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UOB KAYHIAN |
UOB KAYHIAN |
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Contemporary Amperex Technology Co (300750 CH) 4Q25: Results Beat Our Estimates; Raise The Target Prices For A-share/H-share To Rmb580.00/HK$655.00
Highlights • 4Q25 earnings beat our estimates at Rmb19,359m (+25.9% yoy/+4.4% qoq) on sales volume and margins. • CATL's earnings will be driven by the accelerating electrification across EVs, ESS, commercial trucks, robots, and data centres, as well as the company’s strong product pipeline, supporting an over 20% volume CAGR.
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Equity Strategy Singapore Stock Picks In A Turbulent Market
Highlights • Markets have weakened and uncertainty is prevalent so we focus on Singapore’s defensive sectors and quality blue-chip names. • Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. • Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE.
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MAYBANK SECURITIES |
DBS GROUP RESEARCH |
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Wilmar International (WIL SP) Operational resilience; Regulatory risks fading – U/G BUY
Upgrade to BUY; Lift TP to SGD3.85 Wilmar delivered a resilient FY25 performance, with revenue rising 5% and core net profit up 10% YoY. Forward momentum is intact, supported by mid-single-digit growth in Food product volumes, stable pricing conditions, and continued product mix optimisation, underpinning a projected 9% FY25–28 earnings CAGR. We believe the bulk of regulatory overhangs are now largely behind Wilmar, with adequate provisions already recognised. With earnings on an upward trajectory and leverage trending lower, balance sheet flexibility is improving, creating scope for potential dividend enhancement. A weaker USD also provides an incremental earnings tailwind. We raise our FY26–27 core NPAT forecasts by 6–7% and - incorporating the earnings uplift and a DCF roll-forward – we raise our target price by 23% to SGD3.85. Upgrade to BUY from HOLD.
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Lum Chang Creations
Robust order book supports growth • Urban revitalisation specialist focusing on complex interior and conservation works, alongside interior fit-out and A&A • Asset-light business model with attractive margins, a key differentiator from peers • Strong order book underpins growth and provides earnings visibility over the next two years • Fair value of SGD1.07, based on 13x forward PE
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| LIM & TAN | UOB KAYHIAN |
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As seen in the first table on page two, we note that the developer sector stocks declined as property developers are more sensitive to interest rate changes. With the ongoing war pushing oil prices higher, inflation concerns have resurfaced. This raises the risk that interest rates could remain elevated or even increase, which tends to affect developers more than banks. Given the sharp declines in Singapore bank share prices, we upgrade all 3 banks to ACCUMULATE from HOLD but with preference given to DBS, OCBC then UOB given the most attractive yields and upside potential for DBS compared to OCBC and UOB. We see opportunities in Hong Kong Land, UOL, CDL, Frasers Property, Guocoland, Bukit Sembawang, Wingtai Properties and Ho Bee Land given the recent sharp declines in their share prices and their low price to book valuations. We also see opportunities in Far East Hospitality Trust and Capland Ascott Trust due to their attractive yields of 6%-7% and price to book of 0.6x-0.8x. Based on consensus 1 year forward target prices, upside potential range between 20%-30%.
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Renewable Energy Compelling Risk-Reward; Prospects Remain Bright
Highlights • We expect record-high EPCC replenishment opportunities of RM13b-23b over the next five years for the sector (three-year earnings CAGR of 28% over 2025-28F), with existing players benefitting from elevated orderbooks. Valuations appear attractive and we believe risk of rising solar module prices (+22% mom) and margin compression are largely priced in.
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