractive FY26 DPU yield of 5.9% (CICT: 5.0%, FCT: 5.4%, SGREIT: 6.6%). Maintain BUY. Target price: S$0.78.
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Hap Seng Plantations (HAPL MK) 4Q25 Results Preview: Stronger Earnings qoq Driven By Higher CPO Production Highlights
• HAPL is expected to deliver stronger 4QFY25 earnings qoq, driven by improved production with CPO output rising 24% qoq. • We remain positive on HAPL achieving its 2026 production target, supported by increased harvested area following the company’s replanting exercises. • Maintain BUY with an unchanged target price of RM2.45.
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MAYBANK SECURITIES |
MAYBANK SECURITIES |
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Thailand Tourism Good news starting to price in, but not entirely
Maintain POSITIVE despite recent stock rally We maintain a POSITIVE stance on the Thai tourism sector as it is expected to deliver the strongest growth in the service industry while valuations remain tempting despite the recent stock rally. We also anticipate earnings upside from the potential diversion of Chinese tourists from Japan to Thailand.
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Marco Polo Marine (MPM SP) Positive 1Q26; 2Q26-3Q26 should be even better
Back to seasonal quarterly uptrend to 3Q26E MPM announced 1Q26 revenue of SGD32.8m, up 27% YoY, as well as a higher GPM of 14% (from 10.6%) due to higher ship chartering revenue with higher margins. We expect 2Q26E to be better than 1Q26 and 3Q26E to be better than 2Q26E. The shipbuilding side will also contribute more significantly in 2H26E. Maintain BUY and TP of SGD0.20, as we believe MPM is entering a rapid growth phase from FY26E to FY30E.
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| MAYBANK SECURITIES | DBS GROUP RESEARCH |
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Thai Beverage PCL (THBEV SP) 1QFY26: Margins improve despite mixed demand trends
A mixed start ThaiBev’s 1QFY26 revenues declined 6% YoY, mainly due to softness in its Beer and Non-Alcoholic Beverages (NAB) divisions while Spirits posted commendable 4% revenue growth. Better cost control helped by lower commodity input costs resulted in 2% YoY EBITDA growth despite revenue weakness. On a quarterly basis, revenue and EBITDA grew a strong 16% and 40% QoQ respectively. We think this stems from seasonality but note better QoQ momentum compared to last year (1QFY25 over 4QFY24). 1QFY26 revenue and EBITDA came in at 25% and 30-32% of street and MIBG fullyear estimates. We maintain ThaiBev at HOLD with a TP of SGD0.43.
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Genting Singapore Ltd Upgrade to BUY on cash reserve value-unlock opportunities
One of the most profitable and diversified gaming operators in a duopoly market. GENS operates Resorts World Sentosa (RWS), one of Southeast Asia’s largest integrated resorts. It enjoys a strategic location in Singapore, a thriving tourism hub with strong domestic demand. The duopoly market structure supports relatively low competitive intensity.
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