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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Keppel REIT Robust operational performance
■ KREIT achieved 14.4%/9.7% yoy increase in 1Q26 revenue/NPI ■ 1Q26 portfolio occupancy rose to 97.1% amid positive rental reversions ■ Maintain Add, with a lower DDM-based TP of S$1.09
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DFI Retail Group Delivering on promises
■ 1Q26 underlying net profit grew 49% yoy, ahead of our FY26F growth forecast of 25%. Unchanged FY26 guidance signals limited impact from war. ■ Operating margins were likely resilient despite H&B competitive pressures as other segments saw operating profit outpacing revenue growth. ■ Reiterate Add with an unchanged TP of US$5.50.
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UOB KAYHIAN |
MAYBANK SECURITIES |
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Hong Leong Asia (HLA SP) Knocking On The Right Door: A Defensive Bolt-On Acquisition
Highlights • HLA acquires YTL at a compelling 4.3x PE with low execution risk. We raise our earnings forecast by 6-15% on the back of this deal. • Singapore’s HDB construction upcycle, targeting 55,000 BTO units by 2027, provides durable revenue visibility for newly-acquired YTL. • Maintain BUY with a higher target price of S$4.90, implying 53% upside.
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ISOTeam (ISO SP) SGD30.1m of contracts win
Still more to come after this win Isoteam won SGD30.1m of fresh contracts, higher than our expectations of SGD20-30m, bringing its orderbook to SGD186.5m. The new projects are expected to be delivered progressively over the next 2 -3 years. Its first drone pilot private project should start by June’26, followed by HDB work in 3Q26. We also expect more projects to be won in the next 3 months Maintain BUY and TP of SGD0.12, based on 11x blended FY26/27E P/E.
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| CGS INTERNATIONAL | DBS GROUP RESEARCH |
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Nam Cheong Limited Unlocking value, two vessels at a time
■ NCL continues to execute on its capital recycling strategy, with the sale of two vessels generating US$37m to be redeployed into shipbuilding activities. ■ Sale of internally earmarked multi-purpose vessel highlights likely attractive returns and resilient OSV demand despite oil price volatility. ■ We raise our FY26F EPS by 7% mainly on stronger yard revenues and interest cost savings. Reiterate Add with an unchanged TP of S$1.92.
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Hong Leong Asia Ltd Accretive acquisition of a Singapore household brand in architectural products
Acquisition of Yong Tai Loong for SGD90.7mn; manufacturer of a niche architectural and civil defence building products Key positives: What we are watching out for: i) concentration risk as YTL’s business is heavily reliant on HDB projects and entirely in Singapore, ii) NTA dilutive due to payment of goodwill Reiterate BUY with unchanged TP of SGD3.90
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