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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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DFI Retail Group Strong execution in action
■ DFI’s new profit guidance for FY26F of US$270m-300m (13-25% organic yoy growth) should be largely driven by continued margin improvement. ■ We forecast a stronger margin uplift of c.90bp yoy to 5.1% in FY26F from product mix shifts in Health & Beauty, Convenience and lower overheads. ■ Reiterate Add, with a higher TP of US$4.90, based on 20x FY27F P/E, justified by DFI’s strong execution and earnings growth visibility.
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SEA Ltd Short-term patience, long-term thesis intact
■ In our view, 4Q25 EBITDA miss was driven by investment-led e-commerce margin pressure. ■ We believe e-commerce margin will recover in 2H26F and show yoy improvement as take rate rises when logistics scale benefits materialise. ■ For FY26F, digital financial services revenue should pick up, tracking loan book expansion, while gaming should see modest double-digit growth.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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Wee Hur Holdings Ltd Many irons in the fire
■ FY25 core PATMI of S$98.1m (+28% yoy) was above at 117% of our FY25F due to fair value (FV) adjustments on investment property. ■ Management aims to win 1-2 more construction projects, rebuild its PBSA portfolio and unlock its Australian property development portfolio in FY26F. ■ Reiterate Add. We believe WHUR is a beneficiary of Singapore’s construction upcycle as well as strong demand for PBWAs and PBSAs.
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REITs 2H25 Round-Up:
Demonstrating Resiliency And Gradual Upturn Highlights • CICT, KDCREIT and SUN surpassed expectations, but CLAR missed expectations. Results from 10 out of the 17 large cap S-REITs under our coverage met expectations.
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| MAYBANK SECURITIES | PHILLIP SECURITIES |
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Soon Hock Enterprise (SHOCK SP) Analyst briefing takeaways
Clear path ahead; BUY and raise TP to SGD0.78 Following Soon Hock’s analyst briefing on 4 March, we see greater clarity in its pipeline of projects, with its Skye@Tuas development property slated for sales launch in 2Q26, enabling revenue recognition. As a result, we increase our TP by 4% to SGD0.78 due to a higher RNAV of SGD241.5m, as the group focuses on its pipeline execution. Retain BUY.
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ComfortDelGro Corp Ltd Worsening decline in taxi fleet
▪ FY25 revenue/PATMI were within expectations at 101%/97% of our FY25e forecast. Underlying net profit in 4Q25 declined 2% YoY to S$56mn. Taxi operating earnings declined 20% YoY to S$28.8mn.
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