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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Nanofilm Technologies Int'l Ltd On track for earnings recovery
■ Nanofilm’s 1Q26 revenue increased by 24% yoy to S$55m. At 21% of our FY26F forecast, this was better than expected. ■ Currently, there is minimal impact from the ongoing US-Iran conflict, but we would continue to monitor any developments on this. ■ With the additional c.S$10m yoy increase in revenue, 1Q26 gross margin expanded from 27% in 1Q25 to 39%. ■ We raise FY27-28F revenue and gross margin expectations due to the solid 1Q26 performance, leading to 15.6-27.3% increases in our EPS forecasts. ■ Given its three-year (FY25-28F) EPS CAGR of 59%, we raise our P/E multiple target to 28x, leading to a higher S$1.40 TP; reiterate Add.
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OUE REIT Positioning for value
■ OUE REIT reported a 6.7%/8.4% yoy increase in 1Q26 revenue/NPI to S$70.5m/S$57.6m, broadly in line with our FY26F forecasts. ■ Strategic review of One Raffles Place is ongoing, with management aiming to unlock value amid the current 21% P/BV discount. ■ Reiterate Add with a higher TP of S$0.44. We factor in the Salesforce Tower acquisition completed in Mar 26 and adjustments from FY25 Annual Report.
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UOB KAYHIAN |
UOB KAYHIAN |
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Digital Core REIT (DCREIT SP) 1Q26: Switching To Expansion Mode
Highlights • DCREIT achieved a cash rental reversion of 44% in 1Q26, predominantly from the renewal for its data centre at Devin Shafron Drive in Northern Virginia. Portfolio occupancy was stable at 97.6%. • DCREIT plans to recycle assets by divesting one asset in North America and redeploying the capital to acquire data centres in Asia Pacific, especially Singapore and Japan. • DCREIT provides DPU yield of 7.0% for 2026 and 8.2% for 2027. Maintain BUY and target price at US$0.93.
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Li Ning (2331 HK) 1Q26 Performance In Line; Full-Year Guidance Maintained
Highlights • In 1Q26, Li Ning recorded a mid-single-digit yoy increase in retail sell-through (excluding Li Ning Young). Notably, Li Ning Young showed stronger momentum, with over 20% retail sell-through growth in 1Q26. Hence, including Li Ning Young, total sell-through reached high single-digit growth, in line with the full-year revenue growth target (high single-digit). • Although Nike indicated plans to cut sales in China to clean up the marketplace in its 4QFY26, management has not observed an improvement in retail momentum since April, with the retail trend seen continuing in line with March and discounts continuing to widen. • Maintain BUY with an unchanged target price of HK$24.70.
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| MAYBANK SECURITIES | DBS GROUP RESEARCH |
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CapitaLand Malaysia Trust (CLMT MK) Steady start, resilient growth intact
In line; maintain BUY with TP of MYR0.79 CLMT reported a solid set of 1Q26 results at 27% of both our FY26E forecasts and consensus. We maintain our BUY call with an unchanged DDM-TP of MYR0.79, underpinned by resilient earnings delivery, improving portfolio diversification and attractive yield profile. CLMT declares distributions on a semi-annual basis. 1Q26 performance was supported by contributions from newly acquired industrial and logistics assets alongside seasonally stronger retail operations, given the festive period.
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Genting Singapore Ltd CNY activations to support market share recovery for GENS
MBS, RWS’s key competitor, reported sequentially strong 1Q26 results, driven by sustained momentum in VIP gaming volumes, which surged 112% y/y Seasonal Chinese New Year uplift in Sentosa, targeted CNY activations, and increased inflows of Chinese tourists should position GENS well to recapture market share Assuming a 4% q/q gain in VIP market share, VIP gaming volumes could rise 34% y/y, significantly ahead of our FY26 estimate of 15% Maintain BUY and TP of SGD0.85
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