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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Singapore REITs Monthly Negatives largely priced in
▪ The S-REITs Index fell 6.9% in March 2026, extending the 1.9% decline in February 2026. Suntec REIT (SUN SP, ACCUMULATE, TP S$1.63) was the only REIT in the green for the month, rising 2.8% following the completion of the acquisition of its REIT manager by Acrophyte Asset Management. KORE US REIT (KORE SP, non-rated) was the worst performer, falling 17.7% as it resumed dividends in 2H25 with a c.10% payout. Healthcare was the best-performing sub-sector for the month, declining 0.7%, while overseas commercial was the weakest, falling 12.9%.
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OUE REIT Hospitality and office lead growth amid lower financing costs
• 1Q26 gross revenue/NPI rose 6.7%/8.4% YoY to S$70.5mn/S$57.6mn, forming 26%/26% of our full year forecasts. The results were driven by strong performance in the hospitality segment and a decline in financing costs due to reduced interest rates and loan repayments.
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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Keppel Ltd Monetisation and spark spread unfazed
■ We think improving rig demand underpins KEP’s confidence in reaching S$2bn-3bn asset monetisation target (ex-M1) for FY26F. ■ Infra segment could benefit from improving spreads (+S$20 post-war) and longer-term PPAs; higher gas costs can be largely passed through. ■ Retain Add on potential for dividend upside from monetisation. Our TP stays at S$13.52. Key re-rating catalyst: S$2bn-3bn monetisation (including rigs).
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Ever Glory United Holdings Lining up the wins
■ We expect EGUH could announce more order wins by early-FY27F. Our channel checks found no delays to tenders for public infra projects. ■ We see upside to our FY26-28F blended GPM of c.16%, from better pricing discipline and a more supportive tender environment. ■ Reiterate Add, underpinned by 23% FY25-28F core EPS CAGR, with a higher TP of S$1.13 (FY27F P/E of 15x, 1.5 s.d. above 3-year mean).
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| CGS INTERNATIONAL | UOB KAYHIAN |
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Genting Singapore Close watch for an inflection point
■ We expect GENS’s 1Q26F adj. EBITDA to grow c.5.0% yoy to c.S$250m similar to the strong 1Q26 earnings by peer Marina Bay Sands (MBS). ■ Las Vegas Sands reported a 1Q26 hold-normalised adj. EBITDA of US$794m (+30.2% yoy, -2.2% qoq) for MBS. ■ Maintain Hold; seasonal attractions could pressure margins on GENS despite likely stronger revenue growth in 1Q26F from an early Lunar New Year.
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Nanofilm Technologies (NANO SP) 1Q26: Strong Margin Improvement And Positive Outlook Maintained
Highlights • 1Q26 revenue of S$55m (+24% yoy) is within expectation, at 20% of our fullyear estimate. However, EBITDA margin of 26% beat our expectation of 19% as margins improved on the back of higher revenue and better cost control. • AMBU remained the largest revenue contributor, accounting for 89% of total revenue, with a 24% yoy growth. Nanofilm is focused on advancing sales initiatives, maintaining cost discipline and being selective in capex investments. • The outlook remains positive for key segments. Maintain BUY with a 161% higher target price of S$1.91 (S$0.73 previously).
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