buysellhold july.23

 

UOB KAYHIAN

UOB KAYHIAN

KORE US REIT (KORE SP)

1Q26: Gradually Restoring Payout Ratio

 

Highlights

• KORE reported resilient 1Q26 results with growth in distributable income of 4.3% yoy. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Leasing momentum has picked up since 2Q26 and portfolio occupancy is expected to recover back to 87% by end-26.

• KORE provides a DPU yield of 3.8% for 2026 and 7.4% for 2027. P/NAV looks depressingly low at 0.28x. Maintain BUY. Target price: US$0.25.

 

 

Read More ...

 

 

  

Reclaims Global (RGL SP)

FY26: Earnings Beat Along With Strong Balance Sheet

 

Highlights

• FY26 earnings were better than expected, with net profit of S$6.8m forming 113% of our forecasts, supported by stronger project mix on the back of higher market demand.

• Healthy balance sheet position with net cash of S$27.9m (c.28% of market cap) positions Reclaims for further growth and shareholder returns.

• Reclaims currently trades at around an 11% discount vs peers despite higher ROE and yield. Maintain BUY and a target price of S$0.27.

 

 

Read More ...

MAYBANK SECURITIES

MAYBANK SECURITIES

HRnetGroup Ltd (HRNET SP)

Consistent compounder

 

45% of market cap in cash; Initiate with BUY

HRnet is one of Singapore’s largest recruitment agencies, Asia-based and founded in 1992. Today, it operates in 18 Asian cities with over 1,056 people across 41 business units and 20 brands. The Group specialises in professional recruitment, executive search, and flexible staffing solutions. With a strong cash position of SGD336m, the Group is able to remain steadfast even during downturns. We are re-initiating coverage on HRnet with a BUY and 12-month TP of SGD0.87, based on 18x FY26E P/E.

 

 

Read More ...

 

 

 

 

Singapore Telcos

WHAT IF Simba+M1 M&A is further delayed?

 

Simba-M1 timeline tightens as review continues

The Simba-M1 deal is now entering a tighter window, with Keppel and Simba having extended the long-stop date to 21 May 2026 while IMDA’s review continues. Publicly, the facts are limited: the review is ongoing, further submissions are being made, and third-party frictions have surfaced, including Circles.Life’s lawsuit against M1 and uncertainty around the StarHub-M1 Antina 5G JV. That said, beyond higher cyber and resilience requirements, any other bottleneck largely remains speculative from the outside. We are not privy to the discussions and are therefore framing possible scenarios as the deadline approaches.

 

 

Read More ...

LIM & TAN LIM & TAN

Centurion Corporation ($1.68, up 1 cent) and together with its subsidiaries, which owns, develops and manages specialised living accommodation assets, today announced the acquisition of an operational key worker accommodation in Karratha, Western Australia. Karratha sits at the centre of Western Australia’s Pilbara region, the country’s largest resource and employment centre. Western Australia commands the largest share of Australia’s resource sector, accounting for roughly two-thirds of national mining production and producing more than 90% of the country’s iron ore. The region supports over 13,000 jobs and attracts a diverse mix of workers across mining and extraction, construction, engineering, oil and gas operations, and energy infrastructure. The workforce that sustains these operations is largely fly-in, fly-out (“FIFO”) in nature, rotating between home regions and project sites on regular rosters, and requiring quality managed accommodation during each working cycle.

Centurion’s market cap stands at S$1.4bln and currently trades at 16x forward PE and 1.15x PB, with a dividend yield of 2.4%. Consensus target price stands S$1.83, representing 8.9% upside from current share price. Centurion now has a pile of cash following the spin off of CA REIT, and what remains is a leaner, more focused business with a stronger and more flexible balance sheet. This puts Centurion in a good position to pursue new growth opportunities, whether through acquisitions, asset enhancements, or expanding its core accommodation segments. On top of its regular 2 cent dividend, shareholders will also receive a dividend in specie of about 10 cents from the spin off in May 2026. As such, we 3000 maintain an “Accumulate” rating on Centurion Corp Ltd.

    

The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment / CLI ($2.85, down 0.03), recorded a landmark year of signings in Southeast Asia in 2025, adding more than 7,300 units across the region. This represents a 55% increase over the 4,700 units signed in 2024 and marks Ascott’s strongest signing performance in Southeast Asia to date.

We continue to like CLI for its turnaround situation with the China government recently coming up with more constructive measures to support the China property market as well as its ability to capitalize on its robust South East Asian exposure which is benefitting from the flight to safety from the unrest in Middle East and also “Russian-Ukraine” war. At $2.85, CLI is capitalized at $14.2bln and trades at 23x forward PE, 4.3% yield, 1.1x book and consensus 1 year target price of $3.50 implies a potential upside of 23%. We maintain an “Accumulate” rating on CLI.

 

You may also be interested in:


 

We have 44710 guests and one member online

rss_2 NextInsight - Latest News