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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Wilmar International Recovery ahead but margins capped
■ Wilmar’s 1Q26 earnings missed expectations due to temporary MTM losses from hedging; but strong yoy sales volume growth across core segments. ■ Expect stable earnings in 2Q–3Q26F with higher CPO and sugar prices, better crushing margins, and realisation of gains from physical deliveries. ■ Reiterate Hold as we expect margin upside is capped by high input costs and limited pricing flexibility, particularly in the consumer pack segment.
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Mapletree Logistics Trust 4QFY26 DPU remained stable qoq
■ 4QFY3/26 DPU of 1.819/7.262 Scts was broadly in line, at 24.3%/97.1% of our FY26F forecast. ■ Rental reversion remained at +4.2% (ex-China) while China’s negative reversion trajectory is moderating. ■ Reiterate an Add rating with a lower TP of S$1.48.
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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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Parkway Life REIT Singapore remained star performer in 1Q26
■ 1Q26 DPU of 4.42 Scts was in line at 25.5% of our FY26F forecast. ■ We expect Singapore to enjoy higher minimum rent with annual escalation from FY26F while Japan was impacted by tenant default in 1Q26. ■ Maintain an Add rating with an unchanged DDM-based TP of S$4.97.
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DBS Group Holdings Ltd Wealth flows and fees drive growth
▪ DBS’ 1Q26 earnings of S$2.9bn were within our estimates, at 26% of our FY26e forecast. 1Q26 DPS increased 8% YoY to 81 cents (comprising 66 cents ordinary dividend and 15 cents capital return dividend); we estimate total FY26e DPS of S$3.30 (+8% YoY).
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| PHILLIP SECURITIES | UOB KAYHIAN |
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Sheng Siong Group Ltd Taking more stores and market share
▪ 1Q26 revenue/PATMI were within expectations at 26%/25% respectively of our FY26e forecast. PATMI grew 12% YoY to S$43mn, supported by margin expansion of 0.7% points and revenue growth of 12.4%.
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Strategy Alpha Picks: Our Picks Did Not Get The Memo To Slow Down
Highlights • Our Apr 26 Alpha Picks outperformed the STI by 5.2ppt on an equal-weighted basis and 1.6ppt on a price-weighted basis. • For May 26: Add BKM and OTEK; remove FR, PROP, SATS and ST. • May 26 Alpha Picks: BKM, CAO, CIT, FEH, HLA, HUAGL, KEP, NTTDCR, OCBC, OTEK, UGAI and VALUE.
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