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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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SIA Engineering On track for a good FY26F
■ 9MFY3/26 net profit was broadly in-line at 73.5% of our/LSEG consensus FY26F estimates. ■ Reiterate Add with unchanged end-CY26F TP of S$4, still based on target P/E of 25x, 1 s.d. above mean since 2006.
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Food Empire Holdings Galloping into 2026
■ We expect Food Empire Holdings Ltd (FEH) to release its FY25F results in the week of 23 Feb 2026. ■ Given strong revenue performance in Russia and a stronger Russian ruble against the US$ in 4Q25F, we raise our FY25F core net profit to US$68.9m. ■ We now peg FEH at 20.5x FY27F P/E (still 3 s.d. above its FY17-26F average), leading to a higher S$4.00 TP. ■ Other re-rating catalysts include a possible bonus issue and higher 2H26F DPS (FY24: 8.0 Scts full-year DPS, 1H25: interim 3.0 Scts DPS).
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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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BRC Asia Ltd Sales volumes picking up
■ BRC's 1QFY9/26 PATMI of S$28.8m (+48% yoy) was a beat, at 29% of our FY26F, on higher sales volumes, economies of scale, lower finance costs. ■ Orderbook hit a new high of S$2.2bn as at end-Dec 25. We believe that BRC’s earnings will peak in FY27F/28F. ■ Reiterate Add. We believe BRC will benefit from the Singapore construction upcycle and Singapore’s Equity Market Development Programme (EQDP).
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DBS’ dividend guidance maintained
▪ January’s 3M-SORA was down 5bps MoM to 1.16%, the lowest in 42 months, and fell by 180bps YoY. Singapore loan growth has continued to climb (Dec 25: +6.1%) with full-year 2025 loans up 5.8% YoY. Banks are guiding low to mid-single digit. CASA rose 12% YoY and CASA ratio to deposits at 19.6% (Nov25: 19.7%), a tailwind for banks, lowering funding costs and cushioning NIM compression.
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| UOB KAY HIAN | DBS GROUP RESEARCH |
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Huationg Global (HUAGL SP)
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STARHUB Big earnings drop before a gradual recovery in 2027 Downgrade to FULLY VALUED based on the valuation with a revised TP of SGD0.94 (vs. SGD1.19 previously). We value STH’s core business at a 12-month forward EV/EBITDA of 6.3x (prev 13x PER), to arrive at SGD0.61 (prev SGS0. 86) per share excluding Ensign. This is at a 10% discount to our fair value of 7x for Singtel’s core business and regional average of 7.3x. We conservatively value Ensign at 2-3x price-to-revenue multiple translating to SGD0.33 per share. StarHub’s 6 Scts dividend commitment for FY26F to support the share price. Read more... |
