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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Frasers Centrepoint Trust Defensive malls weather macro uncertainty
▪ 1H26 DPU rose 1.4% YoY to 6.14 Singapore cents, in line with expectations and forming 49% of our FY26e forecast. NPI increased 20.2% YoY to S$160.8mn, driven by the acquisition of Northpoint City South Wing (NPCSW) and higher passing rents. This was partly offset by the divestment of Yishun 10 Retail Podium and AEI-related disruption at Hougang Mall. Excluding NPCSW and Hougang Mall, NPI would have grown 2.2% YoY.
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Keppel Ltd Asset gathering and earnings growth intact
▪ Key financial highlights disclosed were 1) New Keppel - slightly lower net profit YoY (due to lower real estate); 2) Overall net profit - lower YoY due to absence of fair value gains and lower asset monetisation gains. ▪ Asset management fees grew 13% YoY in 1Q26 (FY25 +14.5%) to S$108mn, with S$2bn commitments being finalised, especially in digital infrastructure. There was no notable impact in fundraising activities from the Middle East conflict. Asian dedicated infrastructure funds continue to gather interest from investors.
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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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Suntec REIT Strength in Singapore continues
• 1Q26 DPU of 1.936 Singapore cents rose 23.9% YoY, in line with our expectations and forming 25.5% of our FY26e forecast. The growth was driven by a S$5.8mn drop in finance costs, stronger performance in Singapore office and retail, and a S$2mn lower withholding tax provision after retaining Australia Managed Investment Trust (MIT) status.
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AEM Holdings Ltd Re-rating is just starting
■ We revise our FY26-28F earnings expectations to reflect the start of a new earnings upcycle for AEM, driven by a more diversified customer base. ■ With a new 83.0% FY25-28F EPS CAGR expectation, we see AEM trading up to its sector peer average of 41x CY27F P/E; we raise TP to S$10.15. ■ Reiterate Add on its new earnings upcycle.
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| CGS INTERNATIONAL | CGS INTERNATIONAL |
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CapitaLand Integrated Commercial A busy 1Q26
■ CICT’s 1Q26 revenue/NPI was in line at 24.9%/24.9% of our FY26F forecasts. ■ CICT achieved positive reversion of +4.4%/+6.1% for its retail/office portfolios in 1Q26. ■ Maintain Add rating with an unchanged DDM-based TP of S$2.74.
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iFAST Corporation Ltd Look past transient cost pressure in 1Q26
■ We deem 1Q26 net profit of S$28.0m (+47.3% yoy, -14.7% qoq) as in line at 22.0%/20.9% of our/Bloomberg consensus FY26F estimates. ■ 1Q26 AUA grew 27.1% yoy/2.1% qoq to S$32.6bn, supporting net revenue growth of 54.9% yoy/2.5% qoq, although cost pressure affected profitability. ■ Reiterate Add; we lift our FY26F-28F EPS by 2.9-4.8% on higher AUA growth assumptions, translating to a higher SOP-based TP of S$13.45.
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